Saturday, July 19, 2014

Two New Residential Projects Planned for Albemarle Road in Flatbush

One of Brooklyn’s most active residential developers, Hello Living, plans to construct a 23-story building in East Flatbush in Brooklyn. If approved, the single-story Verizon warehouse building at 1580 Nostrand Avenue and Albemarle Road would be demolished and replaced by Hello-Nostrand, a 153 unit luxury building totaling 129,000 square feet. The developer is also planning to build a 12-story, 44-unit luxury condominium building a few blocks away at 2417 Albemarle Road.

A two-story building will be built on the adjacent lot at 2902 Albemarle for a community facility and parking.

The 12-story tower at 2417 Albemarle Road is being designed by Zambrano architects and will 44 units, a gym and 30 parking spaces.

The first and second floors at 1580 Nostrand Avenue would house an ambulatory and diagnostic health care facility and medical office, with apartments spread throughout the third through 23rd floors.

Condos units at Hello-Albemarle will be priced from $210,000 to $380,000 and come with a terrace, as well as a private elevator landing.

Developer Eli Karp is expanding beyond Prospect Heights and Lefferts Gardens, where Hello Living’s development previously had been centered.

Referring to the location as "The New Frontier”, Karp believes that buyers will begin looking at the area as they get priced out of other neighborhoods.

“With limited real estate around the park, the area to the east and south of Prospect Park is now in prime position for development. It is one of a few areas where there is still potential for equity and where tax abatements are still possible for new construction.”

The group has completed eight projects in Brooklyn and has two other projects in the pipeline, including:
  • Hello-Lenox, a 56-unit condominium at 271 Lenox Road, and 
  • Hello-New York, a 40-unit building at 651 New York Avenue in Brooklyn.

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