More Brooklyn properties sold

by recovering 22 Replies latest watchtower beliefs

  • Beth Sarim
    Beth Sarim

    All this money has to be going somewhere. Mr Captain Obvious speaking here. But begs many questions. Very interesting times.

  • steve2

    The buyers’ brokers, Ravi Kantha and Matthew Lesser of Leslie J. Garfield, called the properties “unique trophy assets.”

    To find out where religion goes, follow the money.

  • Fisherman

    Wachtower presence and occupation of the Brooklyn real estate was/is hindering the economic growth and development of the area. You don't need to run a religious order from a location that is needed for public use. The risk of Emminent Domain dangerously existed.

    It is a misrepresentation to say that the money from the sale of the properties will be pocketed by someone. It all goes to the WT movement.

  • smiddy

    It is a misrepresentation to say that the money from the sale of the properties will be pocketed by someone. It all goes to the WT movement.

    And the WT movement is in the pockets of a few someones .

    Just saying.

  • Doubting Bro
    Doubting Bro

    ShirleyW - looks like the hotel is at 60 Furman St so a few blocks from the old WT property although I thought that 360 was being turned into condos.

    Fisherman - Seriously? To suggest that NYC was going to take over the WT buildings because it hindered growth in Brooklyn is a real stretch. Brooklyn is full of development right now and while Brooklyn Heights has always been nice, those buildings were not critical to the growth of Brooklyn. Plus, I would love to see an example of eminent domain being used against a religious organization to hand over several non-connected buildings to commercial interests.

    The reality is that the WT is cashing out. Why is the question. Maybe because they think they can get maximum value now. Maybe because they are facing a cash flow issue and those buildings are too expensive to maintain. Or they need the cash for balance sheet purposes. I'm not of the opinion that some shadowy "real" owners of the WT want to cash out their investment since that seems just as ridiculous as the big bad Brooklyn government looking to seize their property via eminent domain.

    Plus, you do realize that when the government goes through that process in the US, they have to provide "just" compensation right? So even if what you are saying is true, they would be compensated but at fair market value.

  • _Morpheus

    Along with what you said doubting bro, i think fisherman is sort of right about brooklyn heights wanting the property but wrong about the threat of imminent domain. Rumor was, even back in the early 90’s when i was there, that brooklyn heights wanted the 360. It was part of proposed redevelopment of the water front. That dosent equate in anyway with a threat of imminent domain, mind you, but it was talked about that the city wanted the land to change hands. In the end, money talks and shipping and printing became cost prohibitive to do largely in the US. Other countries began printing in their region and 360 was more valuable sold than used...

  • Fisherman
    they have to provide "just" compensation right?

    I am personally going through this now and just compensation means that they decide how much they think it is just to pay you. It is just what they say the property is worth. Just only means that a judge paid by the State decides how much the will give you for the property.

    As for ED, I know what the government wants for the waterfront properties from the heights to the sunset park industrial area. And whether or not the gov would outright take the properties because wt is in the way of what the government wants, the risk of government action was there and as I have stated wt needed to get out of there . Pressure to move out of there was very real; there were other reasons too for the sale of course. As I stated, the public needed the area.

  • sparky1

    "It makes you wonder where all the money has been going". - pepperheart

    I have a theory about his. Since the printing business is no longer the primary money making scheme of the Watchtower corporation they may be switching financial tactics. My own personal opinion is that they have set up another 'dummy' charitable corporation that receives the funds from the real estate sales. This 'dummy' corporation then invests all the money in index funds , bonds and jumbo 'callable' CD's. The proceeds from the index funds , bonds and CD's is then funneled back to the Mother Corporation (Watchtower Bible and Tract Society) as some sort of charitable 'endowment' that keeps Watchtower 'flush' in operating cash in case congregational donations slow down, while not having to touch their working capital that is churning cash for them in the 'dummy' corporation. Just my own 'pet' theory and two cents.

  • Vidiot
    Doubting Bro - "...the WT is cashing out. Why is the question."

    'Cause there's "more money going out than coming in", according to Lett.


  • Vidiot
    Beth Sarim - "All this money has to be going somewhere."

    Accounts in the Caymans.


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