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.
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.
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. -
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.”
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!
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.
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