Skip to main content

Jehovah’s Witness HQ Sale Shakes NYC Market

Phil Hall
Dec 14, 2015
New York City’s crowded real estate market has received an unexpected jolt with news that the Jehovah's Witnesses religious denomination is selling its headquarters along the Brooklyn waterfront plus neighboring properties in a transaction that could reac

New York City’s crowded real estate market has received an unexpected jolt with news that the Jehovah's Witnesses religious denomination is selling its headquarters along the Brooklyn waterfront plus neighboring properties in a transaction that could reach upwards of $1 billion.

According to an Associated Press report, the Jehovah’s Witnesses organization once owned 36 separate Brooklyn properties, with the most prominent being its 733,000-square-foot headquarters complex along the East River which is capped by a bold neon “Watchtower” sign on its roof. The denomination purchased the property, a former Squibb Pharmaceuticals facility, in 1969 for $3 million, at a time when Brooklyn real estate was not considered prime territory.

Today, however, Brooklyn is a much-desired location for residential and commercial real estate. The denomination has been quietly selling off some of its properties over the last few years as it shifted its operational facilities to upstate New York.

The new property sale—which includes an apartment building and a 135,000-square-foot lot—will introduce residential and commercial development opportunities in a market where vacant space is an increasingly rare commodity. While the Jehovah’s Witnesses have not publicly listed prices for its properties, local real estate experts believe that a $1 billion price tag is highly conceivable.

"It's going to be incredibly transformative," said Alexandria Sica, executive director of the DUMBO Improvement District, a Brooklyn business organization.

Published
Dec 14, 2015
CFPB Issues Guidance On AI In Credit Underwriting

Creditors must provide specific and accurate reasons for credit denials, even with complex AI models.

Sep 19, 2023
Intercontinental Exchange Completes Black Knight Acquisition; Births Dark Matter Technologies Under Constellation Software

Rich Gagliano takes the helm at Dark Matter Technologies, poised to lead the future of Empower LOS with a 1,300-strong team, blending startup agility with decades of industry experience.

Sep 18, 2023
FHFA Invites Public Engagement On Modernized Credit Score Transition

Stakeholder forums and listening sessions planned to ensure seamless rollout; extended timeline for bi-merge credit report requirement in play.

Sep 11, 2023
Desperation Drives Difficulty in Closing Mortgages in California

Analysis reveals California among top 20 toughest states for mortgage closures.

Sep 11, 2023
If You Build It, They Will Come

Ratings will go a long way toward growing the market for home equity-backed securities

Sep 07, 2023
Investors May Be Losing Interest In The Single-Family Rental Market

Rise in interest rates, drop in values have them pulling back in certain regions

Sep 07, 2023