NEW YORK | 1580 Nostrand Ave | 241 FT | 23 FLOORS

New York Proposed
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Permits Filed: 1580 Nostrand Avenue

BY: STEPHEN SMITH ON JULY 18TH 2014 AT 1:15 PM

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1580 Nostrand Avenue – currently occupied by the warehouse above the marker, image via Google Maps

As large-scale new development has pushed deeper into Brooklyn, Hello Living is often on the bleeding edge. The firm, based in Crown Heights and led by Eli Karp, has pressed further into Flatbush than most other developers, with projects at 651 New York Avenue, 271 Lenox Road and 2415 Albemarle Road.

Now Hello Living is poised to add another project, even deeper into Flatbush, to their portfolio. Their architect of record, Vincent Martineau, filed for permits this morning for a sizable project at 1580 Nostrand Avenue.

The development appears to be the largest Hello’s ever attempted, rising 241 feet and 23 stories. The building would hold 153 apartments spread over 128,856 square feet of residential space, plus another 44,690 square feet of community facilities. As currently proposed, the structure includes very little common space, suggesting they might use the same private keyed elevator system they have on other projects.

1580 Nostrand also pushes the envelope on luxury construction in Brooklyn. It sits not far from the border of grittier East Flatbush, well outside the boundaries of the most gentrified subsections of Flatbush, which include Prospect Lefferts Gardens and the Victorian-strewn neighborhoods of Prospect Park South and Ditmas Park.

The project will sit on a through-block site, covering much of the interior of the block bounded by Albemarle Road, Nostrand Avenue, Tilden Avenue and East 29th Street. Demolition permits were filed earlier this year for at least some of the one-story brick buildings on the parcel, recently used as a garage

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:headstone:

Lender takes control of partly-finished Brooklyn development

Midtown-based real estate private equity firm Madison Realty Capital has purchased the Flatbush site at 1580 Nostrand Ave. out of bankruptcy from developer Eli Karp’s Brooklyn-based firm Hello Living, according to property and court records. The deal puts an end to Hello Living’s lengthy but ultimately unsuccessful attempt to keep control of a site it had owned for more than a decade.

Madison Realty Capital’s plans for the property are unclear. A representative for the firm declined to comment on the deal, and a representative for Hello Living did not respond to a request for comment by press time.

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