WHY is Jehovah so broke with all this cash flow??? Millions in real estate profits....where is the money???

by Balaamsass 19 Replies latest watchtower scandals

  • Balaamsass

    A ‘Witness’ to the future as Watchtower buys land upstate

    BY EVAN GARDNER The Brooklyn Paper

    The Brooklyn Paper / Gregory P. Mango

    The Standish Arms on Columbia Heights is about to be sold by the Jehovah's Witnesses. It could go for $6 million, an expert said.

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    First came the sell-off, next comes the big move.

    After five years of selling off hundreds of millions of dollars in real-estate holdings in Brooklyn Heights and DUMBO, the Jehovah’s Witnesses have finally bought something big: 248 acres upstate.

    The Promised Land (for Witnesses, at least) has a name: Ramapo, NY.

    Last month, the sect, officially known as the Watchtower Bible and Tract Society and best known to the outside world for its Bible publishing and door-to-door proselytizing, bought the Ramapo tract, the third and largest acquisition in upstate New York in as many years.

    The$11.5-million site will someday house more than half of the organization’s 1,500-person administrative staff, which is currently headquartered in Brooklyn Heights and DUMBO, according to a spokesman.

    All along, the Watchtower had maintained that its core headquarters would remain in Brooklyn, but the personnel shift seems to indicate otherwise.

    “We would like to build a live-work complex for about 850 people” upstate, said Richard Devine. “Right now, the land is zoned for residential uses, so we have made a proposal to the town to re-zone it. [Construction] is several years in the future.”

    Until now, the Watchtower Society’s residential and publishing facilities in Brooklyn have remained separate. Combining both facilities at one upstate site would create a large, centralized religious compound.

    Whenever the move happens, it will not have been unexpected. For more than four years, the Jehovah’s Witnesses have been undertaking a sell-off of Biblical proportions, including:

    • 360 Furman St., a 14-story building which sold in 2004 for $205 million and is currently being redeveloped as the all-luxury, waterfront One Brooklyn Bridge Park.

    • 67 Livingston St., a 26-story tower which went for $18.6 million in 2006.

    • 89 Hicks St., which was sold to the Brooklyn Law School in 2006 for $14 million.

    • 169 Columbia Heights, also known as the Standish Arms, a swanky 12-story building which was sold for $50 million in 2007.

    • The crown jewel of the Witnesses’ real-estate holdings — the Bossert Hotel on Montague Street — remains on the block after a reported buyer backed away from the deal last year. (((Just sold $81 Million )))

    The Witnesses still hold a dozen or more properties in the area, including four large office buildings and two large parking lots — which have a lucrative residential zoning — in DUMBO.

    The group is respected among real estate dealers for its business acumen, the excellent condition in which it maintains its properties, and a history of keeping its cards very close to its chest.

    “It appears that they will eventually transfer most of their operations upstate,” said broker Chris Havens. “The real bellwether will be those two lots in DUMBO. If they don’t build anything there, it could indicate that they plan to move out eventually.”

    For now, though, the remainder of the Watchtower Society’s Brooklyn properties appears to be staying off the market, what with the New York real-estate market experiencing its own Armageddon.

    We have no plans to sell any future properties [in Brooklyn],” said Devine. ((( Lie))


  • hoser

    The Canada branch is holding on to $89 million in cash and long term investments as of last year.

    I'm not sure if any of this cash is from the US though.

    Looking at the revenue canada statements it looks as though the savings account at the Canada branch has been growing for the past few years.

    As for having expenses the money usually only flows one way in this organization. up!

  • Finkelstein

    The under lining problem is that the majority of JWS doesn't know of the millions stashed away in their branches such the US, Canada, UK.

    They just hear that the organization needs money, so how about sending some to their local branch offices.

    Most JWS would shit their pants if they knew just how much money is being stocked plied at their local branches.

    " The Truth "

  • wha happened?
    wha happened?

    Finkle u beat me to the punch. This is info that the avg 'dub isn't aware of. He just decided to forgo his family in the interest of the Kingdom. Who needs a better standard of living? Jah needs money!

  • Finkelstein

    Since these particualr branches do have a good amount of money on hand you'd think they would at least forgive out standing congregation

    renovation loans, s ince some of these Kingdom Hall property Titles have been handed over to the WTS. Corporation anyways.

  • wha happened?
    wha happened?

    Forgive? HAHAHAHAAHAHHAHAHHAHAHAHHAHHA! These guys play for keeps

  • Finkelstein

    I guess they wouldn't because that would reveal the organization's real wealth, let the cat out the bag so to speak.

    The presenting status quo was that the organization needs money, they are in desperate need, they are strapped for money.

    This is the notion that gets implied at most KH meetings, when the discussion comes up about the organization's finances.

  • wha happened?
    wha happened?

    what I used to hear as a casual mention appears to be a loud scream for money nowadays. They really have disintigrated into a televangelists with all this begging for money.

  • clarity

    Why is jehovah broke?

    Evidently, .............. just can't handle money!!!!!


  • unstopableravens

    dang, at the point in the article "all along, the watchtower" jimi hendrex got stuck in my head thanks!

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