Jehovah's Witnesses Put Another Brooklyn Property Up For Sale

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]

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's New York Newsletters
Related Stories

Bally's Lines Up $560M Loan For Bronx Casino: The N.Y. Deal Sheet

GTIS Partners Rebrands As Brightshore Capital, Launches $250M Debt Platform

Data Center Spills 5,000 Gallons Of Fuel Into New Jersey River

Historic Brooklyn Hotel To Be Turned Into Ritz-Carlton-Branded Condos

Dublin BTR Had A €1B Summer

Sales Of Lower-End Apartments Surge In Philly As Landlords Face Financial Issues

Wu Proposes Tax Breaks To Jump-Start Stalled Housing Projects

Taconic Partners Sheds Another NYC Life Sciences Property

Developer Seeks Permit For Denver Energy Center Conversion Project

Airbnb Launches $250M Fund To Invest In Affordable Housing

Oxford Properties' U.S. Investment Head On Why It's Buying Office Again — And Where

DFW Multifamily Distress Creates Opening For Investors As Development Slows