Witnesses knocking on $375M bldg. sale

by Gayle 14 Replies latest watchtower beliefs

  • Gayle


    Anyone keeping track of these sold Brooklyn properties? How many left there? One of these 'sold' properties won't have official closing till 2017.

    Seemed there were 33 buildings at one point a few years ago. Maybe half have sold?

  • pixel

    Wow. Thanks for posting.

  • Billy the Ex-Bethelite
    Billy the Ex-Bethelite

    That's the Sands residence building and 5 factory buildings. Wow. They'll have very little left in Brooklyn after this.

  • AndDontCallMeShirley

    With the sale of the Bossert and several smaller residences, this puts WT near the $500 million mark for the year in real estate sales.

    It's good to be the king.

    Meanwhile, the rank and file continue to be told to simplify and live with less....because Armageddon will be here "soon".

  • TJ Curioso
    TJ Curioso

    Great business!!!

  • Glander

    What a racket. Build a billion dollar real estate empire with money supplied at no interest and you don't pay it back.

  • Gayle

    anyone know how many are left after this? Besides 107 & 124 Columbia Heights buildings? Did the former Squibb building(s) sell yet?

  • AndersonsInfo

    Here's another article on the transactions:


    RFR and Kushner Companies to Acquire Watchtower Dumbo Properties

    By Gus Delaporte 12:45pm

    RFR Realty and Kushner Companies have agreed to acquire a six-property portfolio in Dumbo from the Watchtower Bible and Tract Society of New York for $375 million. The sale is the latest in a series of transactions for the Jehovah’s Witnesses, who are in the process of transitioning their headquarters from Brooklyn to Orange County, New York.

    “We are delighted to partner with Kushner Companies and team with LIVWRK to become the new stewards for these exceptional properties in this burgeoning neighborhood,” said Jason Brown, head of acquisitions at RFR, in a prepared statement.

    he 1.2-million-square-foot portfolio of properties consists of117 Adams Street, 175 Pearl Street, 55 Prospect Street,81 Prospect Street, 77 Sands Street and 90 Sands Street. The properties are set to be redeveloped in partnership with LIVWRK Holdings.

    “We feel privileged to program and activate this game changing project. Watchtower took impeccable care of these assets and we are thrilled to help incorporate them into DUMBO’s thriving mixed use community,” added Asher Abehsera of LIVWRK Holdings, the statement.

    As reported by The Commercial Observer, the Watchtower properties on Sands Street have been earmarked as potential office space for tech companies as part of the Brooklyn Tech Coalition’s efforts to promote Brooklyn as a national tech hub.

    “These properties feature large, creative office space right in the heart of the growing Brooklyn tech triangle. We look forward to playing a key role in the continued improvement of the neighborhood and advancement of the market,” said Jared Kushner, chief executive officer of Kushner Companies, in the statement.

    The news of the acquisition was first reported by the New York Post earlier today. The bulk of the sale is expected to close in September but the 30-story hotel at 90 Sands Street will close separately in 2017, according to the Post.

    Mr. Kushner owns the Observer Media Group, which publishes The Commercial Observer.

  • stuckinamovement

    Pack up and leave town. These bastards are hurting. Good. Next steps in the restructuring will be programmatic reductions. Have the circuits bear the entire cost of the co's, cut loose more bethelites, reduce conventions to 2day affairs at ass halls.

  • metatron

    Didn't Fulton St. sell for $205 Million? This $375 million deal sounds cheap.

    They seem to want out very badly. The 2017 rumor elsewhere would be consistent with this.


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