Religions Create Unsaleable Properties

by metatron 8 Replies latest jw friends

• 

  metatron

  Religions create unmarketable properties. I can well remember how they tried to find a way to get rid of the facility that

  Oral Roberts tried to build in Oklahoma.

  Advertisements for "The Bible Speaks" property ran in the WallStreet Journal after they lost a bundle in a court case.

  Likewise, I believe an auction was advertised to get rid of Ambassador College ( Armstrong's Plain Truth).

  The next time someone tells you about how rich the Watchtower is, consider: Who would want to buy their assets, really?

  What company wants to buy a huge factory complex in a liberal inner city environment , that desperately needs tax dollars?

  Read the recent NY Post articles about NYC cops issuing tickets for anything to raise revenue.

  The Germans and Japanese zealously avoid Northeast inner cities - and set up manufacturing in conservative Southern towns.

  ( BMW and Nissan). Such properties could actually become a liability, needing to be torn down to sell the land and

  requiring maintenance in the meantime. GOD FORBID, they should be forced to pay taxes on this mess.

  Who wants to buy the Society's equipment? The Christian Science church developed its own TV news service years ago.

  The whole thing flopped and they got stuck selling off some very nice equipment at a big auction. Used printing presses,

  anyone?

  Who wants a huge auditorium? What would you buy an Assembly Hall for? And aren't most US companies in debt, tapped out?

  I know how some local types got rid of a huge theatre they couldn't sell. They bribed and pulled strings to get the local county

  to buy it 'to show classic movies' and 'run a tourist center'. It never happened and the city tore it down. Seen any dead movie

  theatre property recently?

  Kingdom Halls and Apartments in Brooklyn can be sold off to rapidly growing born again groups or upwardly mobile gays

  respectively.

  Needless to say, I'm very skeptical about the Watchtower's property 'investments' --- and recent rumors about liquidation.

  What sense does it make to drop a large printing facility in NYC, which is a port city, only to rebuild in another part of

  New York state? Something here isn't kosher...............but the WTS may be in a pickle!

  metatron
• 

  Nosferatu

  Interesting you bring this up. I recall an Assembly Hall that was trying to be sold, since a new Assembly Hall / triple Kingdom Hall was built to replace it. The old one took years to sell, and I believe it was finally sold to the Baptists.
• 

  jgnat

  I dunno. Convention centre space is sought out in my neck of the woods. Of course church decor may be slightly out of date. My old church property was built like a gym. It was bought by an inner-city social agency.

  Don't forget also that the property itself may be far more valuable than the building on it. Location, location, location.
• 

  metatron

  exactly so -- land may be more valuable than the building BUT it may cost huge amounts of money to tear down a large

  building and haul it away. The World Trade Center is one example.

  The cost of demolition can negate the total value of the asset, thereby.

  metatron
• 

  FreeWilly

  It may take awhile, but my guess is that is WT put the Furman st complex up for sale they would indeed get a hefty sum for it. There are any number of companies that would like its port access and metro location. Its prime property IMHO. Any big sale takes awhile, but they'll get plenty for it. They can rebuild in (cheap) upstate NY where the cost of nearly everything is less and pocket the difference. Their factory builings and residences will definetly have buyers too. I think this is the reason for the relocation efforts.
• 

  metatron

  The Society bought many of these properties from businesses wisely trying to get out of NYC.( like Squibb)

  Anybody buying a factory in NYC is an idiot. The Germans and the Japanese avoid the inner city in favor of

  Southern conservative towns.( BMW and Nissan) NYC is broke with cops sent out to ticket everything they can find ( read the past

  week's NY Post).

  This whole move to upstate NY doesn't make sense to me. The matter needs further analysis.

  metatron
• 

  proplog2

  Metatron:

  Good point. That's why the argument that Babylon The Great is Religion is bogus. The idea that governments are going to seize religious property to prop up failing economies is extremely naieve. Governments have more property right now then they can maintain.

  Religion typically accounts for only 3% of the gross national product in most countries. Most of that money goes toward supporting missionary outposts, clergy salary, teachers and professional managers. Very little of their funds goes toward property and the actual maintenance of church property is a drain on their meagre budgets.

  True some individuals have gotten rich off of religion. But we're not talking super-rich. When was the last time you heard a graduate couseled to go into "religion" cause that's where the money is.
• 

  metatron

  It's a fair point. Many religions are asset rich but poor in operating cash.

  As to Babylon the Great, I can't help but remember the words she speaks that the Watchtower's hierarchy would never

  apply to themselves:

  "I sit a queen and am no widow and will never see mourning"

  I guess every religion thinks itself invincible.

  metatron
• 

  Michael3000

  I used to work in 360 Furman, back when I was a Commuter Bethelite. "11 million square feet", they used to brag. Oh, how the mighty have fallen!

  New York realty market being what it is, I am sure some development company will snap up 360 & convert it into livable loft apartments. That would certainly make for some HUGE living space! Each floor has a ceiling height of about 15 feet (or so).