Nearly a year after it came on the market, a Jehovah’s Witnesses-owned rental building in Brooklyn Heights has sold for $87.5 million, The Real Deal reports. Though a pretty pricey sale in itself, it’s significantly less than the $185 million some real estate websites had predicted it would sell for.
Clipper Realty, the developer behind the failed condo conversion of the Sony building, is the buyer behind this Brooklyn Heights sale, and is the latest among big name developers to scoop up a Jehovah’s Witnesses property.
The building, located at 107 Columbia Heights, is an 11-story building and comes with a massive landscaped courtyard. The folks at Clipper Realty told TRD that they plan to convert part of this courtyard into additional apartments. The sale is expected to close in May this year.
The Witnesses have been rapidly decamping from their onetime Brooklyn Heights and Dumbo stronghold as they make their way to their new base in Warwick, N.Y. Over the course of the last year, they sold the iconic Watchtower Building for $340 million to CIM Group, Kushner Companies, and LIVWRK, , and they also sold a massive parking lot to Kushner Companies at 85 Jay Street, among other sales.