Kushner, LIVWRK And RFR Near Deal For Two More Jehovah’s Witnesses Properties
Kushner Cos, LIVWRK and RFR are near a deal to acquire Jehovah's Witnesses’ 733k SF HQ building at 25-30 Columbia Heights as well as a long-vacant development site with 1.1M SF of development rights at 85 Jay St.
The price tag for the two properties comes to roughly $700M, according to the New York Post. The trio paid $375M for the 1.2M SF multi-building complex that would become Dumbo Heights in 2013.
Meanwhile, down the street, The Watch and Tract Society of Pennsylvania, the Witnesses’ governing arm, has listed its 154k SF, 161-unit residential building at 107 Columbia Heights.
The Commercial Observer asked Downtown Brooklyn Partnership president Tucker Reed for his best guess on what the building might fetch. He said it could get $1k/SF or more, so some third grade-level math tells us that would make it about a $154M sale.