iCross Capital acquires 43-unit rental in Flatbush through bankruptcy, $7.5M transfer value

The property’s former lender iCross Capital, through the entity NY Secured Funding LLC paid $7.5 million in a bankruptcy through the entity Hello Albemarle LLC for the 43-unit residential elevator building (D3) at 2417-2421 Albemarle Road in Flatbush, Brooklyn. The expected use is cash flowing. The former owner was Hello Living.
The deal closed on February 24, 2026 and was recorded on February 27, 2026. The property has 38,493 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $194 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)

iCross Capital paid $7.5 million in a bankruptcy sale conducted by Northgate Real Estate Group.
The seller bought the property on March 10, 2014, for $2.3 million. The signatory for Hello Living was Eli Karp . The signatory for iCross Capital was Lily Guo . The contract date was November 19, 2024. This was a highly litigated property, starting in 2021. Several state court cases including one fighting a UCC foreclosure, as well as a judicial foreclosure, and then in federal court, a bankruptcy 1-23-41326-nhl.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer iCross Capital had purchased any other properties and sold one property in one transaction for a total of $7.1 million over the past 24 months.
The seller Hello Living had not purchased any other properties and sold three properties in two transactions for a total of $80.4 million over the same time period. The former owner according to the Department of Housing Preservation and Development is Joseph Cafiero, head officer. The business entity is Hello Albemarle Llc.

The property

The residential elevator building with 43 residential units in Flatbush has 38,493 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 70 feet and is 140 feet deep with a total lot size of 14,517 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The property has a 421A exemption that started in 2020 and expires in 2035. The city-designated market value for the property in 2022 is $8.5 million. The property has 43 rent regulated units according to city tax records from 2024.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $1,250 in ECB penalties, $10,550 in OATH penalties, and two housing litigations in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on October 25, 2018. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of three of the 12 commercial properties representing 208,197 square feet of the 230,325 square feet. The largest owner is City Of New York, followed by Hello Living and then Moses Mutzen.
There are no active new building construction projects on this tax block.

The majority, or 72 percent of the 230,325 square feet of built space are specialty buildings, with elevator buildings next occupying 17 percent of the space.

The seller

The PincusCo database currently indicates that Hello Living owned at least two commercial properties with 79 residential units in New York City with 68,137 square feet and a city-determined market value of $11.5 million. (Market value is typically about 50% of actual value.) The portfolio has $15 million in debt, borrowed from Cantor Commercial Real Estate Lending. Within the portfolio, all identified are elevator properties. They are all located in Brooklyn.

The buyer

The PincusCo database currently indicates that iCross Capital owned at least four commercial properties with 193 residential units in New York City with 101,710 square feet and a city-determined market value of $8.8 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 100 percent of the 101,710 square feet of built space are elevator properties, with V1 properties next occupying 0 percent of the space. They are all located in Queens.

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