Watchtower Building In Heights Sells for $7.1M

50 Orange St., Brooklyn Heights. Image courtesy of Massey Knakal Realty Services.

Compiled by Linda Collins

BROOKLYN HEIGHTS — A Brooklyn Heights multi-family building previously owned by the Watchtower Bible and Tract Society (also known as the Jehovah’s Witnesses) has been sold by Massey Knakal Realty Services.

The building, at 50 Orange St., on the southeast corner of Orange and Hicks streets, was sold in an all-cash transaction valued at $7.1 million, according to Robert Knakal, Massey Knakal chairman, who exclusively handled this transaction with Stephen Palmese, director of sales in Massey Knakal’s Brooklyn office.

Owned by the society for over 20 years, the five-story elevatored apartment building contains 20 residential units — including 10 studios and 10 one-bedroom units — in approximately 15,355 gross square feet, including the cellar.

“It was delivered vacant, which is rare for this size building and location,” said Knakal, who added, “This property has been maintained according to the incredibly high standards of care and attention for which the Watchtower is particularly well-known.

“This property presented the buyers with a great opportunity to purchase and operate a property which was absolutely turn-key.”

As the Eagle has reported, Massey Knakal is also marketing two other properties on behalf of the Watchtower:

• 183 Columbia Heights, a seven-story 15,158-square-foot elevatored apartment building with 13 apartments that will be delivered vacant. The asking price is $7.1 million. “This gorgeous residential building has been immaculately maintained,” said Knakal.

• 161 Columbia Heights, which consists of seven fair-market units, one rent -stabilized unit and two rent-controlled units in 7,513 square feet. The asking price is $3.45 million. “The property is an excellent candidate for an owner-user who wishes to live in the building with income from the remaining apartments,” said Knakal.

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