Holy Cow! Jehovah’s Witnesses selling six DUMBO properties for $375 million
The Jehovah’s Witnesses are selling a package of six prime DUMBO properties for a whopping $375 million, the buyers announced Monday.
Several of the buildings are expected to be redeveloped as offices – which will be a boon to a neighborhood that’s starved for office space for growing tech firms. Office vacancy in DUMBO is 1.25%, according to published sources.
The buildings being sold by the Watchtower Bible and Tract Society of New York Inc. are 117 Adams St., 175 Pearl St., 55 Prospect St., 81 Prospect St., 77 Sands St. and 90 Sands St., which altogether have a total of more than 1.2 million square feet of commercial space, buyers RFR and Kushner Companies said.
The two New York City-based real estate firms entered into a contract to purchase the buildings – which they will redevelop in partnership with LIVWRK Holdings. The massive property deal is the next step in the Jehovah’s Witnesses’ long-running effort to sell their Brooklyn holdings for a move to upstate New York.