Joshua Kaspi, director of Caspi Development, comes from a long line of developers, starting with his grandfather and then his father. They all saw the potential of underutilized property and reimagined it into beauty.
The Bronx and Westchester, north of New York. We recently met with him to talk about who’s buying, what’s hot in the NYC real estate market and where he’s going.
Mansion Global: What prompted you to get involved in development?
Joshua Caspi: From an early age he was interested in construction. I used to spend the weekend with my dad, driving around his construction sites and learning everything I could about construction. I also played for hours with building blocks and hammered towers – truly anything I could get my hands on. At 20, I started working as a handyman in high-rise buildings in New York and never looked back.
MG: How and when did Caspi Development come about?
JC: Caspi Development began in the 1950s when my grandfather Joseph Caspi acquired several high-end apartment buildings in Manhattan, the Bronx and Westchester. My father, Stephen Caspi, further diversified our portfolio in the 1990s, expanding into premium office buildings and the hotel market through the acquisition and development of both boutique hotels and large hotels. He became a prolific property developer in Westchester while building some of the finest multi-story condominiums in Westchester and Fairfield, Connecticut.
MG: What’s popular in commercial and residential real estate in New York?
JC: We are seeing noticeable activity in the housing market, in particular, rent is quickly recovering. The condominium market has also experienced robust activity. Retailers are seizing the post-Covid opportunities to make a name for themselves, and I believe the hotel market in midtown Manhattan is poised to explode as tourism picks up steam.
MG: What trend do you see in building design?
JC: Environmentally friendly buildings come to the fore. We are focused on how we can design buildings with carbon neutral materials and use less energy in the future. Quality, thoughtfulness and attention to detail are timeless trends.
MG: Who is buying now and what is looking for?
JC: The New York City residential real estate market remained active throughout the summer. Shoppers are enthusiastic and families who enter the school system return to the city in search of a comfortable value for money.
MG: What’s going on with real estate in New York, which seems to be behind the worst pandemic?
JC: People are completing projects they started before Covid, rents have gone up significantly with lower rents, but the housing market is experiencing a rent squeeze and we are starting to see a significant increase in activity in the office sector. Retail has been active for some time now, albeit at lower rates. The situation is expected to swallow and rents are expected to rise significantly.
MG: What projects are you working on now?
JC: One of our latest projects is the Barrière Le Fouquet’s New York hotel. This elegant five-star hotel in Tribeca will have 97 well-appointed rooms and suites, as well as several cozy restaurants and cafes, as well as world-renowned amenities. In the future, I plan to open in Los Angeles. We also continue to prioritize diversifying our portfolio of new residential and commercial properties, such as the rented boutique building located at 144 West St .; 157 West 18th St., where shops and boutique office suites are located throughout the ground floor; and 134 Broadway in Williamsburg, Brooklyn, which has multi-story office space.
MG: What do you think of luxury?
JC: Luxury is an environment that provides a true sense of well-being without the need for much effort to achieve it. In this sense, infrastructure, layout and layout play a role equally important to design aesthetics.
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MG: What’s your favorite part of your home?
JC: I love my recently completed spa. It’s about the size of a small pool and half of it is six feet deep, with jets running from neck to calves to create a truly unique experience and welcome respite.
MG: What will your dream house be like?
JC: I am lucky that my dream home will look like this, although at times I would not mind looking at the Pacific Ocean, rather than the forests of Connecticut.