Talk about an incentive. Tech investor Arthur Becker, who invested an undisclosed amount in Madison Equities and Property Markets Group’s 10 Sullivan Street, has assumed ownership the development's three adjacent townhouses, reports the Real Deal.
Becker acquired the 6,500-square-foot townhouses at 30, 40, and 50 Sullivan Street in exchange for his stake in the boat-shaped 16-story condo building that he backed. "I think they did a beautiful thing on a weird piece of property. That’s why I was excited to own them," he told the Real Deal.
Though the townhouses aren’t complete just yet, Becker already knows what he plans on doing with them (and no, he doesn’t plan on building a megamansion). He will live in one of the homes and plans to either sell or lease the remaining two. The homes should be complete within the next three months. He will own all but one of the four townhouses being built as part of the project; 20 Sullivan Street will be up for grabs eventually.
Data from Real Capital Analytics show that Becker invested around $15 million in preferred equity and a $5 million mortgage for the development project. According to the Real Deal, documents filed for the transfer of the three townhouses are contradictory, with one amount adding up to $22 million and another equaling $29.4 million—the difference could be due to his initial investment versus the current value of the property.