Time Equities to buy Venetian rentals in Midwood for $27M

Sitt Asset Management developed project as condos prior to downturn

TRD New York /
Oct.October 22, 2014 03:40 PM

Francis Greenburger’s real estate development firm Time Equities entered contract on Tuesday to acquire the six-story Venetian rental building in Brooklyn’s Midwood neighborhood for $27 million, The Real Deal has learned.

The 66,500-square-foot property at 421-447 Avenue P, near East 2nd Street, holds 33 apartments. The seller-to-be, Sitt Asset Management, developed the Venetian as a condominium site prior to the onset of the market downturn.

Sitt Asset bought the development site in 2002 and 2003 for $9 million, and received a $54 million construction loan from Citibank in 2007 to launch the ground-up project, as TRD reported. Shortly after the building was complete in 2010, the owner sought to buy back the loan from Citi at the discounted price of $25 million. The Venetian opened its doors in 2012.

The deal is slated to close in December, according to sources close to negotiations.

Stephen Shapiro and Richard Baxter of JLL’s New York Capital Markets Group are representing Sitt Asset Management. Shapiro and Baxter declined to comment. Daniel Rahmani of Venture Capital Properties and Harry Kantor and Chris Pulling of Time Equities represented the would-be buyer. 

The European Renaissance-style building’s residential component is 97 percent leased and the ground-floor retail space is 88 percent occupied with tenants with long-term leases.
The apartments range from one- to four-bedrooms and average 1,782 square feet. There are four penthouses – each with wraparound balconies – that are currently rented for $6,000 to $7,000 per month. Average rent at the property is $4,900 per month.

Amenities include a fitness center, lounge, children’s playroom and underground parking for tenants.

In July, Time Equities launched sales at its 64-story luxury residential tower at 50 West Street in the Financial District, as previously reported.


Related Articles

arrow_forward_ios
470 Kent Avenue and Naftali Group’s Miki Naftali (Credit: Google Maps, Gonzalo Marroquin/Patrick McMullan via Getty Images)

Naftali closes on large Williamsburg development site for $100M

Naftali closes on large Williamsburg development site for $100M
JLL CEO Christian Ulbrich (Ulbrich by JP Yim/Getty Images for Women’s Forum of New York, iStock)

JLL slashes jobs in NYC capital markets group

JLL slashes jobs in NYC capital markets group
JLL CEO Christian Ulbrich (Ulbrich by JP Yim/Getty Images for Women's Forum of New York)

JLL predicts coronavirus’ impact to extend past 2020

JLL predicts coronavirus’ impact to extend past 2020
From left: Yoron Cohen, Richard Baxter and Scott Latham (Credit: Linkedin)

Big shakeup at Colliers: Baxter, Cohen, Latham out

Big shakeup at Colliers: Baxter, Cohen, Latham out
Billy Macklowe (right) and David Welsh with renderings of 120 Fifth Avenue in Park Slope (Credit: Macklowe by Patrick McMullan/Patrick McMullan via Getty Images; Senlac Ridge Partners)

Billy Macklowe, David Welsh close on Brooklyn dev site buy

Billy Macklowe, David Welsh close on Brooklyn dev site buy
Rockrose Development President Justin Elghanayan and 98 DeKalb Avenue in Brooklyn

Rockrose’s new Brooklyn skyscraper will rise 47 stories

Rockrose’s new Brooklyn skyscraper will rise 47 stories
The Quay

Brooklyn’s priciest home sale closes at $20.3M

Brooklyn’s priciest home sale closes at $20.3M
Rent prices are going up while new leases are down

Manhattan, Brooklyn and Queens saw record low leasing activity in March

Manhattan, Brooklyn and Queens saw record low leasing activity in March
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...