Bankruptcy filed for 975 Walton in Bronx with $21.7M loan

The entity that owns 975 Walton Avenue in the Bronx was placed into bankruptcy protection yesterday. Earlier this month, lender Jonathan Wiener of the Walton Group filed a suit seeking to foreclose on the $21.7 million loan secured by 975 Walton Avenue, as PincusCo reported.

Benzion Kohn was named in the foreclosure suit because he was managing member of 15-21 Crooke LLC, as sole member of borrower at 975 Walton. Wiener bought the debt from Investors Bank, in a deal that included Wiener in turn borrowing from Investors Bank and assigning a collateral interest in the property.

Attorney Kevin Nash of Goldberg Weprin Finkel Goldstein LLP is representing the bankrupt entity. David Smith of the J Partners Group, identified as the managing member of 975 Walton, signed for the debtor.

The filing says the property was hit hard by Covid. The secured and unsecured liabilities totaled $24.2 million and the assets were valued between $14.8 million and $21.8 million.

Kohn’s entity owns 1 percent of the debtor, J Partners owns 49.99 percent and the balance of 49 percent is ” balance comprising treasury stock,” according to the filing.

Creditors listed in the filing include “Thor 975 Walton Avenue LLC” with a $2.6 million claim, Walton Group’s $21 million claim.

The bankruptcy filing is here. 975 Walton