The investor behind Michael Stern, as well as Kevin Maloney, has been Arthur Becker. These are some of the biggest developers of the city. But this time, Arthur Becker is putting his own name behind a condominium project.
In a report by NYMag, this was disclosed when there was an offering plan that was filed with the office of the New York State Attorney General. It stated that Arthur Becker is turning from an investor into a developer.
Arthur Becker says that this will be a boutique building. Its interiors will be designed by Paris Forino. He says that this is the first step. The size of the project is something that he can manage.
Arthur Becker had started his career as a homebuilder. He moved on to Hawai where he operated a macadamia orchard. Post that Arthur Becker gradually moved into tech as well as finance. Check out Bloomberg for more info.
This project on 465 Washington will have seven simplex apartments. There will be one duplex penthouse. The sizes will range from 2,000 to 4,000 square feet. The price will range between $2,200 and $3,200 per square foot. The penthouse will range between $5 million and $14 million.
He had bought 465 Washington in 2012 for $6.1 million. He bought this from Peter Moore.
According to The Real Deal, Arthur Becker had to expand his five-story building and make it ten stories. For this, he had to buy development rights from those who owned the adjacent building at 471 Washington. This was for an undisclosed sum.
Till date, Arthur Becker has invested nearly $550 million in New York City in several projects. His highest-profile project till now is Billionaires’ Row condo that is located at 111 West 57th Street. He is the financial backer for this project. The sales gallery of this project is already complete. The sales of this project are on hold at present. This is because Arthur Becker feels that a full-on effort on sales is not needed right now. This is too early presently.