A long coveted set of properties in Dumbo is now on the market, and developers may be willing to pay as much as $400 million for their purchase. The Jehovah's Witnesses have put up their headquarters located at 25-30 Columbia Heights, known for its iconic, red Watchtower sign out front, for sale, along with two other properties located at 124 Columbia Heights and 85 Jay street respectively, The Brooklyn Daily Eagle reports.
The sales offering marks the next step in the ongoing exodus of Jehovah's Witnesses' massive stock of Dumbo and Brooklyn Heights properties.
Of three sites on sale, the headquarters site is the largest with 773,000 square feet, and covers two blocks. The property on Jay Street is currently used as a parking lot and has 135,000 square feet of space. And the final property on sale is a ten-story residential building also on Columbia Heights with 124,000 square feet of space.
Real estate developers began making inquiries into these properties two years ago and were willing to pay as much as $400 per square foot, which would amount to a total of almost $400 million for all three properties, according to the Eagle.
Upon the sale of their headquarters, the Witnesses will move to their new location in Warwick in Upstate New York, which is expected to be complete sometime in 2017.
The Witnesses began selling a large chunk of their properties in 2011, with one of the largest sales so far being the $375 million Jared Kushner of Kushner Companies paid for six Watchtower site buildings in 2013.
The Jehovah's Witnesses still own a dozen properties in the Brooklyn Heights area that have not been put up on the market yet, according to the Eagle.
· Breaking news: Jehovah's Witnesses put Brooklyn Heights headquarters up for sale [Brooklyn Daily Eagle]
· Dumbo's Watchtower-Replacing Tech Hub Will Look Like This [Curbed]
· Transformation of More Watchtower Sites Begins In Dumbo [Curbed]
· Jehovah's Witnesses Archives [Curbed]