Springer Capital Properties develops property on its own, in joint ventures with other developers, and in partnerships with non-profit organizations. The firm has more than 30 years of experience with projects that encompass a range of settings and conditions including tenant-in-place moderate rehabilitations, substantial renovation with tenant relocation, mixed-income, new construction developments in Harlem, preservation of multifamily housing in upper Manhattan .
Springer Capital Properties staff is experienced in site acquisition, site planning, construction, and real estate finance, and the firm excels in on-time and cost-efficient project management.
Many of the firm’s most challenging and rewarding projects have involved the revitalization of troubled properties and larger building portfolios. These workout efforts typically resulted from a request for Springer Capital Properties' expertise to “turn around” struggling assets. Through the integration of its development, construction, and management arms, the company quickly and effectively addresses the multiple problems that arise when buildings fall into physical and financial disrepair
Springer Capital Properties structures all of its projects for long-term value by seeking the most advantageous financing structure and by designing projects with an emphasis on cost-effective maintenance and reducing energy and other operating costs.
1. Williamsburg, Brooklyn Market Rate Housing
The development of a new contemporary market-rate building on Grand Street. Partnering with the owner of a site in the Williamsburg neighborhood of Brooklyn on the development of a 35-unit, market-rate building.
Total units: 35
Total development cost: $13.5 million
2. Central Harlem Limited Equity Cooperative
The development of 69 home-ownership units with an additional 25 rental apartments in Central Harlem. Through HPD’s Third Party Transfer Cooperative program, developing a 69-unit homeownership project.
Total units: 94
Total development Cost: $20 million
3. Plover Apartments
The substantial renovation of former HDFC properties in the Bronx preserving 138 low-income apartments through HPD’s Third Party Transfer and HDC’s LAMP preservation programs.
Total Units: 138
Total Development Cost: $27.5 million
4. The Soundview Housing Projects
A multi-phase, new construction affordable housing development in the Soundview neighborhood of the Bronx, creating 222 affordable housing units.
Total Units: 222
Total development Cost: $95 million
5. Academy Street Preservation
The substantial renovation of 150 units in Washington Heights, Manhattan, ensuring their preservation as affordable housing.
Total units: 150
Total Development Cost: $21 million
6. Quadrant Properties
The revitalization of a distressed portfolio of 45 buildings and more than 1,200 units in the South Bronx, addressing a vacancy rate over 30% and dangerous physical conditions.
Total units: 1,240
Total development cost: $96.5 million
7. Hoewood Point
The substantial renovation of two Bronx buildings including solar thermal technology, preserving 80 units plus two commercial spaces.
Total units: 80 plus two commercial spaces
Total development cost: $19 million
8. Aurea Development
Significant development project for 85 units in the Bronx, addressing dangerous structural conditions and an oil spill, completing construction six months ahead of schedule.
Total units: 85 plus three commercial spaces
Total Development Cost: $21 million