Here’s how much Fortis paid for its Jehovah’s Witnesses site

Company is planning 26-story, 74-unit apartment building at 30 Front Street

New York /
Dec.December 19, 2018 05:22 PM

An aerial of 30 Front Street and Jonathan Landau

Fortis Property Group has closed on its purchase of 30 Front Street from Jehovah’s Witnesses for $91 million, according to property records.

The religious group had used the site as a parking lot, and it was the last remaining property that they had at their former Brooklyn headquarters.

Fortis plans to build a 26-story apartment building with 74 units on the site. The project will span about 250,000 square feet overall, split between 178,000 square feet of residential space and 72,000 square feet of community space.

Fortis is also planning a mixed-use project at 350 Hicks Street in Cobble Hill spanning about 120,000 square feet.

The Jehovah’s Witnesses have sold a total of 37 Brooklyn properties since 2004, according to the religious organization. Other recent deals include the $60 million sale of 74 Adams Street to developer Jeffrey Gershon and the $202.5 million sale of 21 Clark Street to Kayne Anderson Real Estate Advisors.

Neither Fortis nor the Jehovah’s Witnesses immediately responded to a request for comment.


Related Articles

arrow_forward_ios
Blackstone's Ken Caplan (iStock; Blackstone)

Industrial now 36% of Blackstone’s RE portfolio

Industrial now 36% of Blackstone’s RE portfolio
Almanac Realty Investors managing director Matthew Kaplan (Almanac Realty; iStock)

Workforce housing investor gets $320M boost

Workforce housing investor gets $320M boost
Corcoran to sublet 50K sf in IBM Building

Corcoran to sublet 50K sf in IBM Building

Corcoran to sublet 50K sf in IBM Building
 Robert Morse, executive chairman of Bridge Investment Group, one of the major Opportunity Zone investors focusing on real estate.  (Bridge, Stanford)

Opportunity Zone investments got a boost in 2020

Opportunity Zone investments got a boost in 2020
333 Johnson Avenue with Royalton Capital’s Jin Lee, Sciame Construction's Frank Sciame and Normandy Real Estate Partners' Finn Wentworth (Royalton Capital, Sciame, Normandy)

Normandy sued by former partners for hiding Netflix deal

Normandy sued by former partners for hiding Netflix deal
Fabric co-founder, CEO Elram Goren (Getty, Elram Goren via LinkedIn)

Startup wants to bring “micro-warehouses” to vacant retail

Startup wants to bring “micro-warehouses” to vacant retail
Security around Trump Tower to be reduced after 45th POTUS leaves office. (Getty, The Trump Organization)

Fifth Avenue will look different after Trump leaves office

Fifth Avenue will look different after Trump leaves office
(Getty, iStock)

Booster shot: NYC real estate sees salvation in vaccine

Booster shot: NYC real estate sees salvation in vaccine
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...