New Rentals at 50 Orange Street After Watchtower Sale
Ten studio and one-bedroom apartments have already hit the rental market at 50 Orange Street, the first building the Watchtower Bible and Tract Society has sold off recently as the organization begins to liquidate its assets in Brooklyn Heights and Dumbo. The investment firm Sugar Hill Capital Partners bought the 20-unit building. Prices range from…
Ten studio and one-bedroom apartments have already hit the rental market at 50 Orange Street, the first building the Watchtower Bible and Tract Society has sold off recently as the organization begins to liquidate its assets in Brooklyn Heights and Dumbo. The investment firm Sugar Hill Capital Partners bought the 20-unit building. Prices range from $1,950 to $2,950 and three units are already spoken for, according to Streeteasy. Yesterday Crain’s reported on the $7.1 million sale that Massey Knakal brokered; the property was asking $7.35 million. Massey Knakal is marketing two other Watchtower properties, the 13-unit 183 Columbia Heights, which is asking $7.65 million and the 10-unit 161 Columbia Heights, which is listed for $3.45 million.
Jehovah’s Witnesses sell first property for $7.1M [Crains’s]
Watchtower Looks to Sell 3 Heights Apartment Buildings [Brownstoner]
Photo via PropertyShark
Crains confirms that the building was delivered vacant and that it has an elevator. The Witnesses maintain their properties beautifully.
This is a fine property. The buyer did well.
Why buy a house nearby for five million when you can buy this for seven?
three permanent tenants is not so bad for a building this size. But it is not the same as delivered vacant. For one thing it means you can’t shut the building down to do major improvements like adding elevators etc. You have to work around the three forever renters.
How many pre-Witness rent-regulated tenants are left? I would assume quite a few. Every Brooklyn Heights building like this one has tenants from the 1950’s, 60’s, and 70’s hanging on.
How many pre-Witness rent-regulated tenants are left? I would assume quite a few. Every Brooklyn Heights building like this one has tenants from the 1950’s, 60’s, and 70’s hanging on.
how will they make any money on this as rentals? it was priced for a conversion.