The Real Deal New York

Jehovah’s Witnesses may only get $220M for Watchtower building

TerraCRG's Ofer Cohen had predicted it could sell for as much as $500M

February 24, 2016 08:04AM

Jehovah's Witnesses Brooklyn

Rendering of 25-30 Columbia Heights in Brooklyn Heights (credit: Jehovah’s Witnesses)

The Jehovah’s Witnesses may have missed the ideal moment to sell their iconic Watchtower headquarters building in Brooklyn Heights.

The group may have to settle for a price as low as $220 million for the 733,000-square-foot property, located at 25-30 Columbia Heights, the New York Post reported, citing sources familiar with the bidding process.

TerraCRG president Ofer Cohen had previously forecast the building could go for as much as $500 million.

The Witnesses are moving to Warwick, N.Y., and are looking to sell their remaining Brooklyn properties. Along with the Watchtower building, the religious organization is marketing a 152,000-square-foot residential building at 124 Columbia heights, and a city-block-sized development site at 85 Jay Street.

Reported bidders for the properties, according to the Post, include the city’s largest office developers: East End Capital, Westbrook Partners, Vornado Realty Trust, Tishman Speyer Properties, L&L Holdings and Savanna. [NYP]Ariel Stulberg

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