Despite the assessment, the Watchtower apparently paid $57 million for it, based on calculations from the transfer tax on the deed.
We must obey any orders that come from "mother" no matter how insane they may be. That must be why they paid $56,000,000 for a property assessed at $31,000,000.Here is an article that explains the difference between assessed, appraised, and market values:
http://www.nytimes.com/2004/08/08/realestate/your-home-market-vs-appraisal-what-s-the-real-value.html
Assessed values are not always the same as market values or appraised values.
Assessors may have their own reasons for valuing something lower than the buyer would pay in order to equalize the taxes for an area. Knowing that the property will lose it's tax-paying status, he may even have gone lower for political reasons. Or that's simply the way it's valued in that area in order to fit the tax structure enforced upon all home-owners.
Yes, Watchtower is selling in one area and buying in another. They will get volunteers to resurface the parking, tuck point, clean up, repair, redecorate, garden, yadda yadda yadda at these apartments and increase the value. They will one day sell them for a greater price than they paid.