Sitt Asset Management is set to sell the Venetian rental building in Brooklyn’s Midwood neighborhood to Francis Greenburger’s real estate development firm Time Equities for $27 Million, according to The Real Deal.
Opened in 2012, The Venetian is a 66, 500 square foot apartment building with 33 units located at 421-447 Avenue P, near East 2nd Street. It was built with a dramatic exterior designed in the style of classic Renaissance Italian architecture.
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Its lobby is adorned with tapestries and floral arrangements, with stone walls and an original floor tile mosaic.
Residents enjoy amenities that include concierge service, a fitness center, a residents’ lounge and a private landscaped courtyard. There is also secure gated indoor parking.
Sitt Asset acquired the site for $9 million in 2003 and took out a $54 million construction loan which it later refinanced. It is represented by Stephen Shapiro and Richard Baxter of JLL’s New York Capital Markets Group.
