944 Market Street is a 109-year-old historic building located on the corner of Market and Mason Street in San Francisco, on the eastern edge of the Loft District. Synapse acquired the 47,000 square foot building in 2016 and has since made capital improvements—renovating common areas and installing in-building security—to reposition the property, lease to new tenants, increase returns in a neighborhood well-positioned to benefit from the rapid transformation of Market Street Corridor.
1095 Market Street San Francisco, CA
1095 Market Street is an 85,000 square foot historic office building in San Francisco’s Mid-Market District—one of the few to survive two major earthquakes (first in 1906; then, in 1989). In 2014, Synapse acquired the then-vacant property with a conditional use approval (CU) allowing for the re-development of a 94-key hostel and rooftop bar. Five years later, Yotel, the first micro-hotel in San Francisco, opened for business.
542 W 153 Street New York, NY
Once a vacant lot in Harlem’s Hamilton Heights, 542 W 153 Street is the first ground-up development in Synapse’s real estate portfolio. As the first commercial-scale passive house in Manhattan, the multi-family residence utilizes 80-90% less energy than buildings of comparable size, driving down the cost of building operations. Construction was completed in October 2017, four years after Synapse first acquired the lot. In October 2019, the asset, which clears 40,000 square feet, was sold.
646 Lorimer Street Brooklyn, NY
In 2013, Synapse acquired two land parcels in Williamsburg spanning two addresses—280 Meeker Avenue and 644 Lorimer Street. The firm originated the transaction off-market and structured an extended closing to accommodate the seller’s outstanding litigation process. Two years later, Synapse acquired an adjacent parcel, 646 Lorimer Street, completing a land assemblage, one of the largest in Williamsburg, that clears 95,000 sq. ft. of development rights.
203 W 144 Street New York, NY
203 W 144th Street is a 14,000 square foot multi-family building in Central Harlem, twenty minutes north of Midtown Manhattan. Post acquisition in 2013, Synapse set into motion sweeping renovations on the building façade, front entrance, common areas and building mechanical infrastructure, precipitating a 50% increase in market-rate rental fees. Synapse exited this investment in 2015 with a competitive deal-level internal rate of return.
532 W 152 Street New York, NY
532 W 152 Street is a 10,000 square foot tmulti-family building in Hamilton Heights, twenty minutes north of Midtown Manhattan. Post acquisition in 2015, Synapse set into motion sweeping renovations on the building façade, front entrance, and security infrastructure, precipitating a 42% increase in market-rate rental fees. Synapse exited this investment in 2015 and achieved a 29% deal-level internal rate of return.
87 Newkirk Street Jersey City, NJ
87 Newkirk Street is an 60,000 sq. ft. parcel of land in Jersey City’s Journal Square. The site was zoned for a 65,000 sq. ft. residential project until an easement impaired its development rights. Prior to closing, Synapse held preliminary discussions with municipal authorities, which controlled the site, regarding the release of the easement and was successful in vacating it within 90 days of closing. The parcel was sold in 2015 for 30% profit.