Developers 'lusting' After WT Property - 85 Jay St.

by LostGeneration 4 Replies latest jw friends

  • LostGeneration

    Don't recall this being posted, from November of last year, they'll probably net a cool half billion on it if the market stays hot for another few years.

    Developers are lusting after a Jehovah’s Witnesses parcel in Dumbo that is, for the moment, not for sale — despite the best efforts of would-be buyers to pry 85 Jay Street out of the Witnesses’ hands for as much as $400 per buildable square foot, or potentially $352 million.

    The prime locale, bordered by York, Jay, Front and Bridge streets and occupying a full block, is zoned for 880,000 buildable square feet — all of which can be residential, as The Real Deal previously reported.

    “This is the last great site in Dumbo,” one unnamed source told the Brooklyn Eagle, also noting that building on the spot would be a breeze thanks to ample room for a construction office, cranes and concrete trucks. Construction costs are expected to be less than $400 per square foot, including interest on the construction loan, taxes and broker fees.

    For now, the site is a parking lot lined by a metal fence topped with razor wire.

    “Since the recent October sale of our five buildings in Dumbo, several qualified real estate developers have expressed interest in purchasing 85 Jay Street,” David Semonian, a Watchtower spokesman, told the Brooklyn Eagle via email. “However, 85 Jay Street is not for sale at this time because of our need to continue using the property.” [Brooklyn Eagle]Julie Strickland

  • sparrowdown

    Well, there ain't much else to "lust" after.

  • factfinder

    Originally the society was going to build a printing plant here, but the funds ended up subsidizing the new Mexico Branch and printery. Years later a large residential complex was planned, but that too fell through.

    When the society's lease on a parcel near the 360 Furman st bldg was not renewed due to the Brooklyn Bridge Park, the society began using 85 Jay St as a parking lot.

  • steve2

    When you lust after such a lucrative property is there a risk you could feel driven to take it by force? Would that act of force constitute a disfellowshippable offence or could you make good by a large payment?

  • joe134cd

    The thing that really strikes me about all this. Is that Wt got away with it, with out the slightest bit of resistance. I heard of 2 KHs in this country that had 4 refurbishments done on them in a very short space of time. Then after the 2 nd refurbishment 1 of the halls was sold off and a new one built. At the time this just made no sense to me, and I can clearly remember someone trying to justify it by saying how tired and shabby the Hall looked. I remember thinking how last time I looked it looked totally fine to me. You can imagine how blown away I was when I found pages of complaints about unnecessary refurbishments been done. When I read the menlo park scandal I actually lost a nights sleep over it, I was that angry.

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