Caspi Development and Black Bear Asset Management have joined in a strategic partnership that will focus on the acquisition of multifamily properties in Manhattan and Brooklyn.
As partners, Caspi, a residential and commercial real estate owner, manager and developer, will act as property developer and operator while BBAM will provide the capital for all projects.
“Our company has a long history of identifying distressed and underutilized properties with untapped potential and we were looking for a partner to help us expand this work,” said Joshua Caspi, principal of Caspi Development.
“Black Bear Asset Management’s resources will allow us to purchase, revitalize and reintroduce these properties, enhancing the residential and commercial offerings to some of the most in-demand areas of New York City.”
The partners recently acquired 72, 74 and 104 Forsyth Street, a three-building package on the Lower East Side of Manhattan, from Marolda Properties.
Arthur D. Bellini, managing partner of BBAM, and Joshua Caspi and Andrew Caspi of Caspi Development, led the $24.4 million purchase. BBAM also acted in an advisory capacity for the project, placing the debt with Signature Bank and SoundMark Partners, LLC.
The buildings feature a total of 56 market-rate and rent-stabilized units and nine retail spaces.
“Both Caspi Development and Black Bear Asset Management believe in the continued development of neighborhoods like the Lower East Side,” said Bellini.
“We are thrilled to be partnering with Caspi Development and look forward to a long future of creating commercial and residential opportunities that offer best-in-class levels of service.”
The Forsyth Street deal comes on the heels of the partnership’s recent purchase of two properties in Park Slope, Brooklyn.
Caspi Development and BBAM purchased 226 and 400 7th Avenue, a two-building package, for $7 million from a private investor. The buildings feature 12 market-rate and rent-stabilized apartments and four ground-floor retail spaces.
Since the acquisition, the companies have renovated half of the units and three have already been leased. On the retail front, they have secured a lease with HANKI, a high-end hotdog concept restaurant from Korea scheduled to open in March.