Source: Synapse Development Group / #Apartments #Multifamily
NEW YORK, NY - Synapse Development Group LLC, an affiliate of Synapse Capital, and its investment partners have acquired 87 Newkirk Street, a mixed-use development site located in the Journal Square neighborhood of Jersey City, New Jersey. The partnership has been named as the Designated Developer of the site by the Jersey City Redevelopment Agency, and the Jersey City City Council voted unanimously to vacate an easement on the property paving the way for the development of a market rate multi-family project of at least 60,000 square feet.
"This is an attractive acquisition for Synapse as we continue to target quality off-market opportunities in the New York and New Jersey markets with strong upside potential," said Al Picallo, Managing Partner of Synapse Capital.
Synapse will utilize its market expertise and strong local relationships to develop what will be New Jersey's first large scale multi-family development built using the Passivehaus standard. Passivehaus is a state-of-the-art construction technique that can achieve a 90% reduction in energy costs through the implementation of extreme insulation and advanced ventilation systems. "Journal Square is an emerging market and the local officials are very supportive of sustainable developments. Given the positive experience we have had with the energy reduction programs in our existing buildings pursuing the same goals with a ground up project makes sense," says Partner Tom Bencivengo.
The firm also plans on leveraging 87 Newkirk's attractive location and proximity to the "New" Journal Square for future leasing. The site is located just three blocks from the Journal Square PATH station, within the Journal Square Redevelopment Area, and is just a five minute walk from the nearest PATH Station, one stop from Downtown Jersey City and three stops to Manhattan. Justin Palmer, Partner, added, "With large-scale development projects due to break ground and pent-up residential demand in the area, we look forward to supplying the community with a noteworthy, state-of-the-art residential building that will further promote ongoing development and restoration efforts in the area."
Synapse Capital is an integrated real estate company that provides advisory, acquisition/development and operational expertise to its clients and investors. With three distinct business lines, Synapse has unique insight into both the real estate capital and operational markets, which enables the firm to provide valuable insight to its clients and generate attractive investment opportunities for its capital partners.