by The Searcher 23 Replies latest watchtower beliefs

  • Oubliette

    It's interesting that the WTBTS does NOT say how much their selling the properties for on their PR website.

    Why might that be? It's public knowledge:

    Watchtower Sells DUMBO Properties For $375 Million

    by Homer Fink on July 9, 2013 2:36 pm in Brooklyn Heights

    According to a press release issued yesterday, the Watchtower has sold its DUMBO properties for $375 million. This is part of the organization’s plan to move its operations to Warwick in upstate New York.

    While some speculate that the buildings will be turned into condos, the Sands Street locations are are part of the Brooklyn Tech Triangle’s Maser Plan and are likely to be turned into office space to house DUMBO’s rapidly expanding tech businesses.

    Here’s the presser:

    RFR and Kushner Companies today announced that they have entered into a contract to acquire six properties in Brooklyn from the Watchtower Bible and Tract Society of New York, Inc. The properties, all located in the heart of the thriving DUMBO (Down Under the Manhattan Bridge Overpass) neighborhood, will be purchased for $375 million and will be redeveloped in partnership with LIVWRK Holdings.
    The properties included in the portfolio are: 117 Adams Street; 175 Pearl Street; 55 Prospect Street; 81 Prospect Street; 77 Sands Street and 90 Sands Street. Together, the properties total more than 1.2 million square feet of commercial space.

    “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, RFR’s Head of Acquisitions.

    “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, CEO of Kushner Companies.

    “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,” said Asher Abehsera, LIVWRK Holdings.

    The Watchtower Bible and Tract Society first moved to Brooklyn Heights in 1909. They adopted the name Jehovah’s Witnesses in 1931.

  • gingerbread

    iCeltic - The Court froze all assets of the WTBTS after Candace Conti was awarded the 17 million dollar judgement. This way the corporations could not liquidate properties and redistribute funds during a possible long appeal process.

    The Watchtower Society attempted to post the Patterson Educational Complex as a surety bond. The prosecution team for Conti argued the risk of using real estate as surety and the judge agreed.

    The WT then obtained a surety bond of 17 million through Travelers Casualty and Surety Company of America. As soon as the WT provided proof of the bond to the California court, the asset freeze against them was released.

    At that time the Society continued liquidation of all real estate assets in Brooklyn.

  • sir82

    Well, $375 million will permit the current GB to live in the style to which they have been accustomed for the rest of their lives (with the possible exception of new boy Sanderson who is not yet 50).

    What happens after that is not their concern.

    Barring, of course, a flood of Conti-style lawsuits if the WT's appeal fails.

  • cedars

    I put quite a bit of research into this article, and I'm hoping you folks will find it helpful...

    Here is a Google Earth image of the properties that have just been sold...


  • clarity

    Wow nice going Cedars ...... wonder what is left ... probably more

    realestate than we will ever know about!

  • designs

    Are JWs pissed, happy, or just confused.

  • sir82
    Are JWs pissed, happy, or just confused.

    JWs are more concerned about whether there will be enough seats in the Golden Trough Corral after Sunday's WT study.

    Most will greet this news with a shrug and a "Jehovah's chariot is moving forward!" murmur.

  • BackseatDevil

    the 375 million are for just the 6 buildings listed above that are located by the bridge. they had already sold off most (if not all) of their other properties. The total of ALL Brooklyn properties used to be (collectively) over a billion dollars in worth. That was before the market crashed and all that. The way they are selling off the property though, they may actually get it. Here are two Brooklyn links of people who are paying attention to all the sales this past year far better than I...

  • iCeltic

    Gingerbread/Cedars - many thanks.

  • MrFreeze

    Gotta pay for your sex abuse lawsuits somehow.

    To JW's this is a sign of Jehovah's blessings. Like if McDonalds were forced to close a bunch of their restaurants it would be a "blessing" to McDonalds.

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