NEW YORK CITY—Synapse Development Group, a real estate investment and development firm headquartered here, has struck up a platform partnership with AQARAT, a Kuwait-based leading real estate companies, and the first real estate company to be incorporated into the Kuwait Stock Exchange. The joint venture will make general partner investments in urban real estate across the country. It will focus on expanding its portfolio in New York and San Francisco, and will evaluate other markets on a deal-by-deal basis.
"We have invested in several projects with the AQARAT team and are looking forward to building out our platform with the benefit of working with such an accomplished global real estate firm," says Justin Palmer, CEO of Synapse.
Synapse Development Group and AQARAT recently completed a land assemblage located just off of the Lorimer Street L-train stop in Williamsburg, Brooklyn, with plans for a ground-up fourteen story mixed-use building.
Synapse also is developing PERCH Harlem, a seven-story multifamily building that will be the first market-rate rental building in New York City designed to Passive House standards. Synapse is developing the project in partnership with Taurus Investment Holdings.
AQARAT and Synapse are working on a number of other projects, including the re-development of 1095 Market St. in the burgeoning mid-market neighborhood of San Francisco. Plans for the property include converting a historic office building into a 203-key hotel operated by YOTEL. The partnership recently launched a crowdfunding campaign on the RealCrowd platform for the re-development of the property, making YOTEL San Francisco the first crowdfunded hotel in the city.
"We plan to strengthen our foothold in the New York and San Francisco markets by identifying and executing on strategic acquisitions and continue to develop to the highest building standards in terms of energy performance, design and functionality," adds Andrew Warman, director of acquisitions at Synapse Development Group.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
