BHB reported in late July that another property in the Jehovah’s Witnesses real estate portfolio had hit the marketplace: the beautiful five-story, 5,088sf residential brownstone at 67 Remsen Street—which ironically backs up to the organization’s recently sold Bossert Hotel. Brownstoner shares that the Brooklyn Heights building has sold for $3.25M, just a shaving from its asking price of $3.4M.

It features 10 units, a private garden and will be delivered vacant, according to David Schechtman of marketing firm Eastern Consolidated. The Real Deal reported in July that the building housed students and volunteers associated with the Watchtower Society. As the Witnesses move forward with a planned relocation upstate, the residences were no longer necessary, he said.

In all, Johovah’s Witnesses’ portfolio included 25 properties in Brooklyn, which they began selling off two years ago. Other recent sales include 183 Columbia Heights, 161 Columbia Heights and 50 Orange Street. (Photos: Chuck Taylor)

Source: Brooklyn Heights Blog
http://brooklynheightsblog.com/archives/49155

Another Brooklyn Heights property in the Jehovah’s Witnesses real estate portfolio has hit the marketplace. A five-story, 5,088-square-foot residential building at 67 Remsen Street—ironically, abutting the back of organization’s recently sold Bossert Hotel—is asking $3.4M. It features 10 units, a private garden and will be delivered vacant, according to David Schechtman of marketing firm Eastern Consolidated. He adds it could be converted to a single-family home.

The Real Deal reports that the building previously housed students and volunteers associated with the religious group’s Watchtower Society. As the Jehovah’s Witnesses move forward with their planned relocation upstate to Warwick, N.Y., and Patterson, N.Y., the residences were no longer necessary, Schechtman says.

The group’s mammoth portfolio of buildings have been marketed variously by Massey Knakal, Cushman & Wakefield’s Nat Rockett, and now, Eastern. “Engaging a third firm is a sign that the religious group has decided now is the time to divest from their properties,” a source told The Real Deal. The group owned 25 Brooklyn buildings before they began selling them off two years ago.

If left a multi-family dwelling, the net operating income at the building would be about $140,000 a year, documents obtained by The Real Deal show, although “a well-maintained single-family home might be a bigger draw” in the Heights. A 3-bedroom townhouse down the street at 12 College Place recently went into contract for $4.85M, Streeteasy cites.

“Inside of a million [in construction costs], you could easily have one of the nicest townhouses you will ever see,” Schechtman told the newspaper.

(Photos: Chuck Taylor)

Source: Brooklyn Heights Blog
http://brooklynheightsblog.com/archives/44739

It appears that Johovah’s Witnesses don’t just own established properties within the boundaries of Brooklyn Heights. Crain’s and The Real Deal report that the religious group has commissioned Cushman & Wakefield to sniff out a buyer for three adjacent undeveloped lots in nearby DUMBO.

The parcels, at 173 and 177 Front Street—both vacant—and 200 Water Street—currently with a warehouse present—comprise 30,463 square feet that can be built up to 150,000 square feet for residential, commercial or hotel developments. All are between Jay and Bridge streets.

This is the first empty land the Witnesses have brought to the market, including the recently sold Bossert Hotel, 183 Columbia Heights and 161 Columbia Heights.

(Photo: The Real Deal)

Source: Brooklyn Heights Blog
http://brooklynheightsblog.com/archives/41696