Arthur Becker, a managing member of Madison Partners, LLC, acquired three adjacent townhouses in August last year. The 6,500 square feet townhouses are in New York City along Sullivan Street in Soho. If the data provided by Real Capital Analytics is anything to go by, then Becker had to part with not less than $20 million for the acquisition, in terms of preferred equity and mortgage in a neighboring condominium. The three houses were developed by Madison Equities in collaboration with Property Markets Group but were incomplete at the time of purchase. Speaking afterward, Becker revealed on Bloomberg.com that he would live in one of the houses. As for the other two, he would decide whether to sell or lease them out.
Prior to this acquisition, Arthur Becker was living in a three-bedroom apartment at Union Sq. West. He was paying a cool $30,000 per month for the apartment. The luxury in the apartment was described by curbed.com to be out of this world: a gas fireplace, 50-foot lap pool, yoga studio, and a modern fitness center. To complement all these were two windows that gave him a breathtaking view of Union Square. Previously, he lived in a $23 million apartment at 740 Park Avenue in New York.
About Arthur Becker’s Career
Arthur Becker’s career can be dated back to 1988 when he was hired by Bear Stearns, Inc. in 1991, he contested and won the chairmanship of the board of directors at ProGroup, Inc., a position he held until the company was sold in 1994. He then went on to establish two companies: Advance Partners, LLC and Bnox, Inc. Fast forward to 2001; Becker founded Atlantic Investors where he served as CEO. The company later acquired NaviSite and two other technology companies within two years. By the time he sold the company to Time Warner in 2001, he had led NaviSite to acquiring more than ten companies both locally and overseas.
After selling NaviSite, Becker decided to try his hands on real estate development in New York and Miami. He has since been investing in condominiums through Madison Partners, LLC. From 2012, Becker served as the chairman and CEO of Zinio, LLC for three years. Zinio is a digital magazine distributor that operates in 45 countries.
Article Reference: http://arthurbeckerstudio.com/