NEW YORK CITY-Synapse Development Group LLC, an affiliate of New York City-based Synapse Capital, and its capital partner, Pan Brothers Associates report they have closed on a land assemblage at 280 Meeker St. and 646 Lorimer St. in the Williamsburg section of Brooklyn.
Synapse officials state that preliminary plans call for the development of a 65,000-square-foot building that would include 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 landowners. No financial terms of the transaction were released.
"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," states Justin Palmer, partner at Synapse Capital. The property is located three blocks from the Lorimer stop on the L train, two 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 in the area, he notes.
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.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
