This is formerly the location of VIP bar, but Tony (a local proprietor) is now confirmed to be opening an Italian market. South of EP on Nostrand, right near the subway stop.
Here's our jabbering about the location as we figured out what it was going to become: http://www.brooklynian.com/discussion/46495/vip-bar-on-corner-of-nostrand-and-president#latest
Olives, fresh bread, etc. oh boy!