nowwhat: If I'm not mistaken, earlier this the property was expected to bring in close to a billion
Yes, but that was when the deal was to include another site besides the headquarters.
The 85 Jay Street deal is yet to be closed
http://ny.curbed.com/2016/8/4/12375806/brooklyn-heights-jehovahs-witness-watchtower-sale
For months there have been rumors that Kushner and LIVWRK would scoop up the headquarters, alongside a developable site at 85 Jay Street, for as much as $700 million. (The partnership was also supposed to include Aby Rosen's RFR Holdings but TRD hears that he is no longer involved.) While the team paid $340 million for the headquarters, they have yet to close on the 35,000-square-foot site at 85 Jay. That is likely to bring in big bucks: the parcel comes with 1.1 million square feet of as-of development rights, meaning they could build something like the supertall towers of 57th Street without a formal approval process.