Crain’s has a story that underscores how valuable the Watchtower Bible and Tract Society’s real estate holdings in Brooklyn are, and how much various parties could benefit from the sale of the Jehovah’s Witnesses’ land and buildings. The city, of course, stands to benefit from collecting taxes on the properties, which total 3.2 million square feet and are said to be worth more than $1 billion. The article also looks at how the holdings could be attractive to a variety of potential buyers. Residential developers are interested (a Toll Brothers exec says the Dumbo properties are especially enticing), while a spokesman for the Witnesses says many of the buildings could work for universities or a senior-housing operator. Marty Markowitz says a hotel or economic development hub are also possible uses for the properties that are zoned commercial. The story notes although it’s unclear when, exactly, the Witnesses will move to upstate New York, the organization is presenting its final environmental impact study to Warwick next month, and could be cleared to build its new campus there within a year.
Jehovah’s Witnesses’ Land Sell-Off Has Brooklyn Dreaming Big [Crain's]
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