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

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.