Midwood

One of the biggest real estate mysteries in Southern Brooklyn has just been cracked: Yesterday, the Real Deal reported that “The Venetian,” a luxury condo that one can see if one gazes east on the train while heading down to Coney, is being sold off by its original developers. Here’s the skinny, as told by TRD:

Sitt Asset assembled the various parcels that comprise the land in 2002 and 2003 for $9 million, and had plans to build the approximately 54,000-square-foot residential structure at a cost of about $500 per square foot, according to David Sitt, a vice president at Sitt Asset. But by the time the design was finalized and Sitt Asset took out a $54 million construction loan from Citibank in 2007 to launch the ground-up project, the cost estimate had more than doubled to $1,100 per square foot. The building was complete in 2010, when the Brooklyn sales market had collapsed to the point where it was virtually non-existent. With prospects grim for the project, Sitt moved to purchase back the loan from Citi at the discounted price of just $25 million. That effectively lowered the building costs close to the initial $500 per square foot projections. With costs now firmly under control and the borough’s sales market gaining traction, the developers were able to execute the plan as initially envisioned, Sitt said.

Unclear what they’re trying to get for the condo. Our photo above dates back to late 2009, and we thought the place was technically in Gravesend, not Midwood, though TRD refers to it as being located in the latter. In the go-go years, some units in this building were priced at more than $2,000 a foot, reportedly! Way back in the day, the marketers said the structure was inspired by 16th-century masterpieces like Veneto’s Villa Barbaro and Palazzo Porto.
Sitt Asset Brings Midwood Condo to Market [The Real Deal]
The Venetian Unveiled [Brownstoner]
The Venetian: 16th-Century Living, Gravesend-Style [Brownstoner]
$2,000 a Foot in Gravesend? You Betcha [Brownstoner] GMAP