The tech mogul, Arthur Becker (https://www.crunchbase.com/person/arthur-becker#/entity) recently completed some real estate investments in New York City, and his investments are proving to be a step with the current trends in the market. He purchased three townhouses with 6,500 square-foot each at 30, 40, and 50 Sullivan Street. Interestingly, he acquired it in exchange for his ownership in a neighboring 16-story boat-shaped condo building.
10 Sullivan Street is being developed by Madison Equities and Property Markets Group, and Becker is reported by Huffington Post to have invested an undisclosed amount in the firm. It is assumed that he would stay at one of the units and would lease or sell the remaining. It should be noted that the project is not yet completed and once it is completed, there is a boom expected. He is expecting a great return as he acquired 3 out of the four townhouses being developed by the firm.
The Lower Manhattan street and its neighborhoods were always considered prime location and Becker would be guaranteed for his returns. The neighborhoods of the street are SoHo, Hudson Square, Greenwich Village, and the South Village. It is already reported that an average one-bedroom apartment rent at SoHo is standing at $5,434 and it is one of the highest in the Manhattan area. Even Greenwich Village is also competing in par with SoHo and people has to pay $4,436 for a one-bedroom apartment in the area.
Interestingly, the price trends are also confirming an increasing mood. It is reported by the New York Times that 2016 Quarter 2 experienced a record change regarding price per square foot in Manhattan area. Also, the number of sales also got a significant change in 2016 comparing with the previous year. All these Manhattan areas including Hudson Square were facing price drops for some time, but from the mid of 2015, the price started picking up. Hudson Square alone faced almost 20 percent price drop until the beginning of 2015.
Now, it is clear that a boom in the real estate is highly expected in and around Manhattan. Arthur Becker did a smart move by investing during the period of early pick-up. If reports can be believed, he is expecting a profit of 20 percent from the investment. View Arthur Becker’s Linked In page for more information.