Watchtower Bible and Tract Society Closes on Sale of Hotel Bossert for $81 Million Dollars.

by Balaamsass 6 Replies latest social current

• 

  Balaamsass

  The Watchtower Bible and Tract Society has closed on the sale of the Hotel Bossert Edit 0 0 1… .
  

  New York Law Journal

  
  
  

  Marketplace

  By Monica Paquette
  New York Law Journal
  November 28, 2012
  The Watchtower Bible and Tract Society on New York Inc., the legal entity of the Jehovah's Witnesses, has closed on the sale of the Hotel Bossert in Brooklyn Heights. The 224-room hotel was purchased by affiliates of the Berkshire Capital and The Chetrit Group for $81 million. Also, the International Gemological Institute has found a new space for its New York City office.

  This article requires premium access

  This article requires premium access to The New York Law Journal. Please sign in or subscribe to read the full text.
• 

  JeffT

  Nice chunk of change. When did they buy it and for how much? Did they have a mortgage or own it free and clear? If I had the numbers I could do a rough calculation of IRR. Might be an interesting exercise to see how an organization that discourages playing the stock market handles its own money.
• 

  DATA-DOG

  81 million??!! Is that all?? I better contribute more!! Never!!!! HAAHAHAHAHHAAHAHAH!!!!!
• 

  Balaamsass

  81 Mil...just in time to pay molest victims!
• 

  jwfacts

  Does anyone know how much they paid for it?
• 

  moshe

  $361K per room-at that price, I hope they got hot running water in those rooms.
• 

  Balaamsass

  I wonder if any of the bus crash victims or molest victims will be helped now that Watchtower has some spare change....81 Mil. You know it is a "brotherhood".