Turning a page and beginning a new chapter in its history, the Watchtower Bible and Tract Society of New York is closing on the sale of five of six of its Brooklyn properties. Watchtower, a legal entity of the Jehovah’s Witnesses, finalized the deal last month for $375 million, making way for the relocation of its world headquarters to upstate Orange County.
A joint venture of RFR Realty Corp., Kushner Companies and equity investors has acquired 117 Adams St.; 77 Sands St.; 55 Prospect St.; 81 Prospect St.; and 175 Pearl St. A sixth property, 90 Sands St., a 30-story residential property for members of the organization, is expected to close in 2017. The properties range in size but encompass a total of 1.2 million square feet.
