Bingo Wholesale Pays $50M for Bed-Stuy Site After Years of Family Litigation
Brooklyn-based grocer Bingo Wholesale has finalized a $50 million acquisition of an industrial property at 18 Warsoff Place in Bedford-Stuyvesant, securing the location for a future supermarket.
The deal, completed across three separate transactions via Bingo’s entity Norworth Holdings LLC, was heavily delayed by a multi-year legal battle within the seller’s family.
The transaction involved purchasing a 69,747-square-foot industrial condominium unit from Abraham and Mordechei Zvi Follman for $25 million, alongside additional air rights. In total, the site holds 215,660 square feet of buildable space.
The sale had been stalled by a lawsuit from a third family member, Ahron Follman, who attempted to block the deal by claiming managerial veto power and alleging the $50 million price tag was an insider, low-ball valuation.
With the litigation cleared, the acquisition paves the way for the discount kosher hypermarket’s expansion in Brooklyn.
