L+M proposes 1.9M sf mixed-use project with more than 2,000 units in Bed Stuy

L+M Development Partners submitted an application yesterday for a land use change to construct a large development project on two tax lots in Bedford Stuyvesant, Brooklyn, that will have 1.9 million square feet of mixed-use buildings with more than 2,000 residential units. The submission was dated January 20, 2026.

According to the submission, number 2024K0294, “The Proposed Actions would facilitate the Proposed Development, which would involve the redevelopment of both the Fulton Park Site and the HPD Site with a new residential, local retail, and community facility uses. The Proposed Development would introduce 11 new buildings on the Fulton Park Site and one new building on the HPD Site; the 12 proposed new buildings would contain a total of 1,969,297 gross square feet (gsf), of which approximately 1,909,777 gsf would be residential, 20,900 gsf would be commercial, and 33,120 gsf would be for community facility use (the remaining 5,500 gsf would be used for bike storage). The Proposed Development would include approximately 2,035 dwelling units (DUs), 351 100-percent affordable DUs at the HPD Site, and 337 to 505 affordable DUs at the Fulton Park Site pursuant to Mandatory Inclusionary Housing (MIH), 209 of which would be replacements for the existing Section 8 units.

“The analysis year for the Proposed Actions is 2036. This assumes project approval in 2026. Following approval, Replacement Building A would commence construction. Demolition of the Existing Buildings on the southern portion of the Fulton Park Site would follow. Next, Replacement Building B would be constructed. Following the relocation of the remaining tenants of the Existing Housing Units, demolition of the balance of the Existing Buildings would occur, followed by construction of the remaining new buildings. It is anticipated that this process would be complete – with all buildings fully operational and occupied – in 2036.”

The properties

The walkup buildings with the address 1754 Fulton Street with 97 residential units in Bedford Stuyvesant has 97,393 square feet of built space and 182,000 square feet of additional air rights for a total buildable of 280,000 square feet according to a PincusCo analysis of city data. The parcel has 18 buildings with frontage of 700 feet and is 200 feet deep with a total lot size of 140,000 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $14.6 million.

The walkup buildings with the address 1729 Atlantic Avenue with 112 residential units in Bedford Stuyvesant has 116,718 square feet of built space and 203,415 square feet of additional air rights for a total buildable of 320,340 square feet according to a PincusCo analysis of city data. The parcel has 20 buildings with frontage of 700 feet and is 334 feet deep with a total lot size of 160,170 square feet. The lot is irregular. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $16.8 million.

Prior sales, articles and revenue

This property was sold with another property by AMS Realty for $28.1 million to L+M Development Partners on November 7, 2023.

The 97,393-square-foot property generated revenue of $2.2 million or $22 per square foot, according to the most recent income and expense figures.

Development

Over the past five years, there has been no NYC Department of Buildings new building, demolition, or alteration permit application valued at more than $20,000 filed for this parcel.

Violations and lawsuits

According to city public data, the property has received two housing violations and $300 in OATH penalties in the last year.

There were no lawsuits or bankruptcies filed against the property for the past 24 months.

The neighborhood

In Bedford Stuyvesant, The bulk, or 35 percent of the 54.8 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 29 percent of the space. In sales, Bedford Stuyvesant has the 10th highest sale turnover among other neighborhoods in the city with $1.2 billion in sales volume in the last two years. For development, Bedford Stuyvesant has near average amount of major developments among other neighborhoods and is the 4th highest in Brooklyn. It had 2.8 million square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owner of the one commercial property that spans that spans 97,393 square feet on the block.The identified owner is L+M Development Partners. There are no active new building construction projects on this tax block.

The owner

The PincusCo database currently indicates that L+M Development Partners owned at least 240 commercial properties with 22,919 residential units in New York City with 21,088,414 square feet and a city-determined market value of $2.1 billion. (Market value is typically about 50% of actual value.) The portfolio has $3.7 billion in debt, with top three lenders as NYC Housing Development Corporation, Wells Fargo, and Goldman Sachs respectively. Within the portfolio, the bulk, or 82 percent of the 21,088,414 square feet of built space are elevator properties, with walkup properties next occupying 13 percent of the space. The bulk, or 44 percent of the built space, is in Brooklyn, with Manhattan next at 38 percent of the space.

The owners according to the Department of Housing Preservation and Development includes Herminio Torres, head officer and Rona Swain, officer. The business entity is Fulton Park Preservation Llc.

The surrounding

This is the first commercial real estate event of interest identified within the 400-foot radius of 1754 Fulton Street in the past 24 months.

Direct link to the property’s ACRIS page
Direct link to the property’s ACRIS page

and link to DOB NOW portal.
[google_map_for_business addresses=”1754 Fulton Street Brooklyn ny 11233 | 1729 Atlantic Avenue Brooklyn ny 11233 “]