The Towers, which formerly served as a residence for Jehovah's Witnesses members, has been acquired by Kayne Anderson Real Estate Advisors, the real estate private equity arm of Kayne Anderson Capital Advisors. The building, located at 21 Clark Street in Brooklyn, NY, will be renamed The Watermark at Brooklyn Heights. KAREA plans to establish a partnership with the Tuscon, Arizona-based company, Watermark Retirement Communities, to convert the property into an upscale retirement residence. The purchase price remains undisclosed.
Al Rabil, managing partner and CEO of KAREA, notes the property has been meticulously maintained throughout its history, allowing for a unique redevelopment opportunity for modern, luxury living focusing on seniors in Brooklyn and Manhattan.
“Increased demand for urban senior living options, coupled with shifting demographic trends, makes the Watermark at Brooklyn Heights an attractive seniors housing investment opportunity,” says Rabil.
Constructed in 1928 as the Grand Leverich Towers Hotel, the 310,00 square-foot building, includes 295 residential units, dining rooms, offices, a library, community space and a 20,000 square-foot rooftop terrace. The hotel sold the 16-story building to the Jehovah's Witnesses in 1975.
This sale is the latest in a series of real estate transactions that the Jehovah's Witnesses have conducted as they finance their relocation to new headquarters in Warwick, NY. The highest-profile deals included the 2016 sale of the Watchtower headquarters at 25-30 Columbia Heights and a site at 85 Jay Street for $685 million total to a group led by the Kushner Cos. In 2013, the Kushner-led group also paid $375 million to acquire a five-building Watchtower portfolio in the DUMBO, Brooklyn neighborhood.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
