Private-Equity Firm Buys Jehovah’s Witnesses’ 21 Clark Street for $200 Million, Plans Senior Housing

Photo by Suzanne Spellen

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One type of very expensive housing that’s hard to find in prime Brooklyn: Assisted living.

A private-equity firm has purchased one of the last Jehovah’s Witnesses’ properties, 21 Clark Street, and plans to turn it into a senior residence.

“We will literally be overrun with demand,” the chief executive of the firm, Kayne Anderson Real Estate, told The Wall Street Journal. “There is an urban clientele that absolutely wants to be in high-end senior housing and is not looking to relocate.”

Brooklyn Heights -- 25 Clark Street History

Photo via eBay

The building, also known as 25 Clark Street, was built in 1928 as the Leverich Towers Hotel, one of several grand hotels in the Heights. The Witnesses have moved upstate and are nearly done liquidating their impressive portfolio of Brooklyn real estate.

The building will open in about two years with some 300 apartments, a swimming pool and dining rooms, according to the Journal, with rents expected to be $7,000 to $10,000 a month.

The shortage of senior living facilities in the borough was highlighted by the controversial closing of Park Slope’s troubled senior assisted living facility Prospect Park Residence, whose owner sold it to a developer who plans condos. The shortage of senior care facilities in the borough is due to high property values, according to the New York Times.

Brooklyn Heights -- 25 Clark Street History

Photo by Suzanne Spellen

[Source: Wall Street Journal]

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