This is a wonderful example of why so many immigrants ended up with changed names. The best I can make out is that maybe it is Erzsebet utca. There is of course the famous Erzsebet Korut which is part of one of the Buadpest "Rings". Certainly there is at least one Erzsebet utca as well, but regrettably all of my stuff is packed.
The best way for you to confirm the residence of your ancestors would be to consult the Budapest City Directory. By my recollection a copy of the 1907 book exists in the Ervin Szabo library in Pest. It is easy to find and you can get entry fairly easily without having to speak Hungarian. You may have to get a day card, but it will be free. Just ask for the Budapest room and you will find the City Directories on the back wall.
