The Real Deal looks at the Watchtower’s Brooklyn Heights real estate holdings and speculates how much the organization could make once it decides to put its remaining properties here on the market:
The Real Deal: Over the next decades, the Watchtower Bible and Tract Society, as it is officially known, bought up some incredibly valuable real estate as its operation expanded. Today, the organization’s portfolio totals 25 Brooklyn properties — brownstones, Beaux Arts multifamilies, modern high-rises and parking lots — that are said to be worth at least $1 billion.
But the Heights’ largest landlord may soon be its biggest property seller. Continuing a trend that started in 2004, when the Witnesses sold a warehouse that became the condo One Brooklyn Bridge Park, the group has been steadily downsizing in order to relocate upstate.
Indeed, the Witnesses have built a new printing plant in Wallkill in upstate New York, and an educational center across the river in Patterson. It’s also planning an $11.5 million facility in Warwick. If that proposal gets a green light and market conditions improve, a slew of properties in Brooklyn Heights, Downtown Brooklyn and Dumbo could soon change hands.
A nice spread detailing the properties after the jump: