The Watchtower Bible and Tract Society aka Jehova's Witnesses will move part of it's headquarters to Upstate New York. They have bought a 248 acre property in Ramapo, Rockland County for $ 11.5 million. During the past years Jehova's Witnesses have sold off a number of their properties in Brooklyn Heights and DUMBO, netting them hundreds of millions.
The Watchtower Society had always maintained that while they moved their printing and shipping operations to Wallkill, Upstate New York, the Society's headquarter would remain in Brooklyn Heights. It now appears that more than half the 1,500 person administrative staff currently headquartered in Brooklyn Heights will be relocated to Ramapo.
The move does not come unexpected to Brooklyn Heights residents. Yes, the Watchtower Society was at the forefront of restoring many historical buildings in Brooklyn Heights from the 1950's onwards. Their properties are in excellent condition and they are respected for it. But they made no effort to interact with the community. Segregation continues to this day with their own dormitories, canteens and in-house handymen. From a business point of view a no win situation for the local community. No surprise that over the years Brooklyn Heights residents, a rather liberal lot, did not exactly embrace this religious sect.
During the past 5 years the Watchtower Society has sold a number of buildings in Brooklyn Heights and DUMBO, such as:
- 360 Furman Street, a 14 story loft building, sold in 2004 for $205 million. The building, now known as One Brooklyn Bridge Park, has been converted to a luxury, waterfront condominium overlooking the future Brooklyn Bridge Park. A 3-bedroom, 3-bath 2,452 sq ft condo with a 1,814 sq ft terrace sold for $4.5 million in March 2009.
- 67 Livingston Street, a 26 story building sold for $18.6 million to Glory Capital in 2006. New York University has leased the building and uses it as a residential dormitory.
- 89 Hicks Street, sold in 2006 for $ 14 million to the Brooklyn Law School.
- 169 Columbia Heights, the former Standish Arms Hotel, a 12 story building sold in 2007 to Taurus Investment Holdings for $50 million. Upgraded to a 94 unit rental building.
- 6-10 Clark Street, a 43 unit apartment building sold in 2007 to Glory Capital for $12.5 million.
One of their premier buildings, the 14 story Bossert Hotel on 98 Montague Street, remains on the for sale list after RAL, a development company headed by Robert Levine, backed away from the deal in October 2008. Reportedly Levine was negotiating with New York University to use the building as a residential dormitory.
The Watchtower Society still owns dozens of properties in Brooklyn Heights and DUMBO, including a number of large office buildings and parking lots. Like the rest of us, they are caught in this virulent downturn hitting real estate values in New York.
last updated: April 3, 2009