Nov 3, 2016

Jehovah’s Witnesses sell Adams Street development site

November 3, 2016
The Real Deal

Group is keeping quiet on buyer and price

The Jehovah’s Witnesses have sold another development site in Dumbo, but are keeping mum on the selling price and the buyer.

The organization sold 69 Adams Street, a four-story recreational facility with 157,410 square feet of development rights, the Brooklyn Eagle reported. The new owner can build a residential tower with commercial space, retail and a community facility as-of-right on the property. Richard Devine, a spokesperson for the organization, said he expects to close on the sale by the end of the year.
The organization moved its headquarters to Warwick, N.Y., in September after roughly a century in Brooklyn. Because of the move, the Witnesses have been selling off their Brooklyn properties, including the group’s headquarters at 25-30 Columbia Heights, known as the Watchtower. In April, investors Jared Kushner, LIVWRK and CIM Group picked up that property for $340 million as well as a development site at 55 Furman Street (though that deal hasn’t closed).  The religious group listed the Adams Street property in May. [Brooklyn Eagle] — Kathryn Brenzel

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