NEW YORK CITY-Synapse Capital closed on the purchase of a vacant lot in Harlem on Wednesday that will be the site of tie city's first residential building that will employ green guidelines and solar energy to fuel a potential 90% reduction in heating costs.
"We've discovered a process by which we can build a building we think will cost the same, consume less energy and create a better quality of life for the people inside," said Al Picallo, managing partner at Synapse.
Synapse acquired the 9,900-square-foot lot from the Sisters of Charity of St. Vincent de Paul for an undisclosed sum, according to Crain's New York Business.
The developer plans to build about a 40-unit, market-rate rental apartment building at the site over the next 27 months. See story in Crain's New York Business.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
