Jehovah's Witnesses' Property Up For Sale, Most Likely To Become Condos
The Watch Tower Bible and Tract Society of Pennsylvania—the Jehovah’s Witnesses’ governing arm—listed a residential tower in Brooklyn Heights for sale.
The 89k SF, 97-unit property—97 Columbia Heights—is one of the last pieces of the Witnesses' Brooklyn portfolio and features private terraces and a 30-space parking garage. It’s also in the same pristine condition as other JW properties, making it easy and inexpensive to repurpose, the Commercial Observer reports.
Brokers are divided on how much the 11-story property could go for, with estimates ranging from $60M to $88M. TerraCRG founder Ofer Cohen says the building’s immaculate condition significantly boosts its value.
Watch Tower Society spokesman Richard Devine said the organization is marketing the property in-house, but didn’t disclose a target price, believing the market would determine the price. What is certain is the building’s future as a condo building, regardless of who buys it.
Relocating to Warwick, NY, the religious organization has sold $1.25B in assets since 2004. [CO]