2902 Albemarle Road
East Flatbush, Brooklyn
Parcel ID (BBL): 3051310001
Owner: Madison Realty Capital
Acquired: October 22, 2025, $70 million
Debt: October 22, 2025, $25.2 million
Built: 2015
Renovated: 2014
SF: 86,099
Dwelling units: 93
No. of buildings: 1
Class: Fireproof – With Stores (D6)
Floors: 6
Legacy BBLs: 3051310001
Transactions:
• Madison Realty Capital borrowed $25.2 million from Northeast Bank for N/A Nostrand Avenue and 1580 Nostrand Avenue, East Flatbush, Brooklyn on October 22, 2025.
• Hello Living sold N/A Nostrand Avenue and 1580 Nostrand Avenue, East Flatbush, Brooklyn for $70 million to Madison Realty Capital on October 22, 2025.
• Madison Realty Capital on May 03, 2024 bought a loan with an original principal of $71.3 million from 35 Oak Holdings, signed by Michael Wiener, secured by 1580 Nostrand Avenue, East Flatbush, Brooklyn, when owned by 35 Oak Holdings.
• Arch Companies on May 06, 2022 bought a loan with an original principal of $71.3 million from Madison Realty Capital, signed by Brian Shatz, secured by 1580 Nostrand Avenue, East Flatbush, Brooklyn, when owned by Hello Living.
• Hello Living borrowed $8.3 million from Madison Realty Capital for 1562 Nostrand Avenue, Flatbush, Brooklyn on October 14, 2020.
Development:
• Elkanoh Krausz filed plans for alteration in East Flatbush, Brooklyn, on July 20, 2018.
• Elkanoh Krausz filed plans for alteration in East Flatbush, Brooklyn, on July 23, 2018.
• Eli Karp filed plans for alteration in East Flatbush, Brooklyn, on November 11, 2020.
• Eli Karp filed plans for A3 in East Flatbush, Brooklyn, on November 26, 2020.
• Eli Karp filed plans for demolition in East Flatbush, Brooklyn, on September 25, 2014.
Litigation:
• Hello Living and Eli Karp on March 08, 2024, filed a $50 million bankruptcy 24-22192-shl for Nostrand Ave.
• Arch Companies filed a $69.2 million pre-foreclosure 524162/2022 on August 18, 2022, against Hello Living and Eli Karp at Nostrand Ave.
• Eli Karp, Hello Living and Hello Living Developer Nostrand LLC on December 21, 2021, filed a $69.2 million bankruptcy 21-22696 for Nostrand Ave.
Violations:
According to city public data, the properties have received $1,050 in OATH penalties in the last year.