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Mid-Market’s renaissance is getting more firepower as its roster of projects grows

Mid-Market’s renaissance is getting more firepower as its roster of projects grows

Synapse Development Group began renovation in fall 2015 of the handsome, historic Grant Building, replacing offices with a 239-bed hostel-hotel. The youth-oriented “yotel” is to have 203 “micro rooms” that are smaller and cheaper than standard hotels. The developer also plans to include a cyber café, game room, media room, laundry room, guest storage lockers and a rooftop deck.

In May, the city’s Board of Appeals rejected a challenge from hotel and restaurant workers’ union Unite Here Local 2. Aimed at travelers reliant on public transit (the hotel won’t have any off-street parking), the Planning Commission approved it, citing how its young guests would likely support neighborhood arts and theater. Development is scheduled to finish this fall.

“We’re in the heart of this revitalization with this Mid-Market area,” said Synapse CEO Justin Palmer.

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How We Deliver ‘Responsible Luxury

How We Deliver ‘Responsible Luxury

Synapse Development Group has expanded its sphere of influence through a passive approach to apartment development.

New York-based Synapse Development Group has expanded its sphere of influence with several high-profile YOTEL deals on the East and West coasts as well as the highly anticipated launch of Perch Living ©, a new multifamily brand focused on low-impact living and community-oriented design. Synapse is currently developing 542 West 153rd Street, a Perch-branded ground-up seven story building in the Hamilton Heights neighborhood of Harlem. The project will be the first market-rate rental building in New York City designed to Passive House standards. MHN Contributing Editor Diana Mosher recently sat down with Synapse CEO and Co-Founder Justin Palmer to find out more about Perch and the thinking of the company behind the brand.

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New York City’s First Passive House Rental Tops Out At 542 West 153rd Street In Harlem

New York City’s First Passive House Rental Tops Out At 542 West 153rd Street In Harlem

Passive house construction is expensive, but condos built according to the energy-saving standard are becoming more common throughout New York City. Rentals, however, are still few and far between. Up in the Hamilton Heights section of Harlem, Synapse Development is working on the city’s first market-rate rental building designed to meet passive house requirements.

The seven-story development at 542 West 153rd Street topped out yesterday between Broadway and Amsterdam Avenues, and PR reps sent along some construction photos. Known as Perch Harlem, the eco-friendly building will have 34 one- and two-bedroom apartments. Rents will start around $2700 for a 525-square-foot one-bedroom and $3700 for an 800-square-foot two-bedroom.

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Synapse Development Group Announces Platform Joint Venture With Leading Kuwait Real Estate Firm Aqarat

Synapse Development Group Announces Platform Joint Venture With Leading Kuwait Real Estate Firm Aqarat

Synapse Development Group, a real estate investment and development firm headquartered in New York City, is pleased to announce its platform partnership with AQARAT, one of Kuwait’s leading real estate companies, and the first real estate company to be incorporated into the Kuwait Stock Exchange. The joint venture will be targeted on making general partner investments in urban market real estate opportunities across the country. The partnership will primarily focus on expanding its existing portfolio through additional acquisitions in New York and San Francisco, and will evaluate other markets on a deal by deal basis. -

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Perch Harlem, NYC’s First Passive House Rental, Tops Out

Perch Harlem, NYC’s First Passive House Rental, Tops Out

The city’s first passive house rental building has topped out. Perch Harlem, as the building is known, is located at 542 West 153rd Street in the Hamilton Heights section ofHarlem. It stands seven stories tall and features 34 units in total.

“We are excited to announce this important construction milestone as we move forward in developing New York City’s first market-rate apartment building designed to Passive House standards,” said Justin Palmer, the CEO of Synapse Development Group, which is developing the building in collaboration with Taurus Investment Holdings. “Taurus and Synapse are focused on redesigning urban living with a higher quality of construction in the multi-family market, and our building will operate using 80 to 90 percent less energy consumption when compared to traditional multi-family design.”

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Birch Coffee Takes Space at 8 Spruce Street

Birch Coffee Takes Space at 8 Spruce Street

Birch Coffee fans will get their java on in Lower Manhattan at 8 Spruce Street by the end of the year, Commercial Observer has learned.

For its seventh location, Manhattan-based Birch Coffee, which serves coffee, tea, food, beer and wine, signed a 10-year lease for 904 square feet at the 76-story, 904-unit residential New York By Gehry Building between Nassau and William Streets, Birch Coffee’s broker said. The asking rent was $125 per square foot.

“Surrounded by new redevelopments including The Beekman and South Street Seaport, the iconic building is the perfect location for Birch Coffee to plant its first Financial District flag and offer the high-end, relaxed café ambiance and experience Birch’s loyal customers rave about,” Mr. Allen said in prepared remarks.