The Real Deal New York

Jehovah’s Witnesses sell Dumbo development site for $31M

By Zachary Kussin | April 25, 2013 04:00PM

UPDATED, 4:25 p.m., Apr. 25: The Jehovah’s Witnesses have sold another portion of their New York City property portfolio in apparent preparation for their move upstate. Three contiguous Dumbo parcels — located at 173 and 177 Front Street and 200 Water Street — traded hands for $30.6 million, according to city records filed today.

It appears that Brooklyn developer Shelly Listokin of Urban Realty Partners is the buyer. Listokin is listed in loan documents as the manager of an entity, Dumbo URP LLC, that took out a $22 million mortgage on the property from UBS. Listokin was one of the developers of Brooklyn’s 20 Henry Street.

The lot totals 30,463 square feet and can accommodate nearly 150,000 square feet of development, according to a Cushman & Wakefield press release from June 2012, when the religious organization tapped the firm to market the plot.

The parcel is zoned for hotel, residential and community use, the release said.

The Cushman team of Helen Hwang, Nat Rockett, Steve Kohn and Karen Wiedenmann handled the marketing. A Cushman spokesperson declined to comment on the sale.

The Front Street lots are reportedly vacant. The Water Street address houses a three-story warehouse that was formerly the headquarters and production center of Brillo Manufacturing, known for their steel wool Brillo pads, according to a Jehovah’s Witnesses spokesperson.

The property entered contract early this January and transferred in mid-March, records show.

Andrew Greene, listed as the buyer’s attorney, declined to comment on the purchase.