Caspi Development and Artemis acquire 17-unit residential building

BROOKLYN, NY Caspi Development, a leader in the ownership, management and development of residential and commercial real estate in metro New York for more than 40 years, concluded a lively and rewarding third quarter that was marked by entry into the Brooklyn real estate arena and major progress across several Westchester properties.

Caspi planted a foot in Brooklyn with its first property, The Waverly, as part of its mission to partner with investors to tap into emerging neighborhoods. Working with Artemis Real Estate Partners, LLC – a real estate investment manager specializing in multi-family, office, industrial, retail and senior housing in opportunistic markets – Caspi acquired the 17-unit residential building located at 93-97 Waverly Avenue in Clinton Hill. The property features duplex studios, one-bedrooms and two-bedrooms with oak floors, oversized windows and double-height ceilings, and distinct design elements such as reclaimed Tennessee barn wood ladders and rooftop planters for tenants. It is situated in a section of Brooklyn that boasts elegant brownstones, ample green space and easy access to public transportation.

“Caspi Development is continuing to seek out Brooklyn properties with added value potential,” said Joshua Caspi, Principal of Caspi Development. “Within the next three to five years, we hope to purchase, reposition and reintroduce into the marketplace several hundred apartments across the borough.”

Elsewhere in the boroughs, Caspi partnered with Finkelstein Timberger Real Estate and CBRE Capital Markets to acquire a 500-unit apartment package in the Bronx, and recently secured a Manhattan-based project expected to close in the fourth quarter of 2013.

In Westchester, Caspi added two street-level retail tenants at the Renaissance Corporate Center at 235-245 Main Street in White Plains, a Class A office and retail property located in the heart of downtown White Plains. Now open are Hastings Tea, a specialty purveyor of gourmet teas and coffees, and noodles+, a Pan-Asian restaurant that has garnered positive reviews from The New York Times.

Caspi also partnered with Faros Properties, LLC, a New York-based real estate investment firm, to reimagine the former Nestlé headquarters at 120 Bloomingdale Road in White Plains. Renovations to the 145,000-square-foot property will house a refurbished gym, an upgraded cafeteria and a brand-new conference space. Greg Frisoli and Larry Ruggieri of Newmark Grubb Knight Frank are handling leasing activities.