Published On: Wed, Apr 13th, 2016

Kushner, Rosen to Buy Watchtower Building, Jay Street Site for $700 Million: Report

25-30 Columbia Heights in Downtown Brooklyn (inset from left Jared Kushner and Aby Rosen)

 

A group of investors led by Jared Kushner and Aby Rosen are reportedly set to lay out $700 million for two of the Jehovah’s Witnesses’ coveted Brooklyn properties.

Kushner Properties, RFR Realty and LIVWRK are in advanced talks to buy the group’s 733, 000-square-foot headquarters at 25-30 Columbia Heights in Downtown Brooklyn, known as the Watchtower, and a 135, 000-square-foot right site at 85 Jay Street in Dumbo with 1.1 million square feet of as-of development rights, the New York Post reported.

The same joint venture bought a five-building, 1.2 million-square-foot Dumbo portfolio from the Witnesses in 2013, paying $373 million.

The Witnesses are leaving Brooklyn after a century in the borough, with plans to set up a new headquarters in Warwick, NY.

The group is also shopping a seven-story apartment building at 124 Columbia Heights. Cushman & Wakefield’s Bob Knakal is marketing the properties on the Witnesses’ behalf. [NYP]

By Ariel Stulberg, The Real Deal 

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