NYC real estate has trouble on its mind

The week in New York City, real estate was all about trouble: who’s been in it before, who’s in it today and how to avoid it in the future. For Eli Karp, trouble arose this week. Madison Realty Capital took over his Flatbush property at 1580 Nostrand Avenue with a $70 million credit bid, where Karp once planned a sprawling two-building development called Hello Nostrand on the site. Karp’s Hello Living bought the site for $13 million in 2014 touting plans to build a luxury apartment complex. As soon as construction started, however, he ran into trouble with lenders.  He […] This article originally appeared on The Real Deal. Click here to read the full story.