It seems that the bounty expected from the Brooklyn HQ sale may not be as bountiful as thought. How is that going to affect their shaky finances?
http://nypost.com/2016/02/23/jehovahs-witnesses-selling-watchtower-building-for-220m/
Is WT going to be disappointed in their Brooklyn Revenues?
by Slidin Fast 10 Replies latest watchtower scandals
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Slidin Fast
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Beth Sarim
We shall see the 'disappointment' down the road if/when the Borg starts guilt-tripping the rank and file more money.Link +1 / -0 -
slimboyfat
Maybe the properties were leveraged against boom time valuations and the sale prices don't even cover their debts.Link +2 / -0 -
talesin
They are getting out while the getting's good. WTS did not suffer from the real estate bubble of 2008/2009, but they quickly got into gear and started selling. Real estate speculation has proven to be a worthy investment. Perhaps some of the bad press they've received re: unfulfilled promises to the borough of Brooklyn, has lowered their price, but their ROI is still nothing less than spectacular.
Lest we forget, they paid ZERO property taxes on these valuable investment properties.
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NVR2L8
I guess they want to get the most out of the sale by handling the transactions in house. No other corporation could have made more profits from the sales of these buildings because the WT not only purchased them at a low price, but also because they renovated and maintained them with donated money and free labour. -
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done4good
On this one, I would consider the source. NY Post is a tabloid, and a bad even for a tabloid.
They are making lots of $$$ for properties long since paid off, that they bought for pennies on today's dollar. WTS would not be selling at all if they thought they could do better.
d4g
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