A multifamily building at 50 Orange Street, located on the southeast corner of Orange and Hicks Streets in Brooklyn Heights, was sold in an all cash transaction valued at $7,100,000. The property has been owned by The Watchtower Bible and Tract Society of New York, Inc. for over 20 years.
The Watchtower Bible and Tract Society of New York, Inc. is a non-stock, not-for-profit legal entity used by Jehovah's Witnesses from their headquarters in Brooklyn Heights. The corporation is a major publisher of religious publications, including books, tracts, magazines, and Bibles.
Located in the heart of Brooklyn Heights 50 Orange Street is a five-story elevatored apartment building containing a total of 20 residential units. Of the 20 units, 10 are studios and 10 are one-bedroom units. The building is approximately 15,355 gross square feet including the cellar and was delivered vacant, which is rare for this size building and location.
This property has been maintained according to the incredibly high standards of care and attention that Watchtower is particularly well-known for. The Witnesses' award-winning restoration and maintenance of their properties is well-documented.
In 2006, a renovation of the property was completed including the installation of a new elevator and central heating and air-conditioning system. The property also features views of the Manhattan skyline, harbor, and bridges from the upper floors.
“This property presented the buyers with a great opportunity to purchase and operate a property which was absolutely turn-key,” said Massey Knakal Chairman Robert Knakal who exclusively handled this transaction with Director of Sales Stephen Palmese.
Additionally, Massey Knakal is marketing two other properties on behalf of the Watchtower.
183 Columbia Heights is a seven-story elevatored apartment building which will also be delivered vacant. It is located between Clark and Pierrepoint Streets just steps from the Brooklyn waterfront promenade. The gorgeous residential building has been immaculately maintained and features 10’ ceilings, storage space, a bike room and laundry room. Additionally, the property features stunning unobstructed views of the Manhattan skyline, harbor, and bridges from the upper floors. The building is approximately 15,158 gross square feet including the cellar and consists of 13 fair market apartments. The asking price is $7,100,000.
Just a few buildings away is a beautiful five-story townhouse located at 161 Columbia Heights, which consists of seven fair market units, one rent stabilized unit and two rent controlled units. The building is approximately 7,513 gross square feet including the cellar. The property is an excellent candidate for an owner user who wishes to live in a portion of the building while receiving income from the remaining apartments. The asking price is $3,450,000.
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Neighborhoods: Brooklyn Heights/ Agents: Robert Knakal, Stephen Palmese