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Draft:Caspi Development

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Caspi Development

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  Caspi Development is a privately held, third-generation real estate development firm headquartered in White Plains, New York. The company develops and repositions hospitality, residential, medical, and commercial properties in the New York metropolitan area, with a focus on New York City, Westchester County, and Fairfield County, Connecticut.[1][2][3] Under its current leadership, Caspi Development has been involved in projects including Hôtel Barrière Fouquet’s New York in Tribeca, a condominium development in Greenwich, Connecticut, and the expansion of White Plains Hospital in downtown White Plains, New York.[4][5][6]

 

History

Caspi Development traces its origins to the 1950s, when founder Joseph Caspi began acquiring and managing apartment buildings in Manhattan, the Bronx, and Westchester County.[3][7] Over subsequent decades, members of the second generation expanded the business into commercial office and hotel properties, adding mid-rise office buildings and hospitality assets in Westchester and New York City.[3]

In the early twenty-first century, the firm began to focus on redevelopment and adaptive reuse projects, including the repositioning of office and mixed-use properties in Manhattan and Brooklyn, as well as residential developments in South Florida.[3] Profiles of principal Joshua Caspi have noted his involvement in projects across Westchester County, Manhattan, Brooklyn, the Bronx, Long Island, and South Florida, encompassing hotel, office, and residential buildings.[2][3][8]

Leadership

The company is led by principal Joshua Caspi, a third-generation member of the founding family.[3] Profiles in regional and industry media have discussed his work on projects throughout Westchester County and New York City, and his role in shifting the firm’s focus toward design-oriented redevelopment and institutional partnerships.[2][7] In 2017, he was included in Commercial Observer's “CO’s 30 Under 30: The Best and the Brightest of NYC Real Estate,” which highlighted young executives in the city’s property industry.[8]

Development philosophy

  Caspi Development has described its development approach as centering on context‑sensitive design and "recogniz[ing] properties with untapped potential," with an emphasis on risk–reward analysis and execution of complex projects.[3] The firm has cited adaptive reuse of historic structures, integration of contemporary interiors, and collaboration with architects, interior designers, and artists as defining elements of its work.[3]  

Notable projects

 

Hôtel Barrière Fouquet’s New York

Caspi Development served as the developer of Hôtel Barrière Fouquet’s New York, a 96-room hotel at 456 Greenwich Street in the Tribeca neighborhood of Manhattan, operated by Groupe Barrière.[4][9] The eight-story property includes multiple food and beverage venues, a spa, swimming pool, screening room, and interior courtyard.[4][10] Construction began in 2017, the building topped out in 2021, and the hotel opened in 2022 as the first Fouquet’s-branded hotel in the United States.[4][10]

The hotel received coverage in national and international travel and lifestyle publications. It was reviewed by Condé Nast Traveler and was included in lists of notable New York City hotels by titles such as Esquire, Travel + Leisure, and Robb Report.[11][12][13][14] The New York Post Page Six covered the hotel as a venue during New York Fashion Week and its positioning in the city’s luxury hospitality market.[15]

White Plains Hospital expansion

Caspi Development was a developer in the expansion of White Plains Hospital in downtown White Plains, New York, where principal Joshua Caspi is a board member.[16] In 2025, business publication 914Inc. reported on a multi-phase expansion program that included new medical facilities and related real estate investments in the city’s business district.[6] Hospital-affiliated outlets have highlighted the scale of the project and its role in the continuing growth of White Plains as a regional medical hub.[16]  

Renaissance Corporate Center (White Plains)

  The Renaissance Corporate Center at 235–245 Main Street in downtown White Plains, New York, is a 158,000‑square‑foot office complex.[3] LEADERS magazine notes the development as one of the projects that helped establish the company’s credentials in repositioning and revitalizing commercial properties in Westchester County.[3] The Building and Realty Institute of The Hudson Valley has listed Caspi Development as an owner and developer active in the Westchester office market.[17]  

161 Bowery and 135 Bowery (Manhattan)

  Caspi Development acquired and redeveloped 161 Bowery and 135 Bowery.[3] The LEADERS profile describes the Bowery projects as a "groundbreaking prebuilt office program" targeting creative and TAMI (technology, advertising, media, and information) tenants.[3]   Trade coverage reported on Caspi Development’s decision to refinance rather than sell 161 Bowery after initially marketing the asset, citing conditions in the Manhattan investment sales market.[18]  

79 Walker Street (Tribeca)

  Caspi Development has been associated with the adaptive reuse and redevelopment of 79 Walker Street in the Tribeca East Historic District.[3]  

157 West 18th Street and 134 Broadway (Chelsea and Williamsburg)

  In Chelsea, Caspi Development developed 157 West 18th Street, a building originally constructed as a horse stable and later used as an electrical supply house, into ground‑floor retail space with full‑floor boutique office suites above.[3] LEADERS magazine highlighted the building’s transformation as part of a broader strategy of repurposing older structures into design‑led workspaces for mid‑size companies.[3]   In Williamsburg, Brooklyn, the firm similarly repositioned 134 Broadway, a historic six‑story building dating to 1901, into an office property characterized by full‑floor suites designed to meet the needs of TAMI‑sector tenants.[3]

The Waverly Apartments (Clinton Hill, Brooklyn)

  LEADERS magazine cites the Waverly Apartments in the Clinton Hill neighborhood of Brooklyn as one of Caspi Development’s early residential projects in the borough.[3]

Chilston Court (Greenwich, Connecticut)

In the early 2020s, Caspi Development proposed a multi-building residential complex on the site of a former Honda automobile dealership on Mason Street in downtown Greenwich, Connecticut.[5] Early plans called for 94 condominiums on two parcels on either side of the street, with a portion of residences to be set aside as income-restricted housing under Connecticut’s 8-30g affordable housing statute.[5] Local coverage described the project as part of broader debates over how the town would meet state targets for affordable units.[5]

In 2024, the Greenwich Planning and Zoning Commission approved the Mason Street development under 8-30g with conditions, and local reporting followed both the commission’s decision and modifications to the proposal.[19]

Other projects

  Other projects associated with Caspi Development and its principals include:[3] [20]

  • The Watson / Holiday Inn, a 600‑room hotel at 440 West 57th Street in Midtown Manhattan[9]
  • Chambers Hotel, an 80‑room hotel at 15 West 55th Street in Midtown Manhattan 
  • Stamford Marriott Hotel in Stamford, Connecticut, repositioned in partnership with Faros Properties[21] 
  • The Classic condominium developments in Hartsdale and Stamford 
  • The Sanborn Map Building, a 75,000‑square‑foot office property in Pelham, New York 

 

Restaurant and hospitality ventures

  Caspi Development has integrated restaurant and hospitality concepts into several of its properties.   Within Hôtel Barrière Fouquet’s New York, dining and bar venues include Brasserie Fouquet’s New York, Élysée’s, and Titsou Bar, which are presented by Groupe Barrière as part of the hotel’s food‑and‑beverage program.[22]  

Civic and community engagement

  Through its principals, Caspi Development has been associated with civic and philanthropic initiatives in Westchester County, New York City, and Greenwich, including service on hospital boards, public school building committees, and local bank advisory boards.[3][16] Industry event materials list Caspi Development and its leadership among participants in regional urban development forums, such as Westchester–focused commercial real estate conferences.[23]  

Media coverage

  Caspi Development and its projects have been covered in real estate, business, hospitality, and design media, including LEADERS, Commercial Observer, The Real Deal, and various regional outlets.[3][8][18] Coverage has focused on the firm’s office repositionings in Manhattan and Westchester, its Brooklyn residential and mixed‑use projects, the Bowery office portfolio, Hôtel Barrière Fouquet’s New York, and Chilston Court.[3][8][18]  

 

 

Categories

  Category:Real estate companies of the United States  Category:Companies based in Westchester County, New York   Category:Hospitality companies of the United States  Category:Companies established in the 20th century 

References

  1. ^ "Caspi Development". Caspi Development. Retrieved March 3, 2026.
  2. ^ a b c "Finding Westchester's Development Locations With Joshua Caspi". Westchester Magazine. February 12, 2015. Retrieved February 23, 2026.
  3. ^ a b c d e f g h i j k l m n o p q r s t u "LEADERS Interview with Joshua Caspi, Principal, Caspi Development". LEADERS Magazine. October 2021. Retrieved February 23, 2026.
  4. ^ a b c d "Caspi Development Tops Out 96-Room Hotel Project in Manhattan". REBusiness Online. February 24, 2021. Retrieved February 23, 2026.
  5. ^ a b c d "Greenwich developer plans 94 apartments, 38 affordable, at site of former Honda dealership". Greenwich Time. November 21, 2023. Retrieved February 23, 2026.
  6. ^ a b "White Plains Hospital Unveils Significant Expansion Plans". 914Inc. May 5, 2025. Retrieved February 23, 2026.
  7. ^ a b "The Real New York: Caspi Development". Downtown Magazine. July 11, 2017. Retrieved February 23, 2026.
  8. ^ a b c d "CO's 30 Under 30: The Best and the Brightest of NYC Real Estate". Commercial Observer. October 29, 2017. Retrieved February 23, 2026.
  9. ^ a b "An update on the luxury hotel coming to 456 Greenwich". Tribeca Citizen. July 28, 2021. Retrieved February 23, 2026.
  10. ^ a b "Hôtel Barrière Fouquet's New York Debuts in Tribeca". Hospitality Design. September 29, 2022. Retrieved February 23, 2026.
  11. ^ "Review: Fouquet's New York". Condé Nast Traveler. June 1, 2023. Retrieved February 23, 2026.
  12. ^ "The Best New Hotels in North America and Europe, 2023". Esquire. April 12, 2023. Retrieved February 23, 2026.
  13. ^ "22 Best Hotels in New York City". Travel + Leisure. July 19, 2024. Retrieved February 23, 2026.
  14. ^ "The 15 Best Luxury Hotels in New York City". Robb Report. November 14, 2025. Retrieved February 23, 2026.
  15. ^ "Inside NYFW's 'It' girl hotel Fouquet's New York: $22K-a-night penthouse, gourmet pet menu and pornstar martinis". Page Six. September 11, 2025. Retrieved February 23, 2026.
  16. ^ a b c "White Plains Hospital Breaks Ground on Major Hospital Expansion". Health Matters (White Plains Hospital). May 4, 2025. Retrieved February 23, 2026.
  17. ^ "Caspi Development Co". Builders Institute, The Building and Realty Institute of Westchester and the Mid-Hudson Region. 9 February 2021. Retrieved 18 February 2026.
  18. ^ a b c "Can anyone spare a billion? Here are five trophy buildings that could have sold in easier times". The Real Deal. 31 July 2017. Retrieved 18 February 2026.
  19. ^ "Greenwich P&Z Approves Mason St 8-30g with Significant Modifications". Greenwich Free Press. August 10, 2024. Retrieved February 23, 2026.
  20. ^ >"Faros Properties and Caspi Development Acquire Former Nestle Headquarters in White Plains". Patch. White Plains, NY. April 2, 2013. Retrieved March 3, 2026.
  21. ^ "Joshua Caspi of Caspi Development and Jeremy Leventhal of Faros Properties Recognized as Rising Stars of Real Estate". PRWeb (Press release). 9 July 2014. Retrieved 18 February 2026.
  22. ^ "Titsou Bar – Bar in Tribeca New York". Hôtels Barrière. Retrieved 18 February 2026.
  23. ^ "Westchester State of the Market Agenda". Bisnow. 13 May 2024. Retrieved 18 February 2026.

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