65,000 S.F. Mixed-Use Project Includes Plans for Hotel, Retail, and Residential Units
NEW YORK, Nov. 13, 2013 /PRNewswire/ — Synapse Development Group LLC, an affiliate of Synapse Capital (www.synapsecap.com), and its capital partner, Pan Brothers Associates (www.panbrothersinc.com), have closed on a land assemblege at 280 Meeker Street and 646 Lorimer Street in Williamsburg, New York. Preliminary plans call for a 65,000 square foot building which includes a 100-key hotel with indoor/outdoor food and beverage space, ground floor retail, and a 10-unit residential building. The sites were assembled via an off-market transaction made with the two land owners.
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"As Williamsburg has transformed over the past several years, developers have largely focused on residential projects. Our team sees tremendous value in providing a unique lodging option with a substantial food and beverage component to the area," said Justin Palmer, Partner at Synapse Capital.
The Property is located 3 blocks from the Lorimer stop on the L train, 2 stops to Manhattan, and is close to numerous residential development projects in the area that will continue to create 24-hour demand for retail/food and beverage services.
Al Picallo, Managing Partner, added, "The partnership recognized a scarcity of larger development parcels in Williamsburg, and created substantial value by assembling the sites via an off-market transaction. Compared to recent land trades in the area, the purchase price represents an attractive basis for development. We look forward to executing on our vision for the sites."
The transaction was the second acquisition of the year between Synapse Development and Pan Brothers. The purchase was financed with a first mortgage loan from Intervest Bank, arranged by Richard Horowitz of Cooper-Horowitz.
About Synapse Capital:
Synapse Capital is an integrated real estate company that provides advisory, acquisition/development and operational expertise to its clients and investors. With three distinct business lines, Synapse has unique insight into both the real estate capital and operational markets, which enables the firm to provide valuable insight to its clients and generate attractive investment opportunities for its capital partners.
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