All Watchtower Brooklyn sales in 37 NYC doc pages + spreadsheet
Setting up an LLC for each property is a common tactic among real estate investors. I've worked for several companies that did exactly that. NYC (and most other big cities) attract lots of foreign money. I'd be surprised if there are any big stories in the buyers, for them it's just a another transaction.
Thanks for the research Corney.
The current bunch of GB members should be very embarrassed with their oversight of the financial management of the Organization.
Were is this money now?? 2.2 bn must be somewere. Swiss? Caymans?
With all of this money coming in from Real Estate sales , how can they still be regarded as a "Not For Profit" Religion ?
When in reality they are making BIG profits from their real estate sales ?
Jeff: I 'd be surprised if there are any big
stories in the buyers, for them it's just a another transaction
That is an assumption
We don't know that
We don't know who the buyers are
OC, the most of the buyers represent well-known investors and real estate developers. For example, six DUMBO properties were sold to Kushner Companies, RFR Realty and Invesco Advisors, 25-30 Columbia Heights were purchased by Kushner Companies, CIM Group and LIVWRK Holdings, Vincent Viola was behind Eastern Division LLC, the buyer of 124 (aka 122&128) Columbia Heights, etc. etc. A reddittor have compiled media reports in a spreadsheet that is useful for research purposes, although it contains few errors.
Incognito, careful, according to the org's press release, 30 Front Street is "the last Brooklyn property listed for sale". I think this explains the contradiction.
Orphan Crow, what kind of story are you expecting? That's prime NYC real estate, lots of people would have wanted it. Buildings get bought and sold all the time. For the XJW community the money take is a big deal, I can't think of any reason to care who bought it.
Gorbatchov, at this point there's no point in putting the money offshore, everybody knows they have it. If they have any brains at all its in the stock and bond market, or long temr money market funds.
So if they do not intend to sell those two properties on Willow St., then they have some definite purpose for them. After all, they represent $1.7 million, and we all know how money hungry they are. Does anyone know why they are passing this up and keeping the properties? Do they still want to keep a presence in NYC? If so, why?