Synapse Capital is making preliminary plans for the development of a 65,000-square-foot building that would include a 100-key hotel with indoor/outdoor food and beverage space, ground-floor retail, and a 10-unit residential building, according to an announcement from the firms and subsequent reports.
Synapse Development Group LLC and Pan Brothers Associates closed on the land assemblage at 280 Meeker Street and 646 Lorimer Street — located at a crossroads between Williamsburg and Bushwick, just off the Brooklyn Queens Expressway — in an off-market transaction made with the two landowners.
“As Williamsburg has transformed over the past several years, developers have largely focused on residential projects. Our team sees tremendous value in providing a unique lodging option with a substantial food and beverage component to the area,” Justin Palmer, partner at Synapse Capital, in a statement.
Managing Partner Al Picallo added, “The partnership recognized a scarcity of larger development parcels in Williamsburg, and created substantial value by assembling the sites via an off-market transaction. Compared to recent land trades in the area, the purchase price represents an attractive basis for development. We look forward to executing on our vision for the sites.”
The purchase was financed with a first mortgage loan from Intervest Bank. The purchase price was not disclosed.