651 New York Avenue Eli Karp’s Hello Living has a new Brooklyn project in the pipeline.

The developer is building 40 luxury condominiums at 651 New York Avenue in Prospect Lefferts Gardens. The apartments will have private elevator landings and large open terraces, according to this Facebook post. A permit was filed July 3rd to demolish the existing one-story commercial building at the site.

Buyers will be able to pre-purchase units at developer’s cost for this project. Under “The Owners Club” program, buyers will become shareholders in the operating LLC; they will receive title of the units upon completion of the development and approval of the offering plan. Owners will then have the option of living in, renting or selling their units. They can also choose to opt out and get a return of their initial investment.

Photo: Hello Living on Facebook

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