The Real Deal New York

Latest Witnesses-owned property in Brooklyn Heights hits the market

Building could be converted to single-family home
By Guelda Voien | July 24, 2012 06:00PM

Another Brooklyn Heights property in the Jehovah’s Witnesses’ vast portfolio, has hit the market, David Schechtman of Eastern Consolidated, who is marketing the building, told The Real Deal today.

The 10-unit, five-story residential building, has a $3.4 million ask, and it could easily be converted to a single-family home – an approach taken at some other multi-family buildings mainly on the Upper East Side, recently. The 5,088-square-foot building, located at 67 Remsen Street, features a private garden and will be delivered vacant, Schechtman said.

Previously, the building housed students and volunteers associated with the religious group’s Watchtower Society, a non-profit organization. As the Jehovah’s Witnesses go forward with their planned move upstate, to Warwick, N.Y. and Patterson, N.Y., the residences were no longer necessary, Schechtman said.

The group’s large portfolio of buildings — in the Brooklyn Heights, Dumbo and East Village areas — have been marketed variously by Massey Knakal, Cushman & Wakefield’s Nat Rockett, and now, Eastern. Engaging a third firm is a sign that the religious group has decided now is the time to divest from their properties, one source said. The group owned 25 Brooklyn buildings, before they began selling them off two years ago.

If left a multi-family dwelling, the net operating income at the building would be about $140,000 a year, documents obtained by The Real Deal show.

But in the Brooklyn Heights area, where second quarter sales data shows the average price for a co-ops and condos at $890,000, a well-maintained single-family home might be a bigger draw. A three-bedroom townhouse just down the street, at 12 College Place, just went into contract for $4.85 million, shows.

“Inside of a million [in construction costs], and you could easily have one of the nicest townhouses you will ever see,” Schechtman said.

  • TKDyer

    How can they sell another property when their assets are frozen from the child abuse court case in California?

    • leonard abbott

      Contact Us: United Stat32 I may be wrong but here is what I see in prophecy “Now learn from the fig tree as an illustration this point: Just as soon as its young branch grows tender and it puts forth leaves, YOU know that summer is near.+ 33 Likewise also YOU, when YOU see all these things, know that he is near at the doors.+ Christians should expect the return of Christ Sometime before the weather gets warm praying that YOUR flight may not occur in wintertime, nor on the sabbath day;* 21 for then there will be great tribulation*+such as has not occurred since the world’s beginning until now,+no, nor will occur again. 22 In fact, unless those days were cut short, no flesh would be saved; but on account of the chosen ones+ those days will be cut short this means in your prayers thank Jehovah you will not be forced to relocate in extreamly cold weather, and if you waite for Jehovahs’s Sabath of 1,000 yes it will be too late to fleees

  • Cashing out for the kingdom of God.

    The Watchtower Society has lotta money,just like Scientology HQ that took over Clearwater Florida buying up property that pays no real estate taxes for city services also has lotta money.
    Billions of dollars in assets they are indeed fabulously wealthy
    There is nothing wrong with being a billionaire.It’s how the Watchtower got all those billions by ‘encouraging’ followers like my extended family to give them our money because Armageddon was coming any minute (what amounted to my inheritance retirement savings) it really is ‘fraud for God’.
    Thinks about this when Jehovah’s Witnesses come knocking on your door with subscriptions for ‘everlasting life’.

    • TKDyer

      I used to be one, You’re preaching to the choir :-) Still, their assets are supposed to be frozen, unable to buy or sell until the appeal is settled.