The Kushner Cos. closes Watchtower Brooklyn deal at $340 million.
The Kushner Cos. which was headed by President Donald Trump’s son-in-law has closed a deal on Jehovah’s Witnesses’ Brooklyn residential hotel . The deal began in 2013 when Jehovah’s Witness was to use the asset until 2017. The iconic hotel is strategically situated across the river, and it has become a beacon for many people. Its watchtower sign has been a landmark and a guide, displaying the time and temperature.
The Kushner Company plans to convert the asset into high-class office development mixed with stores and arts and culture spaces. According to city Finance Department, the deal on Watchtower headquarters was closed at $340 million. JW has been in the process of liquidizing its assets in the neighborhood because it shifted the headquarters to Warwick.
Kushner who was the company’s CEO, stepped down before Trump’s inauguration with plans to divest the many assets under his name. He has been responsible for connecting business and administration in Trump’s family.
After the sale of JW’s property, many people are worried that they will no longer enjoy the Watchtower sign. The previous owners of the property had a sign written ‘Squibb”. The company had changed the neon signs in 2009 switching to environmentally friendly LEDs. Many fans of Watchtower have been anxiously waiting to know the name that will be replacing JW’s image. Some people have taken the current photos of the sign to use it for remembrance.
Wonder if JW's regret selling Kushner the Watchtower HQ in Bethel, NY? https://t.co/FRwFJM1SE4
— Sueann (@USBlues13) March 21, 2017
The venture is part of a larger 25-30 Columbia Heights firm owned by the CIM and LIVWRK groups. The Kushner Company also bought a parking space in DUMBO which has close to 1 million sq feet area. The new owners are going to develop the techie-friendly offices named the Dumbo Heights. With the new developments, New York real estate analysts are skeptical about the ability of the new owners becoming a major commercial tenant in a short time.