Jehovah's Witnesses Sell Dumbo Properties for $375 Million

Prospect Street

(55 Prospect Street on the near left, 117 Adams Street on the near right, 81 Prospect Street on the far left, 77 Sands Street on the far right)

Real estate investment firm RFR and Kushner Companies today announced that they have entered into a contract to acquire six properties in Brooklyn from the Watchtower Bible and Tract Society for $375 million. According to the press release (July 8, 2013), Jared Kushner (of Kushner Companies), Aby Rosen (of RFR), and Asher Abehsera (a former Two Trees Management Company executive) teamed up to purchase the portfolio of buildings which total 1.2 million square feet of commercial space. The buildings include:

  • 117 Adams Street
  • 175 Pearl Street
  • 55 Prospect Street
  • 81 Prospect Street
  • 77 Sands Street
  • 90 Sands Street

These buildings are included as part of the Brooklyn Tech Triangle master plan and could be key buildings in the development of the plan for creating appropriate commercial space and connectors between Dumbo, Navy Yards, and Downtown Brooklyn.

90 Sands Street is a 30 story, 500+ room residential building will be turned over vacant at closing in September, according to a NY Post story.

According to the Post, the Jehovah’s Witnesses moved their headquarters to Brooklyn in 1909. As part of their plans to move to Warwick, NY, they have been selling off a 34-building portfolio, including lots in Dumbo at 173 and 177 Front Street as well as 200 Water Street in April 2013.

175 Pearl Street

(175 Pearl Street)

Full moon over 90 sands
(90 Sands Street, Photo by a.pitch)

Related:
{The Watchtower Moving Some Operations from Brooklyn, 26Mar2009}
{Watchtower Properties in Dumbo?, 29Sept2011}
{Jehovah’s Witness Buildings Could Offset Brooklyn Bridge Park Costs, 08Oct2010}

20 Comment

  • Ah yes, more examples of Jehovah’s Witnesses cashing out, protecting what little assets they have remaining. With cult followers dropping out like sick-striken individuals during the Black Plague, little wonder that they can afford such high-priced real estate.

    LOL.

  • Ah yes, more examples of Jehovah’s Witnesses cashing out, protecting what little assets they have remaining. With cult followers dropping out like sick-striken individuals during the Black Plague, little wonder that they can afford such high-priced real estate.

    LOL.

  • Anyone know anything about future development plans for the Tennis Court building on Front St and the huge empty lot by the York St subway station ?

  • Anyone know anything about future development plans for the Tennis Court building on Front St and the huge empty lot by the York St subway station ?

  • I would like to buy the tennis court. Anyone want to chip in with me?

  • I would like to buy the tennis court. Anyone want to chip in with me?

  • The Post article states that the hotel on Sands St. will remain occupied and will close separately in 2017, not “turned over vacant upon closing in September”.

  • Amazing how some folks jump to conclusions based on rumors and wishful thinking. The Witnesses have been exemplary neighbors. We will miss them here.

  • Agree with Turner. I would rather have pleasant JW members than another wave of annoying yuppies, although I myself am an annoying yuppy.

    The lack of inventory keeps our property values high in Dumbo. A flood of new condos is not going to help. Hopefully most of properties stay commercial.

  • Since the buildings aren’t in any of the landmark zones, are there any restrictions on redevelopment? Could they be replaced by taller buildings?

  • // All I can say to M.J. is welcome to your incoming neibours, you will need it. Also to Wild Beast, do not look where they are moving, it wil make you rather poorly.??

  • No doubt a great deal for the Brooklyn borough area as it will enhance the area with new tax dollars that have not been paid on those buildings for many years due to religious exemption. Those buildings were maintained by free labor and donations from its members. Now it’s time to pay the piper for all the Watchtower society’s lawsuit’s regarding it’s child abuse scandal’s. One such as Candace Conti who won the largest lawsuit at 28 million dollars because of the watchtower society’s flawed policy’s about reporting child abuse in their ranks. While granted they may be good neighbors on the outside but inside they take on a whole new personality. I have a suggestion in that all their 7 million plus members receive a bonus off that $375 million dollars. Somehow I think they would never do such a thing even out of love to all their members for their free labor and donations over the years. The sale of these properties represent a decline in this organization. On the plus side while someone declines another benefits through the sale of these buildings. No doubt they will provide job’s and tax dollars for a rather slumber economic return of the economy

    • Ignorance is bliss…Jehovah’s Witnesses in Brooklyn are immaculate in tax paying. The buildings are in pristine shape and have been well maintained. Yes volunteers made up the work force. Save the hate for the folks that really are a threat…you vote for them every 4 years

  • On the surface the Witness religion appears as nice friendly folk. The truth is they are a high control hate filled religion (though physically they will not harm you).

    Listen below to the hate in one of their 2013 Gods word is Truth conventions. The Watchtower labels people who leave as apostates.
    (Warning: this is very heavy handed)

    http://www.youtube.com/v/5_AdAVbhMRg&hl=en_US&fs=1&

  • Sometime people seem very ignorant. It’s amazing that ones ill treat the witnesses but the other organizations no. ……hmmmm something’s wrong with that. Also not to mention how wired it is that people tolerate the Catholic Church sexually abuse and how these ones is still in their positions. Atleast the witnesses disfellowship those ones who do horrible things from their organization and prosecute at will.

    Cult! Very ignorant….go look up what a cult is fool ….

  • I could give a rat’s ass what these cultists do to each other… as long as they don’t bother me I’m fine with the JWs. They don’t smash my car window. I wish the city would sell of the projects and make them market rate.

  • JWs are leaving the city because they can build new, better premises for less with volunteer labour than it costs to maintain premises in the city. Yes it will save money, but look at their recently revamped website – they have upped their game with a cutting edge HTML5 site packed with multimedia content. Any money saved or gained from sale of properties is going into their charitable preaching work, nowhere else. And the volunteer labour is possible because membership has consistently grown since the organisation began.

  • Cult?!??!really?? That is the most ignorant thing i’ve ever heard LOL. Go educate yourself first before you accuse people of something they are not. The witnesses are very nice people and its sad to see them go. They respect the beliefs and ideas of others even if they dont agree with them. Dont we all have the right to believe what we want? Anyways if we have these beautiful buildings in the area is thanks to the hard work of the witnesses. They have made brooklyn heights and dumbo what they are today.