Updated Sep 15, 2026
Bingo Wholesale Secures $38.1M Loan From Valley National Bank For Bedford-Stuyvesant Properties
39 Walworth Street & 18 Warsoff Place
$38,100,000
$176/SF
Building Size
107,663 SF
Asset Type
Industrial
Closing
Sep 8, 2026
About this deal
AI
The transaction involved industrial properties located at 39 Walworth Street and 18 Warsoff Place in the Bedford Stuyvesant area of Brooklyn. The assets, comprising a total of 107,663 square feet, include a significant amount of buildable area totaling 242,886 square feet. A loan of $38.1 million was secured for these properties.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: $38,100,000
- Address: 39 Walworth Street & 18 Warsoff Place
- Market: Bedford Stuyvesant, Brooklyn
- Lender: Valley National Bank
- Landlord: Bingo Wholesale
Bingo Wholesale, represented by Norworth Holdings LLC, facilitated the loan arrangement through Valley National Bank. This deal includes multiple properties within the same market, indicating a strategic investment decision by the landlord.
On the Map
$38,100,000
$176/SF
Industrial
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Players
Walworth Industrial Market Snapshot
Boundary boundary · Industrial · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.42%
Cash-on-Cash
-0.12%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93