- The former owner, David Garsia, filed for bankruptcy amid mounting debt.
- Garsia had tried to transform the site into a gathering spot with artist studios and banquet halls.
PATERSON — The Bergen County real estate investor who is buying the Art Factory complex near the Great Falls for $4.25 million said he plans to sell the property instead of developing it himself.
The investor, Billy Procida, said he would reveal more details about the plans for the site — a group of industrial buildings off Spruce Street that are more than a century old — with an announcement in the next several weeks.
A federal Bankruptcy Court judge on Tuesday issued an order approving the auction sale to Procida’s company, 100 Mile REIT Inc.
The former property owner, David Garsia, filed for bankruptcy last year amid mounting debts, including a $10.9 million judgment for defaulting on a mortgage from Procida.
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Among those still owed money by Garsia are about 150 couples who made payments to hold their wedding receptions at the Art Factory.
Garsia, with the support of Mayor Andre Sayegh, had tried to transform the Art Factory into a vibrant gathering place two blocks from the Great Falls, with art studios, maker spaces and banquet halls. But those plans collapsed amid Garsia’s financial problems.
