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.
New York, NY (PRWEB) December 03, 2015
Caspi Development, a leader in residential and commercial real estate ownership, management and development, and Black Bear Asset Management LLC (“BBAM”), a real estate investment management and advisory firm, announced today that they have joined in a strategic partnership that will focus on the acquisition of multifamily properties in Manhattan and Brooklyn. Through the partnership, Caspi Development will act as property developer and operator with BBAM providing 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.”
Through the partnership, the companies recently acquired 72, 74 and 104 Forsyth Street, a three-building package on the Lower East Side of Manhattan. Arthur D. Bellini, managing partner of BBAM, and Joshua Caspi and Andrew Caspi of Caspi Development led the $24.4 million purchase in a joint venture. The buildings feature a total of 56 market-rate and rent-stabilized units and nine retail spaces. In addition to being the primary equity source, BBAM also acted in an advisory capacity for the project, placing the debt with Signature Bank and SoundMark Partners, LLC.
“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.
About Caspi Development, LLC
Caspi Development has been a leader in ownership, management and development of residential and commercial real estate for more than 40 years. Based in Purchase, NY, the company is known for its diversity and ability to respond to market conditions and capitalize on opportunities. Over the last few years, the company has acquired through joint venture approximately 1,600 apartments in New York City. Most recent Caspi Development projects include 135 Bowery on the Lower East Side, 456 Greenwich Street in Tribeca, a 100 room 5 star luxury hotel and 30,000 feet of restaurants and amenities, and 161 Bowery, a 25,000 foot office building built out for high end boutique tech tenants. Caspi owns and manages several million square feet of multifamily, office and hotel in and around the New York Metropolitan area.
About Black Bear Asset Management
Black Bear Asset Management LLC ("BBAM“) is a New York-based real estate investment management firm founded in 2008 by Arthur D. Bellini and William Fung. BBAM's primary business is to manage client and proprietary capital through value and growth-oriented investments in real estate and real estate-related assets across the United States. The firm's investment strategy seeks to achieve attractive risk adjusted returns from current income and capital appreciation by investing in property and debt driven opportunities in commercial real estate. Our approach adheres to BBAM's investment philosophy of risk control, consistent performance and stringent financial analysis.