Brooklyn waterfront sold

by Aaac 15 Replies latest jw friends

  • Aaac
    Aaac

    Watchtower building sold


    The Jehovah's Witnesses have made a deal to sell their 1 million-square-foot building on the Brooklyn waterfront to RAL Development Services, a residential development company.

    The purchase price for the 12-story building, at 360 Furman St., was not disclosed. The religious group's Watchtower Bible and Tract Society had been handling worldwide shipping and distribution of Bibles and religious literature from the facility, but is relocating those operations to other buildings in Brooklyn and upstate New York. It will remain as a tenant in the building for one year.

    RAL says it will coordinate development of the building, which was built in 1928, with the city's and state's plans to develop the Brooklyn Bridge Park. Manhattan-based RAL recently converted the former Arthur A, Levitt state office building at 270 Broadway to a residential and commercial use building, with 39 luxury condominiums.
    Copyright 2004, Crain Communications, Inc

    Link:

    http://www.crainsny.com/news.cms?newsId=7751

  • franklin J
    franklin J

    residential property on the waterfront in Brooklyn Heights with a view of the Manhattan skyline will fetch MEGA dollars. This is a goldmine.

  • got my forty homey?
    got my forty homey?

    Wow, its amazing that I helped work in this building in 1987-1988 and I worked on the first floor in the construction plumbing department. Now all that work will be gutted and done over for lofts!

    What a waste of my life.

  • Valis
    Valis

    Hmm....from one publishing corp to another...maybe they will start outsourcing WTs and Awakes to them as well...

    Sincerely,

    District Overbeer

  • Panda
    Panda

    LOL Valis...outsourcing Wt and Awake! and any new pamphlets . That would be great. Then how would they explain these new publication costs?

    Hey, would the volunteers who worked on that building be able to sue the WTS?

  • Aaac
    Aaac

    http://www.jehovahs-witness.com/12/59347/1.ashx

    Went to the meeting (first time in a month) last night. They had this skit on Telephone Witnessing. The bro and sis, were dressed up, but hey it was a meeting. Then the brother giving the talk said, "did you notice how they were dressed? Even though we are at home, we should dress like we would for a meeting when taking part in telephone witnessing."

    WHAT?!!! Who cares how you are dressed. Being in Jeans or shorts or pajamas was the only good part of telephone witnessing. Why in the he!! Would you need to dress up to carry on a phone conversation? Crazy People!!!!

    Then there was a part from the KM on the new printing facility taking place in Wallkill as opposed to Brooklyn because the space at Wallkill is bigger and can handle the new machines. They went on and on about how much work was being done and how great the new printing presses would be. Then the brother on stage said "You are probably wondering how you can help?" (Not really, I am fighting sleep here) "Well, this process is going to be quick, too quick to organize laborers to come and help, they have all the help they need right now at bethel, but we can help. As you know, nothing in this world but the truth is free. How much will this upgrade cost you may ask? $50,000,000!!!!! Fifty Million Dollars. So even though we can go and physically help we can help by donating to the World Wide Work."

    GIVE ME A BREAK PEOPLE!!!!! I will let you guys comment, I am just to irritated to start on that one!!!! No Wait, One Comment. They are too stingy to give people water or do something to help those walking home during the blackout.They are too stingy to set up a help center during the WTC bombing or to offer assistance of some kind to those coming out of the debris, but they can spend FIFTY MILLION on more printing. Good Christian Work it is I tell you. Good Christian Work. (Insert sarchasm where needed)

    http://www.watchtowerinformationservice.org/furman.htm

    Watchtower building in
    Brooklyn Heights for sale

    Lofty vision for bldg.
    Watchtower site may soon be up for sale

    By MELISSA GRACE
    DAILY NEWS STAFF WRITER

    A giant waterfront building owned by the Jehovah's Witnesses in Brooklyn Heights could soon go on the block - with an early estimated price tag of $120 million.
    The potential sale of the nearly 1 million-square-foot building at 360 Furman St., a structure that many expect would be converted to luxury lofts, has local Realtors abuzz.

    Some 400 to 500 condominium apartments could have views of Brooklyn, Manhattan, New York Harbor and the East River.

    "The potential gross sellout price as condos could be half a billion dollars," said one appraiser, who asked that his name not be used.

    "Some of the top apartments will have 180-degree views, from the East River to the Verrazano Narrows [Bridge]," he said. "Those could sell for $4 million to $5 million."

    Melinda Magnett, president of the Brooklyn Corcoran Group, said a low asking price of $50 million would set off a bidding war.

    " Waterfront properties are in demand," she said, adding that a $50 million tag is "hypothetical - they might end up selling the building for a lot more."

    Realtors said that between DUMBO and Red Hook, there is nothing else quite like the structure, which eventually will be surrounded by the planned 67-acre Brooklyn Bridge Park.

    Realtors compared the potential condo conversion of 360 Furman St. to the successful 126-unit conversion done at the Clock Tower at 1 Main St.

    Apartments in the DUMBO building are now selling for between $500 and $625 a square foot and have appreciated as much as 40% from the original 1998 sale prices, said Domenick Neglia of Neglia Appraisals Inc. in Dyker Heights.

    Witnesses shift

    Built in 1928, the 12-story warehouse at 360 Furman St. sits between Atlantic Ave. and Joralemon St. The Watchtower Bible and Tract Society, also known as Jehovah's Witnesses, purchased it 20 years ago.

    The society used the building as its principal shipping facility for Bibles and publications - and has for years been plagued by community complaints of truck pollution and noise.

    Last fall, the Jehovah's Witnesses decided to shift the shipping facility to their Wallkill, N.Y., center and other facilities around the world, said Daniel Rice, a spokesman for the group.

    Of selling 360 Furman St., Rice said, "We don't need it any more."

    While the group - one of Brooklyn Heights' largest property owners - posted a press release on its Web site announcing the potential sale, the building is not formally on the market.

    Originally published on June 23, 2003

    Source

  • ApagaLaLuz
    ApagaLaLuz

    I wonder if they will have a "special anouncement" in the Kingdom Ministry any time soon that the Society will not be requiring donations for the next year, seeing as how Jehovahs has blessed them with this goldmine.

  • blondie
    blondie

    I wonder if the have figured the back taxes in France into the budget? What is it 70 million dollars including interest?

    Blondie

  • willyloman
    willyloman

    Most interesting line in the news story, above:

    ...with an early estimated price tag of $120 million.

    If the WTS got that much (or more), why do they need the pubs to cough up $50 mil for new factory construction at the farm? You know that $120 million will be net (it's not like 360 Furman has a mortgage on it, right?), and the WTS is tax exempt.

  • Dan-O
    Dan-O
    Who cares how you are dressed. Being in Jeans or shorts or pajamas was the only good part of telephone witnessing

    ... or even IF you are dressed.

    "Hello, I'm calling to share some good news with you this morning. And by the way, I'm naked."

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