The Real Deal New York

Time Equities to convert Midwood rental to condo

The Venetian’s 33 units will have a total sellout of $51M

June 23, 2015 02:30PM
By E.B. Solomont


From left: Francis Greenburger, the Venetian’s facade and the interior of an apartment

Francis Greenburger’s Time Equities is converting the Venetian rental building in Brooklyn’s Midwood neighborhood into condominiums.

The European Renaissance building, which has 33 apartments, will have a total sellout of $50.9 million, according to an offering plan submitted to the state Attorney General’s office and reviewed by The Real Deal.

Time Equities paid $27 million for the rental building, at 447 Avenue P, in December. Prior owner Sitt Asset Management acquired the site in 2002 and 2003 for $9 million and developed the Venetian as a condo prior to the financial crisis. But the Venetian opened as a rental in 2012.

Given the current state of the market, Time Equities sees an upside in condos, according to Roberta Axelrod, the developer’s director of condo sales.

“We’re currently in a strong market and this product is quite unique,” she said, citing architecture that include arches and French balconies, as well as high-end finishes and amenities like a gym, courtyard and 40-car garage.

Units range in size from 1,400 square feet to 2,500 square feet, with two-, three- and four-bedroom configurations. “They are what I would call oversized,” Axelrod said. Current rental listings include a 1,712-square-foot, two-bedroom unit asking $4,400 per month.

Axelrod said for non-tenants, the condos will be priced at an average of just over $715 per square foot. Roughly speaking, that translates to prices ranging from just over $1 million to $1.78 million. Current tenants may buy their units at a 10 percent discount, pending the AG’s approval of the plan.

In prime Brooklyn neighborhoods, some newly-built and renovated condos are far more expensive, averaging $1,500 per square foot or higher, as TRD reported.

In addition to the Venetian’s 33 residential units, the building has an 8,000-square-foot retail component. Pending AG approval, Time Equities plans to sell the retail portion, asking an average of just over $1,000 per square foot.