The Watchtower have decided to move all of their operations Upstate NY and so they have sold or in the process to sell all of their real estate holdings, all this while waiting for the end to come. judge for yourself, have they been really honest with their followers? The sale of what they hold will bring them a whopping 1.5 Billion. The following information has been taken from local real estate companies.
Here is some interesting update on the Watchtower org. It has been reported that they have sold all of their real estate holding in Brooklyn NY. For approximately $1.5 Billion and are building their headquarters in Upstate NY. Please read how rich this organization is?
The first property the Witnesses put up for sale was 360 Furman Street, which sold for $205 million in 2004. Now a luxury waterfront condo called One Brooklyn Bridge Park, it is home to a penthouse on the market for $32 million, one of the priciest listings in Brooklyn. The Bossert Hotel in Brooklyn Heights, which once hosted the Brooklyn Dodgers, and was used by the Witnesses as residences for staff members and out-of-town guests, sold for $81 million in 2012. It is being turned back into a hotel.
The Witnesses sold three properties in Dumbo, including a former Brillo factory on Water Street, for a total of $30.6 million in 2013; they are on their way to becoming luxury apartments. And six former factories near the base of the Brooklyn Bridge that sold for $375 million, also in 2013, are being renovated into chic offices for tech start-ups and trendy businesses like Etsy, WeWork and the jeweler Alexis Bittar.
The latest wave of offerings, which besides the headquarters, includes a residential building on the promenade in Brooklyn Heights and a massive parking lot in Dumbo, comes as the Brooklyn real estate market has surged. While these are not the last properties the Witnesses hold — there are about a dozen more — they are among the most coveted by developers. Dumbo is now one of the most expensive neighborhoods in Brooklyn. And developers are swarming.
“Everyone in the world will be taking a look at them,” said Tucker Reed, the president of the Downtown Brooklyn Partnership, a local development corporation. “The barrier to entry for a lot of those folks will be how high land values have gone. I’m sure they will fetch a very high sales price.” Mr. Reed estimated the value of the three properties being marketed as “somewhere between $850 million to $1 billion.” The prize, perhaps, is 85 Jay Street, at present a parking lot of roughly three acres. Directly across the street from the York Street subway stop, a main gateway to Dumbo, it comes with nearly a million square feet of development rights. The mixed-use site is “as-of-right,” which means that it is not subject to a public review process.
“Eighty-five Jay is a blank slate. That’s what makes it so interesting,” said A. J. Pires, a partner in Alloy Development, which is behind the nearby luxury condominium One John Street, in collaboration with Monadnock Development. A penthouse at One John Street, in contract for about $8.8 million, is poised to set a record at closing. Alloy is preparing to bid on at least one of the Witnesses’ properties.
Development of the parking lot could bring more than 1,000 residents to the neighborhood, a 20 percent surge in Dumbo’s population, which the Dumbo Improvement District puts at 5,000 residents.
The Witnesses acquired the site in the 1980s and 1990s, stringing together a series of old factories and ailing buildings that were eventually demolished. In 2004, the group secured a change to residential from industrial zoning with a plan to build four towers there to consolidate its housing. Then plans changed.