Once you spend your property it is spent forever. This is what the WTS is doing by selling out of Brooklyn.
Would it not make a lot more financial sense to become landlords in one of the hottest rental markets in the world?
hoser
Landlord business
by hoser 18 Replies latest jw friends
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Think About It
I think the WTS's scam is to sell these Brooklyn properties to "worldlies" for a high price now, then move back into them for free after Armageddon.
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Finkelstein
They seem to be on a trend to totally remove themselves completely right out Brooklyn.
If and when they were to finally do so, they would most likely sell the remaining buildings, knowing of their financial value.
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LostGeneration
I wonder if they ever think more than 10 years into the future. I mean someone was obviously smart enough to buy that shit up for years and years. Of course did they know it was going to be that valuable or were they actually just buying it for people to live and work there in Brooklyn?
Now they say they don't need the space, but how true is that? Sure technology makes it easier to print like crazy, but they are seriously cutting back on mags and books. And of course outsourcing a bunch of it to Canada, mainly to take advantage of financial and employment loopholes. One thing is for sure, they will exploit governments to their advantage.
But these guys at the top have to be YES MEN to get there, nothing in their backgrounds says they are innovative thinkers, that is for damn sure. They probably just see the dollar signs on one side, and the pedophelia lawsuits on the other and figure they must sell it off to pay for the damage.
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hoser
I figure you could convert it all to apartments with free labour and rent it out and make a huge monthly income till the end of the system. Once it is gone it is gone for good.
Like you said I don't think they think too far ahead.
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Chaserious
They don't have the skills to be landlords. They probably figure they can do better taking the money today and investing it. Who knows if they are good investors or not, but usually people who are terrible investors think they are good investors anyway. I'm sure they would have to hire outside attorneys, real estate agents, and other professionals to develop and lease large residential apartment buildings. They also might have to file some tax documents. Probably too much outside entanglement for their liking.
Besides, apartment buildings can be seized to satisfy judicial liens - the kind that arise when you lose lawsuits. Liquid capital invested and stashed away in offshore accounts is much more safe.
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cobaltcupcake
I'm sure they have some savvy accountants on their team to advise them, just like they have a legal team.
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Diest
Many of the properties are commercially zoned. In the Brooklyn Heights area residential real estate is much more valuable. So the deal they made with Bloomberg was that they would get a free re-zoneing to residential if they sold and put the property tax revenues back on the books. To me it makes sense to sell now which doubles the value of many of the properties.
They also cant rent the properties as a for profit enterprise without loosing tax exmept status.
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Band on the Run
The sale of the property will yield a much larger sum in the moment. They can then invest the money in a multitude of high interest investments. Also, you have no further obligation to the property. Having lived in Manhattan, I expect that the rentals would be astronimcal. It is one or two subway stops from the Financial District and a few more to Midtown. The view is incomparable.
I don't know enough about NY real estate to compute which would bring in more money in the long run. This isn't rental property but more so a co-op or condo. The factory spaces could be ultra luxury lofts. The type of person willing to purchase such space is going to be wealthy and sophisticated. The CB is used to people sucking up to them. These people will not suck up to anyone. They will have lawyers on retainer for personal matters as a norm. Also, they can readily file complaints with the city. The idea of the GB negotiating with this crowd is so funny.
There is favorable tax treatment for opening up new housing but they don't pay taxes.
The surrounding neighborhood truly hates them. The Brooklyn Heights/Columbia Heights neighborhood is highly treasured in NY. One example I learned from residents. The vinyl ugly flowers at Bethel drove the residents crazy. Some residents politely approached Bethel and reasoned that the vinyl flowers were dragging the neighorhood down. Their property prices were affected but also the WT itself. Not everyone can afford fresh flowers so the community offered to supply them for free. Rejecting the free flowers was the same as becoming Roman Catholic in their eyes. Renters or owners would lavish fresh flowers in the this area. The flowers themselves are not important. They merely illustrate a cultural chasm.
I would absolutely love to live there. It would be worth the extra taxi fare. Those spaces would sell for countless millions.
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moshe
I have often said, if the Native Americans had only known about the 99 year land lease, we would be working for them now.