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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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Happy New Year!

As I recap 2014, I can only describe it in one word: active. Whether it’s getting our projects in development, acquiring properties, selling assets, or growing our team — we’ve done it all. Of course, none of this would have been possible without our ever growing base of supportive investors, or by adding six additional team members  who have helped move our projects in the right direction. I’m incredibly thankful to you all.

As we have grown over the past few years, our sense of who we are as company has changed. Thus, we decided to ring in the New Year with an overhaul to our brand and website to better reflect the Synapse of today. Part of the overhaul resulted in a strategic name change from Synapse Capital to Synapse Development Group, and we are excited to roll out some great marketing initiatives in the coming months.

As we launch into the New Year, the Synapse team is ready to make moves to build upon our reputation as a forward thinking and innovative real estate development company with an uncanny ability to acquire and execute.

Thank you all for your support thus far and looking forward to a busy and successful 2015!

High Occupancy Low Energy Multifamily Passive House

High Occupancy Low Energy Multifamily Passive House

My firm, Synapse Capital, announced last December that our property at 542 West 153rd Street, which we are developing in partnership with Taurus Investment Holdings, would become the first Passive House market-rate rental building in Manhattan. The seven-story building, located between Broadway and Amsterdam Avenue in the Hamilton Heights neighborhood of Harlem, will contain 34 residential units consisting primarily of 1- and 2-bedroom apartments with amenities that include a resident lounge, rooftop garden, gym, bike storage, resident storage, 18 parking spaces and a Virtual Doorman system.

Passive House construction relies on modern and relatively inexpensive building methods, such as substantial exterior insulation, airtightness, minimal thermal bridging, and triple-pane windows to reduce energy transfer. Our vision for the property is to provide smarter, happier living by rethinking urban living from the ground up. In line with this vision, our decision to have the building meet Passive House standards is two-fold: first, we want to create a better living experience for our tenants, and we believe that focusing on the environmental footprint of our property is critical to achieving this goal. Offering our residents space in a highly energy efficient building provides a quieter and more comfortable living environment, which translates into longer retention and higher satisfaction for those who reside at the property. Second, the design ensures substantial operational savings as the owner of the property.

When we closed on the 9,900-square-foot lot with Taurus, Crain’s New York BusinessThe Real Deal, and Curbed covered the purchase and our plans for the building to become the first multifamily building in Manhattan to meet the Passive House standards, noting savings of 80-90% in energy costs versus those of a similarly sized building of a standard design and construction quality. Word of benefits like these is spreading: a handful of smaller Passive House buildings are already in existence in the outer boroughs, particularly Brooklyn; several countries in Europe, especially Germany, have been utilizing passive house technology for more than two decades already. Chris Benedict—our architect for the project, who specializes in constructing energy-efficient buildings at no additional cost to developers—is also building a 24-unit passive apartment building in Bushwick. We plan to complete the development of the project in Harlem over the next eighteen months.

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