Last week’s big Brooklyn news was a long time coming: the Jehovah’s Witnesses’ Watchtower group, which has owned a significant amount of property in Brooklyn Heights and DUMBO since 1909, is relocating its headquarters to Warwick, N.Y., upstate in Orange County. They’re not unloading their entire portfolio, they told the Brooklyn Eagle. “We have eight smaller buildings [in Brooklyn Heights] we have yet to sell. Because of the market we are not actively promoting their sale.” In other words, why sell while the market’s down?
The crown jewels of their holdings, 25 and 30 Columbia Heights, will remain in their possession, and meanwhile their impact on Brooklyn real estate will continue to be felt. Just a few years ago they received approval to construct an enormous tower on a vacant lot in DUMBO. We are interested to see how this might be marketed and when.