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

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

TRD New York /
Feb.February 24, 2016 08:04 AM

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

Related Articles

Vornado's Steve Roth and 220 Central Park South (Credit: Getty Images, iStock)

Free and clear: Vornado pays off debt at 220 CPS

Vornado chairman and CEO Steven Roth, and 608 Fifth Avenue (Credit: Getty Images)

“Negative surprises”: Vornado execs talk retail struggles on Q2 earnings call

Steven Roth, CEO of Vornado and 640 Fifth Avenue (Credit: Getty Images and Vornado Realty Trust)

Bank of China issues $500M to Vornado in refi of 640 Fifth Avenue

120 Broadway and Thornton Tomasetti’s Peter DiMaggio, Tom Scarangello and Michael Squarzini (Credit: Google Maps)

Thornton Tomasetti takes 100K sf at 120 Broadway

Clockwise from left: 1290 Sixth Avenue, 40 Wall Street, President Donald Trump, Trump National Doral in Miami and Trump International Hotel in Washington, DC (Credit: Getty Images, Vornado, Wikipedia)

Trump Org’s office holdings help offset hotel losses: analysis

From left: Jeff Bezos with 212 Fifth Avenue and Ken Griffin and Sting with 220 Central Park South (Credit: Getty Images, StreetEasy)

Records, records and more records: Resi deals set higher bar in 2019

220 Central Park South and Vornado chairman Steven Roth (Credit: Google Maps, Getty Images, iStock)

At 220 CPS, three deeds in one day fetch $150M

Moinian Group CEO Joseph Moinian, and a street view of the new Best Buy location (535 Fifth Avenue, at left) and the old one (529 Fifth Avenue, at right) 

Best Buy signs lease for new store at 535 Fifth