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

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

Brookfield Asset Management CEO Bruce Flatt

“We underwrite every investment like we’re going to hit a recession”: Brookfield CEO

Cadre founder Ryan Williams and Allen Smith

Cadre brings on former Four Seasons CEO as president

AKS Capital Partners Managing Partners Aaron Appel and Walker & Dunlop CEO Willy Walker

Walker & Dunlop acquires Aaron Appel’s AKS Capital Partners

From left: Publisher and founder Amir Korangy, Editor-in-chief Stuart Elliott and VP of Corporate Development Yoav Barilan

TRD’s founders share war stories from over the years

As the years go by_A look back at 17 years of real estate history

A look back at 17 years of real estate history

250th Issue

The Real Deal celebrates 250 issues

Neir’s Tavern (Credit: Google Maps)

City’s oldest bar, of “Goodfellas” fame, gets last-minute lifeline

Neir's Tavern (Credit: Google Maps)

Landlord to bar owner: You don’t have to go home but you can’t stay here