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Jehovah’s Witnesses likely to get $220M+ for Watchtower building


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The Jehovah’s Witnesses are probably wishing they had sold their Brooklyn world headquarters with its giant Watchtower signage a year ago instead of now.

Sources say their 733,000-square-foot multi-building package at 17-29 Columbia Heights and 18-36 Columbia Heights in Brooklyn 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.

According to the spies, those that submitted bids include East End Capital, Westbrook Partners, Vornado Realty Trust, Tishman Speyer Properties, L&L Holdings and Savanna.

The Witnesses are moving to upstate New York and have already sold a slew of properties, including six in Dumbo Heights with 1.2 million square feet to Jared Kushner, RFR Holdings and LIVWRK. That $375 million deal was cut in 2013 and totaled $312 per square foot.

Although Brooklyn is the “new” office borough and the Witnesses are known for maintaining their properties, much work and money is still needed to make the former 1924-era E.R. Squibb & Sons buildings ready for today’s tech-heavy office users.

The parties either declined comment or did not return calls or e-mails for comment.

Air rights are still hitting new heights for commercial developers in Manhattan, a new report has found.

According to Tenantwise, which acts as an intermediary for air-rights transactions, 2015 pricing was up 8 percent from 2014, across 42 percent more transactions — even though there were 22 percent fewer feet transferred. There were 1,542,488 square feet sold via 51 transactions in 2015 versus 2014’s 1,972,995 square feet in 36 transactions.

Last year’s average price was $278 per square foot, the highest since 2013’s average of $305. That average was pushed upward by the $602 per square foot purchase of 70,659 square feet for Zeckendorf’s 520 Park Ave., in which Tenantwise was an intermediary.

For condominiums, however, 2015 average pricing dropped to $322 per square foot versus $368 in 2014 — and both are down from the high of $422 in 2013 when 40.6 percent of the transferable development rights, or TDRs, were targeted to condos. In contrast, just 36.9 percent of the TDRs sold in 2014 were for condominiums, although that number jumped to 40.3 percent in 2015.

Tenantwise Chief Executive M. Myers Mermel says overall pricing was softened due to 13 sales totaling 654,581 square feet — 42 percent of all TDRs sold in 2015 — at pricing under $200 per square foot, with three deals coming in at under $100 per square foot.

Mermel says government transactions, including the MTA TDR sales to Hudson Yards developers as well as those by “uneducated sellers” put a damper on pricing. “The political agenda is changing how the market is performing,” Mermel said.

Jeremy Markowitz, who is developing the striking Terrace on the Park condo and school project at Third Ave. between East 103 and East 104 streets, says, along with the apparent rock-bottom pricing of $29 per square foot he paid a neighboring church for TDRs, he has also spent more than $350,000 on church repairs and other ongoing efforts, and also leases its office space. “The Finance Dept. records don’t always tell the whole story,” he noted.

Tenantwise found the highest 2015 pricing was the $1,604 per square foot paid for 3,997 square feet for a 19-story building at Third Avenue and East 39 Street. In 2014, Harry Macklowe paid $1,025 each for 12,811 square feet of TDR’s for his upcoming 450-foot-high, 200 E. 59 St. condominium. The highest pricing Tenantwise has uncovered was the 2013 transaction in which Vornado Realty Trust paid the Korein family $3,868 each for 3,937 square feet at 220 Central Park South.

Trends included the shifting of the development activity from Midtown to Midtown South and downtown, but there are concerns about financing, the softness in the ultra-luxury market and overall economic worries. Still, Mermel added, “There are a lot of big air rights transfers in the works.”

The Empire State Building is adding more Mexican food to its diet. Tacombi will open NYC’s fifth taqueria and bar on the West 33rd Street side of the tower. In keeping with the Art Deco era, the 5,532-square-foot Salon Imperio will be newly constructed to resemble that simpler period.

Alex Turboff of Branded Concept Development represented Tacombi. Fred Posniak of Empire State Realty Trust along with CBRE’s Andrew Goldberg and Matt Chmielecki represented the ESB ownership. The asking rent was $150 per square foot.

The eatery started out of a Volkswagen taco truck and features sustainable ingredients.

http://nypost.com/2016/02/23/jehovahs-witnesses-selling-watchtower-building-for-220m/

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