E
li Karp's Hello Living is auctioning off a 93-unit rental building in Flatbush, along with an adjacent vacant lot. The property at 21 East 29th Street was part of a planned two-building development called Hello Nostrand, but only one building was completed. The listing from Northgate Real Estate Group notes that the 97,000 square foot building features floor-through apartments with front and back terraces and has a 421a property tax exemption.

    The property has been mired in litigation for years, stemming from Karp's financial troubles after he bought the site for $13 million in 2014. He put the property into bankruptcy to avoid foreclosure by Madison Realty Capital, which later sold its loan to Arch Companies. Arch then sued Karp over a master lease that could disqualify the property from tax benefits.

    Northgate president Greg Corbin notes that the property has attracted significant interest due to its large scale and high-end units. The auction is part of a bankruptcy sale, following years of litigation between Karp's Hello Living and lenders. Another Karp property was recently auctioned off to a lender in a credit bid.