New development boom dead, with mortgage rates a prime suspect
Hello Living is continuing its expansion beyond Brooklyn, and this time it’s going condo in the Bronx.
The firm, founded by Eli Karp, is planning to build a 104-unit condominium building in the Morissania section of the Bronx, a company representative said. The site, located at 1049 Washington Avenue near the corner of East 165th Street, is currently a parking garage for petroleum products distributor Ambassador Fuel.
It would be one of the few condo projects to rise in the Bronx, where most new residential product is rentals, as The Real Deal reported last year.
Hello Living is looking to construct an 11-story story building that will span 150,300 square feet. The property is expected to have 74,900 square feet of residential space, 46,000 square feet for a community facility and 26,000 square feet of retail space. ND Architecture and Design is the architect of record for the project. The building, which will contain a mix of studios to four-bedroom units, will be renamed “Hello W” once it’s completed.
“This property is in an optimal location, in an energetic part of the South Bronx, and we look forward to becoming a part of this vibrant, diverse neighborhood,” Karp said.
Hello Living acquired the property for $11.3 million. The transaction has yet to hit public records. The seller is A&D Realty Company, which acquired the building in 1989, records show.
The deal marks Hello Living’s second acquisition outside of Brooklyn. Earlier this month, the firm bought 4650 Broadway in Inwood for $55 million. The company plans to build a 370,000-square-foot, 272-unit mixed-use development at the site.
Hello Living, which is known for luxury condo projects in Crown Heights and Prospect Park, owns 13 properties throughout Brooklyn. The firm is currently building “Hello Sutter,” a seven-story, 52-unit rental building at 2013 Sutter Avenue in Brownsville.