Norworth bought a Brooklyn lot for $14M, then took a $38.1M loan
The mortgage is 2.7 times the deed price, but it spans more than the lot being cleared.
Norworth Holdings LLC recorded a $38.1M mortgage with Valley National Bank on September 9, after paying $14M for a Brooklyn parcel on June 12. Six days after the loan hit the record, it filed to demolish the building on that parcel.
Why it matters
The loan is about 2.7 times the deed price, which reads as a leveraged land play until you check the collateral. The mortgage lists three tax lots on block 1717: lot 2, lot 6 and condo unit 1001. The $14M deed covered only lot 6, so the lender is secured by more ground than Norworth bought in June. For anyone pricing assemblages near Bedford-Stuyvesant and Williamsburg, the signal is that a regional bank is financing a larger site, not a single teardown.
The numbers
- Deed: $14,000,000, document date June 12, recorded June 18, from EFFT TIC LLC and LFFT TIC LLC. The deed describes the lot at 39 Walworth Street; the city’s demolition filing uses 51 Walworth Street on the same block and lot.
- Mortgage: $38,100,000, dated September 8, recorded September 9, borrower Norworth Holdings LLC, lender Valley National Bank.
- Demolition: filing B01450909-I1, dated September 15, 95 days after the deed. It is a full demolition of a one-story building with 3,884 sq ft of floor area. The filing lists an initial cost of $70,000 and no dwelling units.
- Status: the filing was in plan examiner review as of September 17.
We computed the 95-day gap from the deed date and the filing date. The filing is a request, not a permit.
What’s next
The filing has to clear plan examination before any work starts. The thing to watch is a new-building application on block 1717, which would show what Norworth plans to put on a site large enough to carry a $38.1M loan. Until then the use is unknown, and nothing in the three records says what gets built.
More Brooklyn site-to-filing timelines are in our New York coverage, including 800 Barbey Street.
On the record
What we checked ourselves, and where you can check it too.
- Public record95 days from the June 12 deed to the September 15 demolition filingView the record on a810-dobnow.nyc.gov
- Public recordThe $38.1M mortgage covers three tax lots (block 1717, lots 2, 6 and condo unit 1001), not only the $14M lotView the record on a836-acris.nyc.gov
Sources
- NYC Department of Finance, ACRISDeed, 39 Walworth Street (block 1717, lot 6), $14,000,000
- NYC Department of Finance, ACRISMortgage, $38,100,000, Norworth Holdings LLC to Valley National Bank
- NYC Department of Buildings, DOB NOWFull demolition filing B01450909-I1, 51 Walworth Street