Coco: It was exciting as we anticipated the countdown to the Big A.
No denying the craziness of the religion, but money and real estate were by no means the focus.
Well, it might not have been the focus for you, Coco, but...
The 60s and 70s were a buying frenzy for the WTS:
When the rest of Brooklyn Heights was besieged by crime and blight in the 1960s and 1970s, the Witnesses snapped up properties and meticulously maintained them. “The Bossert Hotel, when they bought it, was a mess,” Citi Habitats’ TRData LogoTINY Christopher Havens told the Commercial Observer. “There were hookers there.”
coco: What a total letdown, on all counts.
Not so much for the WTS. They made lot$$$$$$ on their wise and prudent real estate foresight. While you and the other faithful JWs were concentrated on cleaning convention rentals, they were stockpiling real estate in Brooklyn that paid them back large.
At one point, the Witnesses held 4.5 million square feet over 30 buildings. They’re down to nine buildings, having made about $1.25 billion on staggered sales since 2004, according to the CO.
In August, a partnership between Kushner Companies, CIM Group and LIVWRK closed on the flagship Watchtower building for $340 million.
“The selling off in a systematic manner worked to their benefit because they set the market,” said Timothy King of CPEX Real Estate. “Each sale almost set a record for one [transaction] but then raised the bar for the next one. This was very thoroughly thought out and executed.”