How Much Are the Watchtower Buildings Worth?
Today The Brooklyn Paper runs a couple of pieces critical of the recent plan to reduce the amount of housing built in Brooklyn Bridge Park by banking on the eventual sale of the Jehovah’s Witnesses’ Watchtower Properties that are interesting because they assign a theoretical value to the Watchtower buildings: More than $1 billion. While…
Today The Brooklyn Paper runs a couple of pieces critical of the recent plan to reduce the amount of housing built in Brooklyn Bridge Park by banking on the eventual sale of the Jehovah’s Witnesses’ Watchtower Properties that are interesting because they assign a theoretical value to the Watchtower buildings: More than $1 billion. While it’s not clear exactly how the $1 billion number was reached, it seems to be based on an analysis from commercial broker Chris Havens that a Watchtower property like 25 Columbia Heights is worth $91 million right now as a commercial building but would go for double that amount if rezoned for residential use. In its editorial, the paper says the plan is flawed, in part, because it would create so much “new wealth for the Watchtower Bible and Tract Society, a religious order that has does not pay taxes and has contributed very little else to Brooklyn Heights and DUMBO since establishing the neighborhoods as a base of operations a century ago. We are not persuaded that the Watchtower Society deserves this payday, courtesy of city residents.”
News Analysis: Inside the Brooklyn Bridge Park Deal [BK Paper]
Editorial: At Brooklyn Bridge Park, the Rich Get Richer [BK Paper]
Photo from PropertyShark.
“98 Montague was a hooker hotel.”
What was it about the Heights? there must have been more hookers per square foot there than anywhere. Many apartment building were full of them prior becoming a co-ops. Brownstones went from boarding houses to bordellos. I guess it must have the proximity to the waterfront, wall street and the municipal offices and politicians??
It is amazing to think that today’s stroller-ville was yesterday’s hooker-ville.
Montrosse, they are smart real estate investors. they bought the Bossert for a song in early 1980’s when no one else wanted it and they have done a good job restoring the principal facades and lobby. However, prior to the historic district designation they had their eye on several buildings on Willow Street and other places that were saved by the skin of their teeth due to landmarking in the mid-1960’s. More recently they wanted to build a highrise near the promenade and were seeking variances that would allow them to do so. That brought out the battle royal with the locals and witnesses had to back down. I believe it was that bruising fight that instigated their desire to move the headquarters to a rural area far away from landmark laws, and brownstoners.
I think it was a wise move. Their collection of real estate in and around the Heights is nothing short of fabulous. Its slow but steady transfer into private hands is a very good thing. The Brooklyn paper is wrong that it will cost taxpayers, it is just the opposite, these buildings will benefit taxpayers once they go online paying taxes or fees in lieu of taxes for the upkeep of BBP.
It’s all good. Bon voyage!
Could it be that MM and I do not agree?
There a first time for everything.
The Witnesses demolished more historic buildings in Brooklyn Heights than Robert Moses. They tore down a half block adjacent to the “Truman Capote” house for their truly homely dorm as well as a whole block along Columbia Heights for an even homelier Freedom Hall or whatever. They have been at odds with the Brooklyn Heights Association from the beginning and I doubt any of the folks in the group who really were responsible for saving the neighborhood would have anything good to say about the witnesses slash and burn real estate tactics of the 1950’s and 60’s. They also destroyed the wonderful and very historic marine nightclub on the roof of the Bossert. I was one of the last people to see it, prior to its demo. I truly do not think the witnesses have contributed much over the years to the Heights preservation-wise and no one is mourning their departure.
Could it be that MM and I do not agree?
There a first time for everything.
The Witnesses demolished more historic buildings in Brooklyn Heights than Robert Moses. They tore down a half block adjacent to the “Truman Capote” house for their truly homely dorm as well as a whole block along Columbia Heights for an even homelier Freedom Hall or whatever. They have been at odds with the Brooklyn Heights Association from the beginning and I doubt any of the folks in the group who really were responsible for saving the neighborhood would have anything good to say about the witnesses slash and burn real estate tactics of the 1950’s and 60’s. They also destroyed the wonderful and very historic marine nightclub on the roof of the Bossert. I was one of the last people to see it, prior to its demo. I truly do not think the witnesses have contributed much over the years to the Heights preservation-wise and no one is mourning their departure.
That huge complex on both sides of Everit Street is amazing. It is right between Brooklyn Heights and DUMBO and the west wing has river views over the new park. How those views will be effected by the proposed hotel complex on pier 1 is question though.