Printer Friendly

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.
COPYRIGHT 2006 Hagedorn Publication
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2006, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Real Estate Weekly
Date:Jun 21, 2006
Previous Article:Meteorologists outline what to expect when 'big one' hits.
Next Article:Buyers explore options for industrial building.

Related Articles
Development still needed in some areas.
Pre-built offices at DUMBO deliver space, tech & amenities.
Williamsburg turning into family enclave.
1.25-acre park built by Muss Development. (Residential).
Brooklyn land parcels promise Renaissance.
Nothing ordinary about The Smith.
A site opens in Brooklyn.
Brooklyn retail set to take off in 2006, says expert.
Pair acquires Carroll Street site.
Never overlook the 'leftovers'.

Terms of use | Privacy policy | Copyright © 2019 Farlex, Inc. | Feedback | For webmasters