There are thousands of investors and private bankers trying to make a name for themselves in New York. The east coast seems to be the hottest part of the country when it comes to expanding one’s portfolio. Many of these professionals go from one industry to another, trying to make a profit. Occasionally, one or two of them will find an industry they have a passion for and remain complacent.
Arthur Becker is not one of those professionals. The current Chairman and CEO of Zinio, Becker has dabbled in several different industries. Earlier in his career, he was CEO of NaviSite. NaviSite is a company that provided technology and application management services to numbers domestic and international clients. According to NY Times.com, he was even a senior advisor at Vera Wang (a fashion company) for seven years.
His most recent ventures have been in the real estate market. It was recently announced that Becker acquired three adjacent townhouses in Soho. She acquired the Sullivan Street properties by exchanging his stake in the condominium development nearby.
It could be said that Becker has been planning this deal for a while. He’s was a quiet backer for the 10 Sullivan Street property. It seems incredibly interesting that he has now acquired ownership of 30, 40, and 50 Sullivan Street properties. The news broke after the deal became public record. All four 6,500-square-foot properties were developed in concurrence with a 16-story condo building.
Like many business professionals, Becker has not released how much he invested. According to data from Real Capital Analytics, Becker invested about $20 million. The preferred equity was about $15 million, and the mortgage he took out for the project was about $5 million. The exact amount is unknown to the public because the records could be the difference between Becker’s investment and the current value of the townhouses.
Whatever the actual investment, Becker does not seem to be too concerned. He’s made a fortune in the tech industry, so New York real estate is just something he likes doing. View his profile on crunchbase.com fro more information.