The Watchtower's money problem

by stuckinamovement 28 Replies latest jw friends

  • cedars

    Thinking about this, and the photo above, I've had an idea...

    Wouldn't it be interesting to create a graphic showing all the original Brooklyn properties and how much they were being sold for (or how much the Society wants for them)? Most of this information will be in the public domain. If one of our American colleagues (preferably one who knows a thing or two about real estate) would like to investigate, I would be more than happy to produce a graphic to show precisely how much money is being made from the Brooklyn transactions.

    Just a thought!


  • ziddina
    "the Society is quickly unloading their Brooklyn properties often at a price significantly below the asking price. ..." OP

    Yeah, I've been wondering about that ever since I saw on the board that the Watchtower was selling its properties in a buyers' market...

  • Disillusioned Lost-Lamb
    Disillusioned Lost-Lamb

    The only reason anyone sells a valuable cheap and fast is because they need the liquid cash NOW!

    Well, that or they're crazy.

    Personally I think it's both.

  • Disillusioned Lost-Lamb
    Disillusioned Lost-Lamb

    Sorry double post

  • Lurker555

    Maybe it's the planned mega tsunami that is supposed to hit the North American East Coast.

    Masons are in the know.

    Perhaps if you want you can look up Mega Tsunami hits North American East Coast on Youtube.

    It's just a conspiracy Theory, but interesting.

  • factfinder

    The thing to remember about the buildings they have sold (aside from 360 Furman St.) is that these are the "outer buildings" the society was planning to sell back when trying to gain permission to build the 800,000 sq ft residence complex at 85 Jay Street.

    There were 3600 Bethelites in Brooklyn.

    Now its about 1400.

    But some have been transferred to Wallkill, which will get more when the new residence is completed and they plan major expansion at the WEC in Patterson.

    The Outer Buildings have not been needed in Brooklyn for a while now.

    And like mentioned above, perhaps they don't want to have to keep paying the maintenance costs on these buildings they no longer need.

    The actual major properties are the 117 Adams Street Complex, the Office Complex, and The main Bethel Residence block of buildings connected by underground tunnel. These are 124,107,97 and 119 Columbia Heights, plus the Towers Building at 21 Clark Street (79-99 Willow Street).

    These are the ones they will wait to sell.

    Cedars- I hope you can obtain the information needed to produce that graphic.

    On a side note- The society had purchased property in Ramapo NY to build a new complex in addition to the later properties at Warwick and Tuxedo.

    But they were unable to obtain tax free status there and decided not to build anything there.

    I wonder if they will sell that property too?

  • Finkelstein

    Since the WTS. has moved most of their printing manufacturing work over to the Canadian branch, what reason would there be

    to hold onto those buildings, particularly since they've removed many of those Bethel workers ?

    Why not sell those properties and use the funds to build up their other new properties ?

  • Finkelstein
    The recent released information that the Canadian branch and the branch in England were each holding more
    than 60 million $$$ after expenses, doesn't support the notion that the WTS. is having money problems.
  • stuckinamovement

    I understand where People are coming from when they say the watchtower doesn't have money problems.

    But consider how they are selling properties below asking, reducing printing productions, canceling Gilead, flying their heavies to India for heart surgery, installing credit card machines at assembly and convention locations, trying to call loans on kingdom hall properties, trying to force halls into remodels, selling branch facilities...etc etc.

    They might have a ton of assets that make them wealthy on paper . But assets ain't cash until you sell it. I think that have gotten burned on something that that aren' talking about. Maybe more pedo settlements?


  • elderelite

    I have mixed feelings about this.... Its typical for us born ins to see the org as a monolythic thing that can never be hurt and is guided by god almighty.... But from a practicle POV it is susspect. The whole leaving brooklyn thing is decades in the making. As far back as walkill the rumour mill had "us" ( i was serving in brooklyn) all leaving and going to walkill cause the big boys wanted out of new york city... I tend to think there are some sort of tax imPlications. Very difficult to say without fly on the wall status, but it dosent add up to sell just yet without a pressing need for cash.

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