Watchtower Sells DUMBO Properties For $375 Million

According to a press release issued yesterday, the Watchtower has sold its DUMBO properties for $375 million. This is part of the organization’s plan to move its operations to Warwick in upstate New York.

While some speculate that the buildings will be turned into condos, the Sands Street locations are are part of the Brooklyn Tech Triangle’s Maser Plan and are likely to be turned into office space to house DUMBO’s rapidly expanding tech businesses.

Here’s the presser:

RFR and Kushner Companies today announced that they have entered into a contract to acquire six properties in Brooklyn from the Watchtower Bible and Tract Society of New York, Inc. The properties, all located in the heart of the thriving DUMBO (Down Under the Manhattan Bridge Overpass) neighborhood, will be purchased for $375 million and will be redeveloped in partnership with LIVWRK Holdings.
The properties included in the portfolio are: 117 Adams Street; 175 Pearl Street; 55 Prospect Street; 81 Prospect Street; 77 Sands Street and 90 Sands Street. Together, the properties total more than 1.2 million square feet of commercial space.
“We are delighted to partner with Kushner Companies and team with LIVWRK to become the new stewards for these exceptional properties in this burgeoning neighborhood,” said Jason Brown, RFR’s Head of Acquisitions.
“These properties feature large, creative office space right in the heart of the growing Brooklyn tech triangle. We look forward to playing a key role in the continued improvement of the neighborhood and advancement of the market,” said Jared Kushner, CEO of Kushner Companies.
“We feel privileged to program and activate this game changing project. Watchtower took impeccable care of these assets and we are thrilled to help incorporate them into DUMBO’s thriving mixed use community,” said Asher Abehsera, LIVWRK Holdings.

The Watchtower Bible and Tract Society first moved to Brooklyn Heights in 1909. They adopted the name Jehovah’s Witnesses in 1931.

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  • Smack

    Warwick is just over 3 miles from NJ. It is 300 miles from Canada. I know “upstate” is used very differently by different people but really?

  • marshasrimler

    Now that the Brooklyn Tech Triangle is rocking it makes less sense that ever for the Brooklyn Public to move the Business and Career Library out of Downtown and bury it in the stacks at Grand Army Plaza.The Cadman Plaza building needs to be refurbished for todays Brooklyn which is vibrant and growing. The library needs renovation and reinvention. Perhaps some of the increased taxes the city will get from new businesses in the tech triangle can be designated. The sorry plan of BPL is old.
    Either the CEO, staff and Board need to realize this or they need to be replaced by a new Borough President and Mayor

  • BrooklynBugle

    It’s upstate, same way Monticello is upstate.

  • http://www.youtube.com/watch?v=UlsiLOnWCoI Arch Stanton

    Everything north of The Bronx is Upstate.

  • Alex

    This is a talk from the 2013 ‘Gods Word Is Truth’ Jehovah’s Witness convention. Apostates is a label the Watchower slaps on you is you dare leave and speak about your experience.

    Warning: This is very disturbing.

    http://www.youtube.com/watch?v=5_AdAVbhMRg