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Faros Properties and Caspi Development Announce Upgrades at 120 Bloomingdale Road

Renovation to provide first class office environment and amenities

Westchester County and New York City, N.Y. (June 27, 2013) – Faros Properties, LLC, a New York-based real estate investment firm, and Caspi Development, LLC, a New York-based real estate investment firm, plan to begin interior renovations to their 145,000-sq-ft, Art Deco property at 120 Bloomingdale Road in White Plains, N.Y., formerly the headquarters for Nestlé. Gallin Beeler Design Studio in Tarrytown has been named architect for the project.

The lobby will convey a sophisticated ambiance, with wood panels, cove lighting, stone flooring, a comfortable waiting area with flat screen TV, and a dramatic wood and granite reception desk,” explained Alexander Leventhal, Managing Partner of Faros Properties. “A cafeteria upgrade will create a restaurant-like facility for tenants and guests. An expansion of the gym space incorporates new locker rooms with private showers and changing areas, state-of-the-art exercise equipment, a refreshment counter, a cool-down seating area, and flat screen TVs. A luxurious new conference and board room will seat up to 30 people and provide tenants a level of flexibility and AV equipment not found in similar facilities. Also included in the renovation is the incorporation of private decks into 4th floor office space.” Among the scheduled exterior renovations are wood paneling, landscaping and extensive plantings of trees and shrubs, new pedestrian walkways, and numerous “green” elements that meet requirements for LEED certification.

We commissioned Gallin Beeler Design Studio to create an environment and amenities commensurate with the finest first class office buildings in the tri-state area,” said Joshua Caspi, Principal, Caspi Development. “Additionally, the dramatic 4th floor office space and private decks provide an attractively-priced indoor/outdoor option not usually found in commercial properties.”

The owners are actively seeking additional tenants to fill the approximately 50,000 sq ft of available space in the building, including a 28,000-sq-ft full floor that is divisible. Among the building’s features are flexible floor plans, 4th floor offices with outdoor decks and served by a private 100-car parking deck with an overpass directly to the fourth floor, on-site property management and concierge, 24/7 building access, and a main parking lot. The property is conveniently located across from Bloomingdales, one block from The Westchester shopping mall, and within easy access of both highways and public transportation. Current tenants include Oxman Tulis Kirkpatrick Whyatt & Geiger L.L.P., Nationwide Insurance, Byram Healthcare, the New York State Department of Labor, and Keller Williams Realty White Plains.

Faros Properties seeks additional direct and venture investment opportunities in the New York and Boston areas as they expand their portfolio, primarily seeking distressed opportunities created from the economic downturn. Caspi Development is seeking investment opportunities in New York City.

Faros Properties, LLC, is located at 551 Fifth Avenue, Suite 413, New York, N.Y. 10176, 212.299.8700, www.farosproperties.com.

Caspi Development, LLC, is located at 3010 Westchester Avenue, Suite 106, Purchase, N.Y. 10577, 914.694.8300, www.caspidevelopment.com.

About Faros Properties, LLC
Faros Properties is a New York City based real estate investment firm established by Alexander Leventhal, Jeremy Leventhal and Elliot Gould as a platform to target long-term private investment opportunities. Faros primarily targets core investments in supply-constrained markets with high concentrations of intellectual capital. Faros and its predecessor companies trace their roots to family-owned operations. The family has for over six decades been actively involved in the construction, development, acquisition, management, and financing of over 50 million square feet of real estate internationally.

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 a 500 unit apartment package in the Bronx with Finkelstein Timberger and CBRE Capital Markets, as well as a number of high end apartment projects in Brooklyn with Artemis Real Estate Partners. Other notable Caspi Development projects include the 600-room Holiday Inn located in Midtown Manhattan on 57th Street; the Chambers Hotel, a luxury 80-room hotel off Fifth Avenue and 56th Street, the Stamford Marriott Hotel in Stamford, CT; the Classic in Stamford and Hartsdale, NY; 235-245 Main Street, a 158,000 square-foot office property in White Plains, NY; and The Sanborn Map Building, a 75,000 square-foot office property in Pelham, NY.

Press Contact:
Mindy Hermann
Co-Communications
914-666-0066
MHermann@cocommunications.com

Large file size precludes attaching high resolution renderings. Please contact Mindy Hermann for files, mhermann@cocommunications.com

The 145,000-sq-ft, Art Deco property at 120 Bloomingdale Road in White Plains, N.Y., formerly the headquarters for Nestlé, offers flexible floor plans, 4th floor offices with outdoor decks and served by a private 100-car parking deck, on-site property management and concierge, 24/7 building access, and a main parking lot.

120 Bloomingdale Road in White Plains offers private access to a landscaped and furnished deck from its 4th floor offices.

Lobby renovations at 120 Bloomingdale Road in White Plains add wood panels, cove lighting, stone flooring, a comfortable waiting area with flat screen TV, and a dramatic wood and granite reception desk.

Exterior renovations at 120 Bloomingdale Road in White Plains include wood paneling, landscaping and extensive plantings of trees and shrubs, new pedestrian walkways, and numerous “green” elements that meet requirements for LEED certification.