As countless recent headlines have proclaimed Brooklyn’s real estate prices to be at an all-time high, it came as a bit of a shock that the value of the Watchtower’s Brooklyn Heights headquarters may have gone down by $80 million since last year.
The New York Post reported Tuesday that according to sources, the Jehovah Witnesses’ headquarters at the foot of Columbia Heights “will end up being sold for $220 million-plus — but not the nearly $300 million it could have fetched in 2015 before the economy started rumbling.”
As the Brooklyn Eagle reported in early December, the Witnesses, who have been a staple of Brooklyn Heights since 1908, are selling their headquarters and two other properties before relocating to upstate Warwick. At that time, a source told the Eagle that the three properties could sell for a combined $1.2 billion.
The expected completion date for the construction of the Watchtower’s new headquarters is September 2016.
Richard Devine, a Jehovah’s Witnesses spokesman, told the Eagle that the Witnesses’ process of moving out of Brooklyn will start in fall 2016 and continue into 2017.
The Witnesses have already sold numerous properties, including a six-building set of DUMBO buildings purchased by Jared Kushner, RFR Holdings and LIVWRK. That $375 million deal was completed in 2013 for $312 per square foot.
The Witnesses still own another dozen Brooklyn Heights and DUMBO properties that they have not yet put on the market.