New York real estate developer sees rapid rebound continuing in condos, rentals and retail
Joshua Caspi, director of Caspi Development, comes from a long line of real estate developers, starting with his grandfather and then his father. They all saw the potential of an underutilized property and reimagined it into a thing of beauty.
Today, with Mr. Caspi, 42, at the helm, the company manages a diverse portfolio of residential, commercial and hotel properties across
the Bronx and Westchester, north of New York. We caught up with him recently to discuss who’s buying, what’s hot in the New York real estate market, and where he’s going.
Mansion Global: What prompted you to get into real estate development?
Joshua Caspi: From an early age, I was interested in construction. I used to spend weekends with my dad driving around his development sites and learning all I could about construction. I would also spend hours playing with building blocks and nailing towers – really anything I could get my hands on. At the age of 20, I started as a worker on high rise buildings in New York and have never looked back.
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MG: How and when was Caspi Development born?
JC: Caspi’s development began in the 1950s with my grandfather Joseph Caspi’s acquisition of several prestigious apartment buildings in Manhattan, the Bronx and Westchester. My father, Steven Caspi, further diversified our portfolio in the 1990s by expanding into premier office buildings and the hotel market, through the acquisition and development of boutiques and large hotels. He became a prolific developer in Westchester, developing some of the finest high-rise condominiums in Westchester and Fairfield, Connecticut at the time.
MG: What’s new in commercial and residential real estate in New York?
JC: We have seen notable activity in the residential market with rentals in particular rebounding rapidly. The condominium market has also seen sustained activity. Retailers are taking advantage of post-Covid opportunities to make a name for themselves, and I think the downtown Manhattan hotel market is about to explode as tourism picks up momentum.
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MG: What trend do you see in building design?
JC: Environmentally friendly buildings are in the foreground. We are focusing on how we can develop buildings using carbon neutral materials and using less energy in the future. Quality, thoughtfulness and attention to detail are timeless trends.
MG: Who is buying now and what are they looking for?
JC: The New York City residential real estate market remained active throughout the summer. Buyers are enthusiastic, and families entering the school system return to town looking for good value.
MG: What’s going on in real estate in New York with the worst of the pandemic seemingly behind it?
JC: People are finishing projects they started before Covid, leasing has increased dramatically with lower rents, but rent compression is happening in the residential market, and we’re starting to see a huge increase in activity. in the office sector. The retail business has been active for some time now, but at lower rents. Things are expected to subside and rents to rise considerably.
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MG: What projects are you currently working on?
JC: One of our most recent projects is the Hotel BarriÃ¨re Le Fouquet’s New York. Located in Tribeca, the stylish five-star hotel will feature 97 beautifully appointed guest rooms and suites, as well as several intimate world-class food and beverage destinations and amenities. I plan to open in Los Angeles in the future. We also continued to prioritize the diversity of our portfolio with new residential and commercial properties, such as a boutique rental property located at 144 West St .; 157 West 18th St., which offers retail on the ground floor with boutique office suites all over the floor; and 134 Broadway in Williamsburg, Brooklyn, which offers full-story office opportunities.
MG: What is your idea of ââluxury?
JC: Luxury is an environment that provides a real sense of well-being without trying too hard to achieve it. In this sense, infrastructure, layout and location all play an equally important role in the aesthetics of the design.
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MG: What’s your favorite part of your house?
JC: I love my recently completed spa. It’s the size of a small pool, and half of it is six feet deep with jets running from your neck to your calves to create a truly unique experience and a welcome respite.
MG: What would your dream house look like?
JC: I’m fortunate that my dream home looks exactly what it is, although sometimes I wouldn’t mind looking at the Pacific Ocean versus the Connecticut woods.
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