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Developers snap up 'spectacular' Brooklyn parcel.

Mario Procida, president of Procida Realty & Construction Corp. and Louis V. Greco, Jr., vice president of real estate development firm, Second Development Services Inc., announced the purchase of 505 Carroll Street, a 1+-acre parcel of land in downtown Brooklyn.

A through-block property bounded by Presidents and Carroll Streets, it is the site of a 96,000 s/f light manufacturing facility. Commenting on the purchase, Procida stated, "The 505 Carroll Street property represents a spectacular re-development opportunity which we are carefully considering."

Financing of the $9,500,000.00 purchase was provided by Signature Bank. Procida and Greco represented themselves on the buying side of the transaction.

The seller was represented by Michael Silber and Metro.

Procida and Greco have extensive experience in the real estate development, management and construction businesses and have worked both separately and together on various projects.

Past projects where they have joined forces on include the highly successful "be@" brand of condominium properties targeted to the young, urban professional with a highly sociable lifestyle.

The original and already completed "be@" branded condominiums are the be@BoulevardEast, an 11-story, 99 residence condominium located at Brooklyn's 53 Boerum Place and Manhattan's be@ClintonWest, the 147-unit condominium at 516 West 47th.

That building sold out in eight days in the summer of 2005.
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Publication:Real Estate Weekly
Date:Jun 21, 2006
Words:216
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