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
Actually, the Yankees used to frequently stay at the Grand Concourse Hotel. It also was a beautiful hotel in its day.
More importantly, why don’t churches pay taxes?
GHB, LOL. Why wouldn’t the players and coaches of the Brooklyn Dodgers live at home? The Yankees and Mets don’t stay in hotels in New York.
This has got me thinking: Why do religious and educational institutions need endowments and large investments? They are non-profit and should only need enough to fulfill their operating costs, correct? Of course you need a cushion, but I really don’t understand holding billions worth of real estate when it seems like they don’t use the property (or use it for purposes that don’t really “fit” their main purpose). I could understand if their most valued property were used for churches, but it seems like the buildings in DUMBO are warehouses or something. And what were they doing with this building and the houses across Brooklyn Heights?
It just doesn’t make sense to me when non-profits make investments to make money and it seems like this is what they were up to when they bought these properties.
This also applies to educational institutions. Why does Harvard, Yale and Princeton need billions in endowments when their operating costs are in the tens to hundreds of millions? I think I read somewhere that Harvard could sustain itself on just its endowment and profits from the endowment (without tuition and additional alumni giving).
I just hope the Witnesses didn’t strip the hotel of its character. This was once an elegant hotel, and it would be great to see it revived. Isn’t this where the Brooklyn Dodgers stayed?
Bob,I’m glad to hear I’ve made such an impression on you.
“this one will sell for a burrito and a fart.”
Sadly, neither are currently available on Montague Street.
this one will sell for a burrito and a fart.
I’ve been waiting for this day for YEARS! This could completely transform Montague street. A hotel or condo with a bar and a restaurant. A thousand plus people living (even temporarily) on Montague would create a market for more than just banks and chinese on the strip. I’ve been inside in last 6months and it could easily go back to a hotel. It’s in lovely condition. But the Witnesses aren’t dumb and they don’t sell cheap. 150mm?