Caspi Development and Artemis acquire 17-unit residential building; Caspi partners with Faros to renovate 145,000 s/f former Nestl

Caspi Development, one of the leaders in the ownership, management and development of residential and commercial real estate in metro New York for more than 40 years, concluded a 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 Ave. in Clinton Hill. The property features duplex studios, one-bedrooms and two-bedrooms. "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." Caspi partnered with Finkelstein Timberger Real Estate and CBRE Capital Markets to acquire a 500-unit apartment package in the Bronx, and 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 St. in White Plains, a class A office and retail property located in downtown White Plains. Caspi also partnered with Faros Properties, LLC, a New York-based real estate investment firm, to re-imagine the former Nestlé headquarters at 120 Bloomingdale Rd. in White Plains. Renovations to the 145,000 s/f property will house a refurbished gym, an upgraded cafeteria and a new conference space. Greg Frisoli and Larry Ruggieri of Newmark Grubb Knight Frank are handling leasing activities. Adjacent to 120 Bloomingdale Road is the Heritage White Plains project, an open-air shopping destination that will feature luxury retail and restaurants and is slated to open in 2015. Partners Caspi and Faros recently named Cushman & Wakefield, the world's largest commercial real estate services firm, as exclusive leasing agent.