An in-depth article covering Passive House in New York was published today on the NY Times, highlighting our Perch Harlem project with Architect Chris Benedict and Taurus Investment Holdings.
In Mayor de Blasio’s 111-page green buildings initiative, the building at 803 Knickerbocker is used as a case study. Ms. Benedict said she is now working on a project to retrofit several 40-unit apartment buildings in Brooklyn to passive standards. Another passive project she is designing is called Perch Harlem at 542 West 153rd Street, a 34-unit rental building with anticipated delivery in spring of next year.
(Perch Harlem is in a bit of an unofficial competition with a six-unit project at 11 West 126th Street, also in Harlem, to determine which will be the first multifamily building in Manhattan to receive passive certification.)
Justin Palmer, the chief executive of Synapse Development Group, the developer of Perch Harlem with Taurus Investment Holdings, said he sees passive construction as a way of delivering “luxury” through smart design. Mr. Palmer said that he expects to be able to charge more for the development’s passive design.
“On the rental side, the value is you have all these comfort factors in a residential apartment in New York City,” he said, listing temperature, air quality and noise reduction. “And we’ve found through passive house design, you address all those issues.”
We’re happy to see so many architects and developers in the NYC area build using Passive House principles!
- By Synapse Development Group
- February 13, 2015
Real estate colleagues questioned Justin Palmer’s purchase of a boarded-up, eight-story San Francisco office building for $17.7 million, almost double the price paid for it six years before. Then he told them his plan.
Palmer, co-founder of New York-based builder Synapse Capital, is redeveloping the property into a Yotel, a minimalist hotel brand whose signature feature is tiny rooms, or “cabins,” of about 175 square feet (16 square meters). That means Synapse can fit 202 revenue-producing rooms into a building that would accommodate just 94 were it a standard hotel, he said.
“People in the industry in San Francisco thought we were crazy until they figured out that we were fitting in two times the amount of keys,” said Palmer, who bought the property with Yotel’s largest shareholder in April and expects to open the hotel in 2017.
Read more on Bloomberg.com
A partnership between Synapse Capital and Pan Brothers Associates has closed on a Williamsburg development site, Synapse announced yesterday. The two New York-based firms are slated to build a 65,000-square-foot mixed-use property on the parcel that will include a 100-room hotel, a 10-unit residential building and ground-floor retail space.
Read more on The Real Deal
- By Synapse Development Group
- December 4, 2013
- New York
Manhattan is set to get its first residential building that measures up to passive house standards, a set of green guidelines that aim to cut heating costs by 90% through the use of solar energy, better insulation and other measures. A big step in that direction took place Wednesday morning when the development arm of Synapse Capital closed on the purchase of a 9,900 square-foot lot in Harlem.
“We’ve discovered a process by which we can build a building we think will cost the same, consume less energy and create a better quality of life for the people inside,” said Al Picallo, managing partner at Synapse.
Read more on Crains New York
SYNAPSE RESIDENTIAL GROUP AND TAURUS INVESTMENT HOLDINGS
ACQUIRE 532 WEST 152nd STREET
NEW YORK — (January 8, 2013) — Synapse Residential Group LLC, an affiliate of Synapse Capital (www.synapsecap.com),
and its joint venture partner, an affiliate of Taurus Investment Holdings, LLC, have acquired 532 West 152nd Street between
Broadway and Amsterdam Avenue in West Harlem. The Property is a 14,000 square foot, six-story walk-up building with 20 twoand
three-bedroom residential units. The acquisition marked the third New York City acquisition for the Synapse-Taurus
partnership in the last seven months, and is a continuation of the investment strategy that commenced in mid-2013.
Justin Palmer, Partner at Synapse Capital, stated, “As we pursue our investment strategy in Harlem, we continue to find undermanaged
assets that allow us to create value through repositioning the properties. This is a great building with 17 free market units,
which allows the partnership to take advantage of the substantial changes happening in the Hamilton Heights neighborhood.”
Peter Merrigan, Chief Executive Officer of Taurus Investment Holdings, stated that, “As with our other recent Harlem
investments, we expect this property will benefit from the combination of high barriers to entry and continued upward pressure on
rental rates in Harlem and look forward to working with Synapse on this and future opportunities.”
Synapse has already set to work on the cost-reducing retrofits to create a more environmentally efficient building, which include
building envelope improvements, replacement of the roof, installation of low flow water fixtures, piping and roof insulation, as
well as upgrades to common areas. The firm envisions the property competing very well for the young professional and student
populations due to its proximity to subway lines and Columbia University.
Al Picallo, Managing Partner at Synapse Capital, added, “This property will benefit from our strategy to improve operating
efficiencies through sustainable energy-saving programs, and allows our partnership to increase our footprint in the area. We look
forward to improving the property’s value for our investors and enhancing the environment for our tenants.”
About Synapse Capital and Synapse Residential Group:
Synapse Capital is an integrated real estate company that provides advisory, acquisition, development and operational expertise
to its clients and investors. Synapse Residential Group invests primarily in rent-regulated residential real estate assets with a
focus on creating value-add returns through energy efficient retrofits that significantly reduce operating expenses. The principals
of SRG have extensive experience in the Harlem rent regulated housing market having foreclosed, managed and repositioned over
1,000 residential units and 15,000 SF of commercial property. In addition, the principals of SRG have extensive experience
retrofitting pre-war buildings and have achieved energy savings on existing projects beyond industry standards.
About Taurus Investment Holdings:
Taurus was founded in 1976 and has evolved into a global owner-operator and value-add developer of both directly managed and
joint venture assets with offices throughout the US, Canada, Argentina, Turkey, UK and Germany. Taurus has purchased and sold
more than 20 million square feet of residential, office, industrial, retail, hotel and other commercial real estate assets since its
inception. Presently the firm has a portfolio that is valued at more than $2 billion.