Feb 24, 2016

Jehovah's Witnesses Brooklyn HQ May Fetch Only $220M

It was originally valued at more than $500 million

AMY PLITT
February 24, 2016

It's only been a few months since the Jehovah's Witnesses decided to sell its longtime headquarters in Brooklyn Heights, but it looks like the long-coveted property won't fetch quite as high a price as many had originally thought.

Developers have been sniffing around the 773,000-square-foot parcel of land in Brooklyn—which includes the organization's HQ with its iconic "Watchtower" sign—for years, and some had predicted that the entire complex could snag as much as $900 million in a sale. But the New York Post reports that bidders, who allegedly include Vornado Realty Trust and Tishman Speyer, have been offering prices closer to $220 million.

So what's behind the drastic drop? The softening of the economy, for one thing; but the Post also speculates that the Watchtower headquarters, built in 1924, will require significant upgrades, particularly for the tech-focused companies that have been moving into that section of Brooklyn. WeWork and Etsyhave both moved into a building once owned by the Witnesses that was purchased by Jared Kushner in 2013.

http://ny.curbed.com/2016/2/24/11106778/brooklyn-jehovahs-witnesses-headquarters-sale

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