Watchtower Divestment Continues: The Bossert on the Block
After putting six of its Brooklyn Heights properties on the market last spring, the Watchtower Group announced yesterday that it would also be selling one of its crown jewels in the area, the Bossert at 98 Montague Street. In its typical fashion, the religious organization didn’t set an asking price for the 14-story former hotel….
After putting six of its Brooklyn Heights properties on the market last spring, the Watchtower Group announced yesterday that it would also be selling one of its crown jewels in the area, the Bossert at 98 Montague Street. In its typical fashion, the religious organization didn’t set an asking price for the 14-story former hotel. Instead, it’s issuing a Request for Best Offer. Known as the “Waldorf Astoria of Brooklyn” in its day, the 200,000-square-foot building is currently divided into 224 apartments. Predictions for the sales price?
Good Lord! Watchtower Divesting Six Heights Props [Brownstoner] GMAP
they have approved plans to build 4 (?) very tall buildings there. it’s been approved for a long while now. they plan on concentrating brooklyn operations in those new buildings and the buildings around the dogpark and divest all the Heights properties. Also, they’ve move a lot of operations (printing ,etc) up to Beacon, NY
The Bossert and the Watchtower buildings in DUMBO are interesting, sure, but what I want to know is what will become of their HUGE parking lot bordered by York, Jay, Front and Bridge Streets?
2:53, People in BK Heights have money, but not that much money. I’d rather spend 25-30K a year to send my child to Dalton rather than put 50-100K into an investment partnership (plus whatever expenses for running the school) that will be hard to get my money out of when my kids graduate.
2:53
This is a prime hotel location, and there are several major hotel developments that have received funding recently – several of which are in downtown Brooklyn.
I am quite suprised that the Watchtower would be bringing this building to market at this stage of the real estate cycle. They must have planned this sometime ago and are not able to make adjusts considerate of current market conditions. The ability for any lender to securitize the debt on this property for anything other than rental is non-existent. The price point they achieved at the Standish ($50MM, or $640 psf) was far below the early speculation of pricing at $850 psf or more. As you might be aware the Standish is now a rental property, it is not being converted to a condominium. The decision to go rental was the default strategy due to the complete absence of funds from the market place for condominium conversions. From the buyers perspective the timing of the Standish sale could not have been worse.
While an established boutique hotelier may have the deep pockets to make a hotel work in this location the surrounding retail is not supportive of the customer base such a hotel operator would have to market to.
The neighborhood parents should form an investment partnership and buy the property for use as a school. Which seems to be the “use” with the most demand at the moment.
2:15, they’re getting rid of properties cuz for years there has been a split btw those who wanted to stay in Brooklyn, and those that wanted to move everything upstate. Apparently upstate has won.
I lived on the same block as the Bossert when they were renovating it, and at least on the outside, they did a great job. Would be wonderful to see the restaurant at the top open again.
If I had a dollar for every Witness who died waiting for the world to end, I could buy the Bossert and have a bit left over.
Denton
these are some of the most funny and varied comments I’ve read in a long time. I wonder whether it matters or anyone reads these or whether it adds up to nothing?
I wonder if you/ we/ anyone can get Harvard, Princeton, NYU to comment on their non-profit finances like these questions put to those people?
I wonder if those bitter comments by others preceding this one, will be bidding on the property, or whether it matters?
I wonder, not why they’re selling but why now? Didn’t they just get rid of 360 Furman Street building on the docks? Aren’t there new ships berths nearby and a lot of passenger traffic because of the Queen Mary and Princess Cruises at those piers?
I guess time will tell or should I say, time will answer; one thing is certain, a lot of eyes are watching…..
The Standish Arms went for about $50 million it’s less than half the size (around 80,000 SF compared to 200,000 for the Bossert). The finance markets is a bit tighter now than it was this summer when the Standish sold, so I would say that $100 – $120 million sounds about right to me.
I’ve been in the building – the lobby is beautiful and has been restored. The upper floors are mostly small hotel sized rooms (don’t know what the original rooms look like, so I don’t know if it’s been gutted or not). It would be pretty easy to return it to use as a hotel. It would take alot of work to turn it into condos – you’d neet to gut renovate to create larger units.
870,510,226,321,309 Watchtower tracts and 2,947 polyester outfits for those Witnesses who litter our lives with such wasted paper.