Jehovah’s Witnesses Property Sale Update In Brooklyn Heights   Leave a comment

Many of you showed a strong interest in the entry about the announcement the Jehovah’s Witnesses made regarding the sale of some of their properties in Brooklyn Heights so I thought I’d keep you updated as things progress.

50 Orange Street (click here to view), a five story building with 20 residential units, was sold by Massey Knakal to an all cash buyer. It sold for $7.1MM, slightly under its asking price of $7.4MM, but considering it was all cash I imagine the Jehovah’s Witnesses are happy with this type of start. This is the first building to go from eight buildings that were put on the market last year. The three represented by Massey Knakal are estimated to be worth in the neighborhood of a slim $18.45MM. Not too shabby!

The new owner has not been revealed yet (If it was me, I’d tell you, I promise), but it seems the building was delivered vacant and in great condition. Not surprising considering the Jehovah’s Witnesses are known for how well they take care of their properties.

183 Columbia Heights and 161 Columbia Heights are the two remaining properties still available for sale, but whispers out there suggest there are contracts out for review.

We’ll continue to keep you updated on these properties, but it would be better if one of you just bought some of them so we could help you convert the properties into great uses for the neighborhood!


Posted January 20, 2012 by CBC REalta Group in CRE Trends

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