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'Last Great Site In DUMBO' makes developers drool, crunch numbers


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Here are a few articles in the "Brooklyn Daily Eagle" about our property sales.

 

 

'Last Great Site In DUMBO' makes developers drool, crunch numbers

 

Jehovah, hear our prayer!

Eager developers have been trying to convince the Jehovah's Witnesses to sell the biggest bulldozed-and-ready-to-build development site in DUMBO – for a princely sum.

Would-be buyers who have approached the Watchtower about the three-acre site at 85 Jay St. are willing to pay $400 per buildable square foot for the land, a source told the Brooklyn Daily Eagle.

The prime location occupies a full block, bounded by York, Jay, Front and Bridge Streets. It is zoned for 880,000 buildable square feet, all of which can be residential, The Real Deal reported in 2010.

That would mean $352 million for the property, which is now a parking lot surrounded by a 10-foot metal fence topped with rolls of razor wire.

http://www.brooklyneagle.com/articles/last-great-site-dumbo-makes-developers-drool-crunch-numbers-2013-11-20-190000

 

Show me the money: A tally of the Watchtower's Brooklyn property sales

 

As developers set their sights on the Watchtower's remaining Brooklyn holdings, it's high time we tallied the group's recent sales.

More than $500 million has been paid – or promised – for local Jehovah's Witnesses properties in the past two years, city records and press reports indicate. The transaction tally does not include sales of Watchtower properties before 2012.  

Property deeds provide details about who paid how much for what. In DUMBO:

http://www.brooklyneagle.com/articles/show-me-money-tally-watchtowers-brooklyn-property-sales-2013-11-20-213000

 

A few more articles:

 

http://www.brooklyneagle.com/articles/witness-change-183-columbia-heights-now-high-end-haven-2013-11-14-143000

 

http://www.brooklyneagle.com/articles/landmarks-preservation-commission-approves-200-water-st-plans-2013-11-20-210000

Edited by Musky
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Interesting.  I figured it out - if we get $325 million ( $400 per buildable sq.ft ) minus what we spent for the property, at today's dollar value, minus what it cost to clear the land of buildings, etc. The buyers spend another $400 per buildable sq.ft ( total of $800 per sq. ft or $650 million total ) building condos that leaves a whopping $572 Million profit for the buyers -for the low end estimate. Not bad. Maybe the buyers in line will throw some crumbs my way.

Edited by pnutts
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Dumbo? .... the film?

u brothers over the pond are so strange! :-)

 

Crazy, but that threw me too the first time I heard it. Then I thought - maybe it is an area connected to Disney or something. OK - then I googled it - Down Under the Manhattan Bridge Overpass

 

http://en.wikipedia.org/wiki/Dumbo,_Brooklyn

 

Shucks  - beat by Musky again!!! It must be those super fast Borg implants.  :wave:

Edited by trottigy
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  • 2 weeks later...

I can't recall exactly what the estimated cost of the new headquarters currently under construction is, but I'd be surprised if it costs over $200 million, especially since much of the work (although not all) is being done by volunteers...which would leave a surplus in the hundreds of millions once all is said and done.  

 

It will be interesting to see what the Society does with all that leftover cash from Brooklyn and the 30-something branches they have closed down recently.  

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I can't recall exactly what the estimated cost of the new headquarters currently under construction is, but I'd be surprised if it costs over $200 million, especially since much of the work (although not all) is being done by volunteers...which would leave a surplus in the hundreds of millions once all is said and done.  

 

It will be interesting to see what the Society does with all that leftover cash from Brooklyn and the 30-something branches they have closed down recently.  

 

 

I was thinking the same thing. Maybe they will use it to give everyone free Bibles   :D - oops too late for that one, eh?

 

OR

 

I am wondering if they will start to focus EVEN more on building Kingdom Halls. Our city needs 4 more - according to the RBC - 2 are under way in the next few months and 2 more planned for next year.

 

If they did a dollar match - the congregation puts up $250K and the society GIVES the same $250k - we could build a LOT more and quickly - before land prices go back up. Just as an idea.

 

In some countries they could just supply all the money.

 

It will be interesting to see what comes from it  :yes:

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One thing we know for a certain is that they will not be wearing Rolex, riding around in limo's and private jets or having bodyguards with uzi's under their coats.

 

In 2008, I was sitting at my District Convention at the Wolstein Center in Cleveland, Ohio, and a friend came up to me and said "Did you notice who is sitting in the row in front of you?"

 

It was John Barr of the Governing Body, right there in the audience with the rest of us, his brothers and sisters. :)

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I was thinking the same thing. Maybe they will use it to give everyone free Bibles   :D - oops too late for that one, eh?

 

OR

 

I am wondering if they will start to focus EVEN more on building Kingdom Halls. Our city needs 4 more - according to the RBC - 2 are under way in the next few months and 2 more planned for next year.

 

If they did a dollar match - the congregation puts up $250K and the society GIVES the same $250k - we could build a LOT more and quickly - before land prices go back up. Just as an idea.

 

 

I was also thinking about all the disasters taking place ... typhoons, mudslides, nuclear power plant disasters, ethenic cleansing, military coups, earthquakes, disease outbreaks, possible electric grid problems from solar flares...I'm sure there are other threats to add to the list...but you know what? I have often wondered where the brothers find enough assets to come to the rescue..not only of Jehovah's people, but of others of their neighbors who also need help!,,The answer: Jehovah provides what is needed..Do we really appreciate Jehovah's concern and love for all of his people as a group and individually? I try to think obout it and thank Jehovah daily for his blessings, and then I pray that his holy name will be sanctified.

Edited by Dismal_Bliss
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One missionary sister I knew (a little Polish sister), who lived long enough to have been in her position for almost 70 years, was cared for by the provisions made to her by the WTBTS all those years. She was worried in the last 5 years of her life when her health declined and she was in and out of the hospital and lived with my girlfriend in Miami. She told me she had been a Gilead graduate since she was 18 and didn't even have a social security number because she never worked in a secular setting. I told her not to worry, that Jehovah knew all about her and he would see to it that she was taken care of. Sure enough, she was whisked off to Puerto Rico Bethel where she was taken care of until she died. She was fluent in Spanish and even spent some time in Cuban prisons. She was part of the Mariel Boat Lift that let loose 'criminals' into the USA. She had been in prison for being a Witness.

 

http://en.wikipedia.org/wiki/Mariel_boatlift

 

There are so many different ones that are sent out by the society in the preaching work who get a stipend from our organization. We are taking care of them all by means of our generous support. All praise to Jehovah!

 

Stu - you big DUMBO!!!!!!!!!!!!!!!!!!!!   :lol1:

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During the 2012 service year, Jehovah's Witnesses spent over $184 million in caring for special pioneers, missionaries, and traveling overseers in their field service assignments. As those in these fields of service continue to grow, at an ever-increasing rate, so will the cost of caring for them. Any "leftover cash" is probably already earmarked for one or more pressing needs, as the Faithful and Discreet Slave, continues to use their 'talents' to increase the King's interests here on earth.

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..plus considering how richer countries in the Western world are supposed to be supporting for poorer countries when it comes to donations. I for one doubt that donations for an average European country cover for the needs of the country itself. I hope not, but I do fear for the case.

Loved the Rolex comment. If this was a worldly organisation what kind of salary would the GB members have...and how interested would they be to themselves take part in the preaching work -- work that truly requires humility.

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If I remember correctly .. We are in need of over 10,000 new kingdom halls world wide ...mostly in poorer countries ...

In my area a Kingdom Hall cost starts at $2 million in fact if we could buy a piece of land for 2 million we would be ecstatic.. We just finished a double hall with underground parking for over $4 million and 3 more are in the works .. So a million dollars doesn't last too long when your dealing on a world wide scale....

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  • 3 months later...

I was thinking the same thing. Maybe they will use it to give everyone free Bibles   :D - oops too late for that one, eh?

 

OR

 

I am wondering if they will start to focus EVEN more on building Kingdom Halls. Our city needs 4 more - according to the RBC - 2 are under way in the next few months and 2 more planned for next year.

 

If they did a dollar match - the congregation puts up $250K and the society GIVES the same $250k - we could build a LOT more and quickly - before land prices go back up. Just as an idea.

 

In some countries they could just supply all the money.

 

It will be interesting to see what comes from it   :yes:

 

I think we will soon have an answer to this question.  :bouncing:  

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I can't recall exactly what the estimated cost of the new headquarters currently under construction is, but I'd be surprised if it costs over $200 million, especially since much of the work (although not all) is being done by volunteers...which would leave a surplus in the hundreds of millions once all is said and done.  

 

It will be interesting to see what the Society does with all that leftover cash from Brooklyn and the 30-something branches they have closed down recently.  

 

The Building of Kingdom Halls and Assembly halls is a major use for the money.  The news from the society says up to 1200 new halls and remodels are on tap for this year. 1,000 for next year and longer. Praise Jehovah for the wise use of the money.

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