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Sitt Selling Brooklyn Venetian for $27 Million

Venetian

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.

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.

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