Watchtower Building in Heights Brings $6.6 Million

May 1, 2012 Brooklyn Eagle Staff

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By Linda Collins

Brooklyn Daily Eagle BROOKLYN HEIGHTS — Another Watchtower Bible & Tract Society property in Brooklyn Heights has sold, according to Massey Knakal Realty Services. It was the third of three residential buildings the brokerage was handling on behalf of the religious organization (also known as the Jehovah’s Witnesses).

This most recent sale was of the seven-story elevator apartment building at 183 Columbia Heights, between Clark and Pierrepont streets, which sold to an investor for $6.6 million, said Bob Knakal, Massey Knakal chairman. Knakal worked with Stephen Palmese, director of sales in the firm’s Brooklyn office, on the exclusive listing.

According to PropertyShark.com, the closing took place on April 17 with the buyer identified as 183 Columbia Holding LLC, and also known as Mitchell Holdings LLC, based in Manhattan.

First reported in Crain’s New York Business last week, the sale price was 14 percent below its asking price. A representative of the new owners, David Mitchell, told Crain’s that their plan was to convert the 13-unit property

183 Columbia Heights, Brooklyn Heights Image courtesy of Massey Knakal Realty Services

into luxury rentals after investing an undisclosed amount of money in the building. Leasing could begin by mid-summer, he noted.

He also told Crain’s that this is the first of many acquisitions the company hopes to make in Brooklyn, to build a multi-family portfolio in the borough.

Calling it a “gorgeous residential building,” Knakal said the property has been immaculately maintained, something that is known to be typical of Watchtower properties.

The 15,158-square-foot building has two units per floor and one floor-through unit on the fifth floor, with “stunning unobstructed views of the Manhattan skyline, harbor and bridges from the upper floors,” Knakal said, adding that it was delivered vacant to the buyer.

As the Eagle reported earlier this year, Sugar Hill Capital Partners was the buyer of the other two properties marketed by Massey Knakal — 161 Columbia Heights, which sold in February for $4.1 million, and 50 Orange St., which sold in January for $7.1 million.

The Corcoran Group Brooklyn is also marketing residential properties on an exclusive basis on behalf of the Watchtower — at 34 Orange St., 76 and 105 Willow St., 67 Remsen St. and 165 Columbia Heights.

Also, as the Eagle has reported, the Watchtower is selling off buildings because of a planned move of its world headquarters to Warwick, N.Y.