WT Real Estate Brooklyn NY

by Alpheta 11 Replies latest jw friends

  • Alpheta
    Alpheta

    Hola!

    I've been reading through old posts under "Friends" (part of my program to get familiar with you all) - am now up to 1515 or about. There were a number of posts about the sale of some property owned by WTBTS in New York - specifically, in Brooklyn, in some 2002 posts (sorry, did not write down the numbers). Anyway, this afternoon I had a few moments of spare time on my hands at the office and so I spent a little time doing a quicky search for real estate owned by WTBTS in Brooklyn. I'm curious mainly because I'm wondering what assets WT has available to liquidate to fund their retreat from New York City (first of all) and to fund possible future judgments against them from the various pending law suits (second of all). What follows, I hope, is my first table showing what I found:

    List of Properties – Brooklyn Heights Subd. NY

    Research as of 10/25/06

    Information for this table primarily compiled from USPDR.com and a little info ACRIS.nyc.gov

    Notes:

    1. Brooklyn Burrough is number 3 in NYC
    2. (R?) means property possibly razed
    3. (??) means year of sale not known
    4. (?) means not know if Watchtower was Buyer (B) or Seller (S)
    5. (???) means number address of property not listed

    Address

    Burrough/Block/Lot

    (Yr.) Assessed Value

    (Yr.) Sale Price

    BROOKLYN:

    50 Orange Street

    3 226 8

    (99) 142,200

    ??? Columbia Heights

    3 208 12

    (99) (44,370)(R?)

    ??? Front Street

    3 54 19

    (99) (113,850)(R?)

    (??) 5,145,500 (?)

    ??? Front Street

    3 54 22

    (99) (382,050)(R?)

    (??) 5,146,000 (?)

    ??? Jay Street

    3 54 1

    (99) (1,318,500)(R?)

    (??) 3,000,000 (?)

    ??? Front Street

    3 41 44

    (99) (46,350)(R?)

    (??) 5,145,480 (?)

    8 Clark Street

    3 234 39

    (99) 448,650

    61 Adams Street

    3 52 4

    (99) 1,665,000

    (91) 2,359,500 (B)

    67 Livingston Street

    3 265 5

    (99) 1,064,700

    67 Remsen Street

    3 248 14

    (99) 153,900

    76 Willow Street

    3 224 20

    (99) 41,600

    79 Willow Street

    3 230 1

    (99) 9,238,500

    80 Willow Street

    3 229 21

    (99) 162,540

    86 Montague Street

    3 246 15

    (99) 7,087,950

    89 Hicks Street

    3 226 4

    (99) 359,730

    90 Sands Street

    3 87 9

    (99) 17,759,250

    97 Columbia Heights

    3 219 1

    (99) 2,907,900

    105 Willow Street

    3 235 37

    (99) 66,624

    107 Adams Street

    3 63 1

    (99) 2,254,500

    108 Joralemon Street

    3 262 34

    (99) 161,550

    161 Columbia Heights

    3 234 29

    (99) 193,500

    169 Columbia Heights

    3 234 24

    (99) 2,418,300

    175 Pearl Street

    3 87 5

    (99) 1,907,100

    177 Front Street

    3 41 42

    (99) 88,740

    (96) 280,000 (B)

    183 Columbia Heights

    3 234 17

    (99) 447,120

    200 Water Street

    3 41 13

    (99) 377,100

    (95) 925,000 (B)

    360 Furman Street

    3 245 12

    (99) 13,752,000

    (83) ??? (B)

    105 Willow Street

    3 235 37

    (99) 66,624

    11492 227 Street (Queens Village), Brooklyn, NY

    11270 82

    (99) 12,000

    (93) By Will to (B)

    For Parcel in Brooklyn Burrough (Section 3), Block 245, Lot 12 (which is 360 Furman Street):

    A Modification of Mortgage recorded 3/17/83 – indicates original mortgage amount is $3,948,513.22; $1,000,000 paid on the balance; also references a "First Mortgage" with Dime Savings Bank but does not indicate the amount of the first mortgage, so I do not know what the original purchase price was. ACRIS records did not reveal the mortgage to Dime Savings Bank.

    Okay, there's a lot of INFO here to digest. Would appreciate some help with analysis and perhaps tracking down further info. I'm trying to get a handle JUST ON REAL ESTATE OWNED BY WT in and around New York City and an estimate of Fair Market Value.

    Please note a couple of things: first, there were a couple of posts at least (again, I did not write their numbers down) that indicated that 360 Furman Street had been sold - some reports said for $20,000,000, I recall one report saying $200,000,000. Wow! Maybe that was an error? I'll see if I can find further information but would appreciate help here. Secondly, there was a post I recall reading from November or December, 2002 that said the Stanley Theatre (don't know location) had been sold for - don't quote me here - $30,000,000. I do not know if that property may be included in the table above.

    Depending upon what you crackerjack sleuths out there can uncover based on what I've found thus far, I hope to generate further tables - or maybe you'll take pity on me and generate them yourselves (as you see from the above, I'm not so swift working with Tables, etc.).

    Alpheta (looking for A$$ets)

  • becca1
    becca1

    Intersting. I hope others can tell us more.

  • collegegirl21
    collegegirl21

    That is definitely interesting. I think its amazing how you found all the information. Good job!

  • Alpheta
    Alpheta

    Research on 360 Furman Street, done 10/25/06.

    According to 1999 Assessor information (not confirmed for accuracy but per findings from USPDR.com) the assessed valuation was $13,752,000. Note 1999 date of assessment.

    I haven’t been able to CONFIRM that 360 Furman was sold by WT to anyone or when such a sale took place. My searches thus far are obviously missing the point.

    When I input the Borough/Block/Lot into ACRIS, I got no results for this property, which is very strange (?)(!). Also, I don’t understand why I can’t find a recorded deed for the sale of this property by WT. Too tired to think about the possible implications tonight or what I may not be doing right to search.

    These articles indicate that there are big plans in the wings for 360 Furman Street, regardless of who owns the property:

    http://www.brownstoner.com/brownstoner/archives/2005/07/luxury_conversi.html

    As of July, 2005, ultra expensive condos were planned for this building: "The 12-story, 960,000-square-foot industrial building at 360 Furman Street on the Brooklyn Heights waterfront is on its way to fulfilling its inevitable destiny as, you guessed it, luxury condos. …"

    Check this out – a line drawing of the riverfront of Brooklyn (across from lower east side of Manhattan), showing the site of 360 Furman Street, to be developed by 2007: (17.) One Brooklyn Bridge Park/360 Furman Street . Creative Design Associates, fall 2007,

    http://nymag.com/realestate/features/2016/17145/index1.html

    And this article: http://www.therealdeal.net/issues/MAY_2006/1146523448.php river front development in Brooklyn: "A portion of the maintenance fee from every unit in 360 Furman, also called One Brooklyn Bridge Park, goes into the fund that supports operation of the park, estimated to run $15.2 million per year".

  • DocBob
    DocBob
    Please note a couple of things: first, there were a couple of posts at least (again, I did not write their numbers down) that indicated that 360 Furman Street had been sold - some reports said for $20,000,000, I recall one report saying $200,000,000. Wow! Maybe that was an error? I'll see if I can find further information but would appreciate help here. Secondly, there was a post I recall reading from November or December, 2002 that said the Stanley Theatre (don't know location) had been sold for - don't quote me here - $30,000,000. I do not know if that property may be included in the table above.

    I have a copy of the Real Property Tranfer Report that was filed with the State of New York, State Board of Real Property When the 360 Furman St was sold in April of 2004, At that time, its assessed value was $15,165,000. The sale price - $205,000,000 .

    The Stanley Theater would not be on that list because it is in New Jersey.

  • badboy
    badboy

    WHY ISTHERE A BIG DISPRENANCY BETWEEN VALUE AND SALE PRICE?

  • garybuss
  • Nathan Natas
    Nathan Natas

    Please define the word

    DISPRENANCY

  • NewYork44M
    NewYork44M

    WHY ISTHERE A BIG DISPRENANCY BETWEEN VALUE AND SALE PRICE?
    The "value" is the taxed assessed value. This is meaniningless especially since the society does not pay real estate taxes. The market value is much much higher. Just to put things in perspective, in Brooklyn Heights it is typical for a small two bedroom one bath apartment to go for $600-800K. Some of these buildings are prime locatations and, because they are society property, very well maintained.

  • badboy
    badboy

    my spelling is a bit off

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