Caspi Development signs $14.2M refi with Rialto for office, retail in Tribeca

Caspi Development through the entity 79 Walker Owner LLC as borrower signed a refi loan with lender Rialto Capital through the entity Rref V – D Direct Lending Investments, LLC valued at $14.2 million for the retail building (O2) at 79 Walker Street in Tribeca, Manhattan.
The deal closed on September 19, 2025 and was recorded on September 25, 2025. The prior lender was PNC Bank which held debt that had an original loan amount of $19.5 million.The property has 24,672 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $577 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The owner bought the property on September 29, 2016, for $19 million. The signatory for Caspi Development was Joshua Joseph Caspi . The signatory for Rialto Capital was Sorana Georgescu .

Prior sales and revenue

The 24,672-square-foot property generated revenue of $2 million or $80 per square foot, according to the most recent income and expense figures.

The property

The retail building in Tribeca has 24,672 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 36 feet and is 100 feet deep with a total lot size of 3,597 square feet. The zoning is C6-2A which allows for up to 6 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential with inclusionary housing. The property is in the Tribeca East Historic District. The city-designated market value for the property in 2022 is $12.6 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $2,000 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on February 25, 2019. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of six of the 15 commercial properties representing 199,359 square feet of the 434,436 square feet. The largest owner is Bridgeton Holdings, followed by Behrooz Hedvat and then Lana Choy.
On the tax block, there was one new building construction project filed totaling 42,973 square feet. It is a 32-unit, 42,973 square-foot residential (R-2) building submitted by Manuel Glas and filed by Manuel Glas with plans filed May 12, 2023 and it has not been permitted yet.

The majority, or 41 percent of the 434,436 square feet of built space are office buildings, with mixed-use buildings next occupying 21 percent of the space.

The borrower

The PincusCo database currently indicates that Caspi Development owned at least two commercial properties in New York City with 108,426 square feet and a city-determined market value of $31.5 million. (Market value is typically about 50% of actual value.) The portfolio has $261.6 million in debt, with top three lenders as Goldman Sachs, Hana Financial Investment, and Strategic Funding respectively. Within the portfolio, the bulk, or 75 percent of the 108,426 square feet of built space are hotel properties, with office properties next occupying 25 percent of the space. They are all located in Manhattan.

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