Fund Buys Watchtower Building on Clark St.
We’re hearing that real estate investment fund Glory Capital purchased a 43-unit apartment building at 6-10 Clark Street in Brooklyn Heights from the Watchtower Bible and Tract Society. No word on what the property went for. According to a Brooklyn Eagle article in June, the apartments have already been upgraded recently and studios will start…
We’re hearing that real estate investment fund Glory Capital purchased a 43-unit apartment building at 6-10 Clark Street in Brooklyn Heights from the Watchtower Bible and Tract Society. No word on what the property went for. According to a Brooklyn Eagle article in June, the apartments have already been upgraded recently and studios will start renting for $2,050. It also remains to be seen whether Glory Capital—which also bought 67 Livingston from Watchtower in May—is looking to acquire any of the other Heights properties the religious group recently put on the market. Any rumor mill buzz about the other Jehovah’s buildings that are up for sale?
Update: The Property Shark entry on 6-10 Clark shows that the Glory Capital deal closed in late April, and that the building went for $12.5 million.
Good Lord! Watchtower Divesting Six Heights Props [Brownstoner] GMAP P*Shark
Little slummy Brooklyn Heights studios.
Just what the world needs.
Too bad, they could have done something nice here. Really nice.
Took a look at an open house…lots of tiny studios. Would be ideal for dorms, but I hope to God that that doesn’t happen. They need to gut reno, make larger apartments and sell ’em as condos.
They are in fact, all studios, and they’ve been renting them for the past two months. It must have been an easy conversion, because there was very little construction activity. Better than NYU getting their hands on the building.
According to the Awaye site these are mostly studios.
I wouldn’t be surprised if NYU snaps up a lot of these former JW buildings. They need the space, and as a well-endowed institution, have the potential to pay more than a financial buyer might be willing to bid to ensure a decent return. The Bossert would be a nice trophy with a purple flag hanging out front.
Still waiting to see if the J.W.’s sell their parking lot on Jay Street across from the J Condo. That would go for a nice chunk of change.
They already have plans to develop it but i have not seen anything recent on the property. Does anyone know anything new? And is it true that the J.W.’s are moving more of their operations to upstate NY?
Awaye Realty has the listing for 10 Clark Street and has been running open houses
This is an amazing opportunity. This whole building delivered empty in Brooklyn Heights.
I hope the new owners seize the day and renovate it from top to bottom. My advise: put in a passenger and a freight elevator. None of these 6-story buildings in Brooklyn have two elevators and it is really important. Also put in lots of baths. A two bedroom should have two and a half baths. a one bedroom one and a half baths. This would be unheard of luxury in the Heights. A real opportunity to go up market. Loft layouts of course. cable and hi-speed internet. washer/ driers, all the ammenities usually missing in these frumpy old Heights buildings.
Oh, and central ac in each apartment.