Sections
>

Saving the best for last: Jehovah’s Witnesses lone-remaining, Brooklyn Bridge–adjacent lot hits market

Golden opportunity: The Jehovah’s Witnesses put this huge Dumbo parking lot on the market last week.
Brooklyn Paper
Share on TwitterTweet
Share on Facebook
Subscribe

Get our stories in your inbox, free.

Like Brooklyn Paper on Facebook.

Talk about a monumental development.

The Jehovah’s Witnesses last week listed its remaining Dumbo property, a huge York Street parking lot next to the Brooklyn Bridge, giving developers that have coveted the site for years a chance to snag one of the nabe’s most conveniently located parcels, according to a real estate expert.

“This is a really fabulous location,” said Chris Havens, a broker for Brooklyn-based commercial realtors TerraCRG. “People have been waiting for it to go on the market for years.”

The triangle-shaped site at 1 York Street, on York and Front streets, is zoned for residential use, and a tower up to 14 stories tall could be erected under current city code.

The Witnesses’ real estate website also notes the buyer could petition the city to permit commercial use there, which would allow a new owner to erect retail space on the ground floor — a move some developers might make in order to court chains that seek massive, destination stores, said the broker, who offered a homeware store as an example.

“I think it’s possible because there are tenants in the market for big retail spaces and they’re very hard to find,” Havens said. “It would work if someone comes up with a Crate and Barrel, or something people would travel to.”

The Witnesses sold another mammoth Dumbo parking lot at 85 Jay Street in December to a team of developers formerly headed by Donald Trump’s son-in-law Jared Kushner, which plans to erect a luxury high-rise on the parcel.

And the religious organization, which is selling its local real estate as it moves its world headquarters upstate, still has several properties on the market in Brooklyn Heights, including “The Towers,” a 16-story building that once was a grand hotel.

But buzz around the York Street lot is building, according to Havens, who said there are several developers eyeing the property — one of the last of its kind in Kings County.

“There are very few development sites of this size left in Brooklyn, and the prime location is hard to find,” he said.

In keeping with its other sales, the Witnesses’ have not set an asking price and will take bids from developers.

Reach reporter Lauren Gill at lgill@cnglocal.com or by calling (718) 260–2511. Follow her on Twitter @laurenk_gill
Posted 12:48 pm, September 6, 2017
Today’s news:
Share on TwitterTweet
Share on Facebook
Subscribe

Get our stories in your inbox, free.

Like Brooklyn Paper on Facebook.

Reasonable discourse

Enter your comment below

By submitting this comment, you agree to the following terms:

You agree that you, and not BrooklynPaper.com or its affiliates, are fully responsible for the content that you post. You agree not to post any abusive, obscene, vulgar, slanderous, hateful, threatening or sexually-oriented material or any material that may violate applicable law; doing so may lead to the removal of your post and to your being permanently banned from posting to the site. You grant to BrooklynPaper.com the royalty-free, irrevocable, perpetual and fully sublicensable license to use, reproduce, modify, adapt, publish, translate, create derivative works from, distribute, perform and display such content in whole or in part world-wide and to incorporate it in other works in any form, media or technology now known or later developed.

First name
Last name
Your neighborhood
Email address
Daytime phone

Your letter must be signed and include all of the information requested above. (Only your name and neighborhood are published with the letter.) Letters should be as brief as possible; while they may discuss any topic of interest to our readers, priority will be given to letters that relate to stories covered by The Brooklyn Paper.

Letters will be edited at the sole discretion of the editor, may be published in whole or part in any media, and upon publication become the property of The Brooklyn Paper. The earlier in the week you send your letter, the better.

Don’t miss out!

Stay in touch with the stories people are talking about in your neighborhood:

Optional: Help us tailor our newsletters to you!