Moses Karpen files two plans with 198 units in Bedford Stuyvesant

Moses Karpen filed two nearly identical new building projects in Bedford Stuyvesant, Brooklyn, one at 1029 Atlantic Avenue and the other next door at 1035 Atlantic Avenue, each with 99 units, for a total of 198 units

In the first, Moses Karpen submitted a new building construction project for a 99-unit, 45,248-square-foot residential (R-2) building at 1029 Atlantic Avenue in Bedford Stuyvesant, Brooklyn. The plan was filed on June 10, 2026. It calls for the construction of a 185-foot-tall, eighteen-story building and was filed with the New York City Department of Buildings under job number B01408961. The project is described in the filing as: proposed 18-story mixed-use residential and commercial building. The applicant is the Professional Engineer Amr Ouda of Jay Architect & Engineering Dpc. Moses Karpen of Moses Karpen submitted the plans.

1029 Atlantic Avenue

In the second, Moses Karpen submitted a new building construction project for a 99-unit, 45,248-square-foot residential (R-2) building at 1035 Atlantic Avenue in Bedford Stuyvesant, Brooklyn. The plan was filed on June 10, 2026. It calls for the construction of a 185-foot-tall, eighteen-story building and was filed with the New York City Department of Buildings under job number B01408963. The project is described in the filing as: proposed 18-story mixed-use residential and commercial building. The applicant is the Professional Engineer Amr Ouda of Jay Architect & Engineering Dpc. Moses Karpen of Moses Karpen submitted the plans.

1035 Atlantic Avenue

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 near average sales volume among other neighborhoods with $1.4 billion in sales volume in the last two years and is the 2nd highest in Brooklyn. For development, Bedford Stuyvesant has near average amount of major developments among other neighborhoods and is the 3rd highest in Brooklyn. It had 3.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of eight of the 16 commercial properties representing 61,253 square feet of the 95,571 square feet. The largest owner is Ares Management , followed by Beb Capital and then Debra Browne.
On the tax block, there were four new building construction projects totaling 553,410 square feet. The largest is a 425-unit, 397,252 square-foot residential (R-2) building submitted by BEB Capital and filed by Craig Miller with plans filed October 19, 2021 and permitted April 21, 2022. The second largest is a 96-unit, 65,662 square-foot residential (R-2) building submitted by Ranco Capital and filed by Joseph Banda with plans filed March 23, 2026 and it has not been permitted yet.

The surrounding

Within a 400-foot radius of 1029 Atlantic Avenue, PincusCo identified nine commercial real estate items of interests occurred over the past 24 months.
Of those nine items, two were in new building development. There were two new building permit applications. The most recent of these two items was a filing on June 10, 2026 for a 70,643-square-foot residential (R-2) building with 99 residential units at 1035 Atlantic Avenue.
Of those nine items, two were for major renovation including a certificate of occupancy change. They were two permit applications with a total initial cost of $2 million. The most recent of these two items was the filing on December 10, 2025 for a 9,987-square-foot residential (R-2) building with 10 residential units at 177 Lefferts Place.
Of those nine items, one was a sale. Ranco Capital bought the 8,270-square-foot, one-unit industrial (E1) on 1025 Atlantic Avenue for $14 million from Jacky Jiang and Robert Thomas on March 4, 2026.
Of those nine items, four were loans above $5 million totaling $359.7 million. The most recent of the four was Ranco Capital in which borrowed $10.5 million from BridgeCity Capital secured by the 8,270-square-foot, one-unit industrial (E1) on 1025 Atlantic Avenue on March 4, 2026.

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