NEW YORK CITY-Synapse Development Group LLC, an affiliate of NewYork City-based Synapse Capital, and its capitalpartner, Pan Brothers Associates report they haveclosed on a land assemblage at 280 Meeker St. and 646 Lorimer St.in the Williamsburg section of Brooklyn.

Synapse officials state that preliminary plans call for thedevelopment of a 65,000-square-foot building that would include a100-key hotel with indoor/outdoor food and beverage space, groundfloor retail, and a 10-unit residential building. The sites wereassembled via an off-market transaction made with the twolandowners. No financial terms of the transaction werereleased.

"As Williamsburg has transformed over the past several years,developers have largely focused on residential projects. Our teamsees tremendous value in providing a unique lodging option with asubstantial food and beverage component to the area," statesJustin Palmer, partner at Synapse Capital. Theproperty is located three blocks from the Lorimer stop on the Ltrain, two stops to Manhattan, and is close to numerous residentialdevelopment projects in the area that will continue to create24-hour demand for retail/food and beverage services in the area,he notes.