Campus Sale Near Brooklyn Bridge Could Free Up New Housing

NEW YORK (AP) -
A parking lot at 85 Jay Street in the Dumbo section of Brooklyn which is being sold. (AP Photo/Seth Wenig)
A parking lot at 85 Jay Street in the Dumbo section of Brooklyn which is being sold. (AP Photo/Seth Wenig)

A missionary group that’s been based in Brooklyn for a century is selling its headquarters and other properties for an expected price tag of $1 billion or more, freeing up hundreds of thousands of square feet for businesses and apartments in a now-trendy neighborhood at the foot of the Brooklyn Bridge.

“It’s going to be incredibly transformative,” said Alexandria Sica, executive director of the DUMBO Improvement District, a business group.

The group bought their 733,000-square-foot headquarters from Squibb Pharmaceuticals for $3 million in 1969. It was placed on the market this month along with a nearby apartment building and a 135,000-square-foot lot. There is no asking price but Tucker Reed, president of the Downtown Brooklyn Partnership, called $1 billion “a conservative estimate” for the real estate portfolio.