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.