The Real Deal New York

Synapse to build 100-room Williamsburg hotel

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.

The site, at 646 Lorimer Street, was assembled in an off-market deal, Synapse said in a statement to Globe Street.

“As Williamsburg has transformed over the past several years, developers have largely focused on residential projects,” Justin Palmer, a partner at Synapse Capital, said in the release seen by GlobeSt. “Our team sees tremendous value in providing a unique lodging option with a substantial food and beverage component.” [GlobeSt]  – Hiten Samtani