On Prospect Park condo halfway sold out

January 03, 2011 02:49PM

Richard Meier and On Prospect ParkThe On Prospect Park condominium has sold 52 of its 96 units, more than half of the 15-story building, according to city records, the Wall Street Journal reported. Developer Mario Procida puts the number sold at the Richard Meier-designed glass and steel tower at more than 60 percent, which means at least six more sales have yet to be recorded with the city’s Department of Finance. Construction on the condo began in 2005, and sales began in 2006. Now, after four years of sales and steep price discounts, more than a third of the building remains unsold. Procida acknowledged that he and his partners needed to restructure the $100 million in debt from PB Capital of Germany that financed On Prospect Park. But Procida and his partner Louis Greco were able to retain control of the project and keep it afloat, even during the downturn, while developers of other projects were pushed out by creditors. “There’s always light at the end of the tunnel, as long as you keep walking,” Procida said. [WSJ]