The deal, which has a term of five years, is the first significant lease transaction closed at the property since it was acquired by Caspi several months ago. The Purchase, NY--based real estate development and investment firm acquired the 235-245 Main St. office complex, which totals approximately 158,000 sf, for $18.5 million from Reckson Associates Realty Corp. in August of this year.
Built in 1926, the complex features six floors and a penthouse. It was renovated in 1974 and most recently in 1997. The Bank of New York, which has been a tenant at 235 Main St. for 30 years, is the largest tenant in the building.
"We are honored and pleased that such a distinguished company as The Bank of New York has chosen to renew its lease at 235 Main St. This recommitment by The Bank of New York to downtown White Plains is another example of the new vitality and energy that is reshaping the center of the city," says Steven J. Caspi, president of Caspi Development Co., the owner and manager of 235-245 Main St.
He added that in coming weeks the firm will be announcing a number of new lease and renewal transactions at the property.
The 235-245 Main St. complex has approximately 50 tenants including street-level retail businesses. The buildings are 90 percent occupied with approximately 12,000 sf available for lease. Floor sizes range from about 3,000 sf to up to 19,000 sf. Caspi Development officials note that it is planning capital improvements to the two buildings including a significant upgrading of the lobby, common areas and bathrooms.
Caspi Development's other ownership interests are mainly in the commercial and residential real estate realms. The firm owns the 600-room Holiday Inn Midtown on 57th St., the Chambers, a luxury, 80-room hotel located just off Fifth Ave. at 56th St. in New York City and the 720-room Days Inn Hotel Orlando Airport in Orlando, FL. The company formerly owned the Stamford Marriott Hotel in Stamford, CT. During the 1980s and 1990s, Caspi Development built the Sutton Park office complex in Valhalla, the 19 Court St. office building in White Plains and the Sanborn Map Building in Pelham. It also developed The Classic at Hartsdale high-rise condominium in Hartsdale, NY and The Classic at Stamford condominium building in downtown Stamford, CT.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
