Eli Karp’s troubled Flatbush development returns to lender

Eli Karp’s troubled Flatbush development site has gone back to its lender in a credit bid. Madison Realty Capital took over the property at 1580 Nostrand Avenue with a $70 million credit bid, according to property records. Karp once planned a sprawling two-building development called Hello Nostrand on the site. But Karp only finished one of the buildings — a 93-unit rental building at 21 East 29th Street. It was auctioned in June, along with the undeveloped Nostrand Avenue property, according to a deed filed with the city. The property had been mired in litigation for years. Karp’s Hello Living […] This article originally appeared on The Real Deal. Click here to read the full story.