1580 Nostrand Avenue (Credit – Cyclomedia)
UPDATED 4:15 a.m., December 24, 2025: Former lender Madison Realty Capital through the entity 1580 Nostrand Ave Owner LLC through a bankruptcy acquired the 93-unit residential elevator building (D6) and development site (V1) at 1580 Nostrand Avenue in East Flatbush, Brooklyn. The expected use is new construction and cash flowing. The former developer was Hello Living through the entity Hello Nostrand LLC. The transfer price was $70 million.
The deal closed on October 6, 2025 and was recorded on October 22, 2025.
The signatory for the bankrupt Hello Living was Lee E. Buchwald. The signatory for Madison Realty Capital was David Speiser . The contract date was October 6, 2025. This was through a bankruptcy sale, US Southern District NY Case No. 24-22192-shl.
Madison Realty Capital financed the purchase with a $25.2 million loan from Northeast Bank.
Greg Corbin and Chaya Milworn of Northgate Real Estate Group marketed the property for sale, and described the property as, “a 212,583 SF Mixed-Use & mid-construction development in Prospect Lefferts Gardens. The project when completed, will consist of two hundred and four (204) residential units, 93 of which are complete.”
Arch Companies, effectively controlled by the Wiener family’s Canadian investment firm 35 Oak Holdings, placed 1580 Nostrand Avenue in Prospect Lefferts Gardens in bankruptcy on March 8 2024 in order to effectuate a sale of the property. The filing stated assets and liabilities are each between $50 million and $100 million.
The property had debts of more than $70 million, according to a 2022 pre-foreclosure filing Arch Companies made.
The bankruptcy came after the property’s developer Eli Karp of Hello Living, lost his effort to control the building through a master lease.
Bankruptcy 24-22192-shl
Prior sales and revenue
Prior to this transaction, PincusCo has records that the buyer Madison Realty Capital purchased five properties in four transactions for a total of $134.6 million and sold 14 properties in 13 transactions for a total of $215.6 million over the past 24 months.
The seller Hello Living had not purchased any other properties and sold one property in one transaction for a total of $10.4 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Lee Buckwald, head officer and Josh Koppel, agent. The business entities are Hsc Management Corp. and Hello Nostrand Llc. Out of the two properties, one with a total of 86,099 square feet of built space generated revenue of $3.3 million per year.
The property
The residential elevator building with 93 residential units in East Flatbush has 86,099 square feet of built space and 65,906 square feet of additional air rights for a total buildable of 131,606 square feet according to a PincusCo analysis of city data. The parcel has frontage of 200 feet and is 295 feet deep with a total lot size of 27,037 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $19.5 million.
Violations and lawsuits
The properties were involved in zero lawsuits and one bankruptcy over the past two years. The bankruptcy was filed on March 8, 2024, by Hello Living and Eli Karp citing assets of $50 million. In addition, according to city public data, the properties have received $5,000 in ECB penalties, 18 housing violations, and $6,100 in OATH penalties in the last year.
Development
On these lots, there are two active new building construction projects and major alteration projects with initial costs more than $5 million, totaling 318,058 square feet. The largest, 320916158, is a new building project for a 182-unit, 159,029 square-foot R-2 building submitted by Hello Living and filed by Eli Karp with plans filed July 17, 2014 and permitted February 18, 2020. The second largest, 320916167, is a new building project for a 88-unit, 159,029 square-foot R-2 building submitted by Hello Living and filed by Eli Karp with plans filed July 17, 2014 and permitted August 9, 2018.
The block
On the tax block of N/A Nostrand Avenue, PincusCo has identified the owners of two of the four commercial properties representing 140,772 square feet of the 149,772 square feet. The two identified owners are 35 Oak Holdings and Spencer Equity Group.
On the tax block, there were two new building construction projects totaling 318,058 square feet. The largest is a 88-unit, 159,029 square-foot residential (R-2) building submitted by Hello Living and filed by Eli Karp with plans filed July 17, 2014 and permitted August 9, 2018. The second largest is a 182-unit, 159,029 square-foot residential (R-2) building submitted by Hello Living and filed by Eli Karp with plans filed July 17, 2014 and permitted December 23, 2015.
The majority, or 94 percent of the 149,772 square feet of built space are elevator buildings, with walkup buildings next occupying 6 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 Madison Realty Capital owned at least 59 commercial properties with 2,576 residential units in New York City with 2,623,872 square feet and a city-determined market value of $366.2 million. (Market value is typically about 50% of actual value.) The portfolio has $1.6 billion in debt, with top three lenders as Signature Bank, MF1 Capital, and Elliott Investment Management respectively. Within the portfolio, the bulk, or 70 percent of the 2,623,872 square feet of built space are elevator properties, with walkup properties next occupying 12 percent of the space. The bulk, or 44 percent of the built space, is in Queens, with Manhattan next at 30 percent of the space.
Correction: A prior version of this post said the brokers marketed the note, but in fact it was the property they marketed for sale.
Direct link to Acris document. link
