Watchtower Fallout
There is the potential for charming irony. When the Witnesses were buying up all those Heights properties, there was a lot of grumbling about buildings going off the tax rolls. Well, they will be coming back on those rolls. And there is the possibility that the two Witness buildings overlooking Pier 1 would join 360…
maybe i’m crazy but one would think that an organization with this mission would sell low with the restriction of affordable housing use by the buyer instead of driving for every possible last dime in the sales.
BHO, I shouldn’t have implied I was answering for vet’. My observation remains, however, which is a fairly insurmountable obstacle to residential conversion.
I read vet’s comments to say, the Watchtower Society needs to get set up upstate before it sells its property in Brooklyn.
Also (again, speaking for myself) the Watchtower Society has a reputation for maximizing its sales prices. This is not the market to get the most money.
That’s not why ‘vet said “now is not the time to [sell]”, g man. He’s alluding to the market, not the need for the space.
***Bid half off peak comps***
BHO, the Watchtower is still using those buildings.
“Then they have to sell and now is not the time to do so.”
Why not, vet? I thought commercial RE wasn’t falling apart.
***Bid half off peak comps***
There is some possibility. Part of the logic at 360 Furman was, the city isn’t getting any tax revenue from the (church-related) property so diverting taxes to a PILOT is only a paper loss.
Also, 360 Furman Street is in a manufacturing zoning district, so it needed a zoning change, which meant it had a motivation for cutting a deal with the park development corporation. These two other Watchtower buildings are in the same situation.
However, the general project plan for the park and associated development would need to be amended, so the GPP would need to be amended, not hard but plenty of politics. More importantly, as vet’ points out, the timing of other developments (construction of new buildings upstate) aren’t aligning very well.
How is that ironic? Someone please explain.
Don’t hold your breath…. While this is huge they that are planning HQ move (been in works for years), they have to get approvals, build and relocate. Then they have to sell and now is not the time to do so.
There are those from the sixties Heights who remember the Watchtower taking over hooker hotels, wrecks and junk and transforming them, making things better.
What could be more logical? once the market improves, these handsome old industrial buildings previouly used for printing bibles and religious books can be turned into residential lofts and the real estate taxes, or PILOT funds, can be used to fund the adjacent park’s ongoing maintenance. A no-brainer.
Not to get overly biblical, but this is manna from heaven.