Trinity Real Estate bets big on luxury housing

by

As affordable housing becomes more scarce, luxury residential housing development in Manhattan is booming. And Trinity Real Estate, the property arm of Trinity Church, Wall Street, will be increasing its footprint in the luxury housing game hoping to increase its $3 billion dollar real estate portfolio:

Led by Jason Pizer, who took over as chief executive four years ago, Trinity will build as many as four luxury residential towers there, as well as one partially residential property near Wall Street. The shift could throw open the door of its $3 billion real estate portfolio to a new era of unprecedented profits. But it could also expose it to more risk, especially given Trinity’s ranking as a mere novice in the residential game.

“Hudson Square is right next to TriBeCa, SoHo and the Village, the best residential markets in the city, and so when you look at building residential there, it seems like a sure bet,” said Daniel Hollander, a principal at the residential development firm DHA Capital. “The question for [Trinity] is going to be, do they want to take on the risks of development that have caused even the best capitalized owners to lose their land in a downturn?”…

Jason and the team at Trinity are very smart, and they’re not going to do something that’s not in their best interest,” said Alan Silver, an acquisition manager at residential builder Toll Brothers City Living. Toll Brothers last year bought a Hudson Square development site on King Street for $56.5 million. It plans to erect a residential condo…

In the church’s most recent financial statement, it estimates its holdings at $3 billion, suggesting that the rezoning and the value of its new residential development have boosted its worth by 50% since 2012.

For the full story, please visit the Crain’s New York Business page.

Dislike (0)
Facebooktwittergoogle_pluspinterestlinkedinmail
newest oldest
Notify of
Paul Woodrum
Guest
Paul Woodrum

Or is Trinity just joining the fad? One luxury high rise has risen on the cathedral property and another is under construction. St Luke in the Fields is building one on it's parking lot. The General Theological Seminary now has two new ones on its close as well as the conversion of former faculty housing to luxury condos. One might conclude that the Episcopal Church in NY is not into the business of housing for the poor or middle class. That's just not the image of the church of the Morgan's, Moore's and Vanderbilt's.

Like (0)
Dislike (0)
John D
Guest
John D

Wonder if a little "affordable housing" would connect Trinity with its community? And, perhaps that is already happening and the news just is not out here. Any information TWS?

John Donnelly

Like (0)
Dislike (0)
Nathan Belyeu
Guest
Nathan Belyeu

I lived in New York City for four years and I only recently left. I worshiped at Trinity with some regularity because it was close to my work.

In a city that is plagued by a high cost of living and chronic homelessness, in a city where the conversation about affordable housing is urgent and important shouldn't this church- our church- be taking the lead? Shouldn't we be showing that we 'put our money where our mouth is'- that we aren't going to preach one message and then live another?

Sure- this money will go to help people in Africa, as much of Trinity's money does, or will be put into their programs that help New Yorkers, but there is no way to deny that this very building will also contribute to the problem of high rent across the city, and especially in lower Manhattan.We should not hurt some people- New Yorkers- with the excuse that we are doing it for the greater good.

A scripture comes to mind from Matthew 7:21-23: "Not every one that saith unto me, Lord, Lord, shall enter into the kingdom of heaven; but he that doeth the will of my Father who is in heaven.

22 Many will say to me in that day, Lord, Lord, did we not prophesy by thy name, and by thy name cast out demons, and by thy name do many mighty works?

23 And then will I profess unto them, I never knew you: depart from me, ye that work iniquity."

I know we do, and should, pride ourselves on taking the 'middle way' as Episcopalians and Anglicans but is this reflective of that theology or of something else?

Like (0)
Dislike (0)
Gary Gilbert
Guest
Gary Gilbert

I remember twenty years ago when Trinity Grants never went to LGBT issues and money was sent to homophobic bishops in Africa.

I don't think it looks good to have a church involved with luxury housing--even an Episcopal church.

Gary Paul Gilbert

Like (0)
Dislike (0)
Ann Fontaine
Guest
Ann Fontaine

For what Trinity does with the money check here http://www.trinitywallstreet.org/social-action

I know Dean Lupfer and you can be sure he will focus on wise use of $$ to be the hands and heart of Christ in the world.

Like (0)
Dislike (0)
Philip B. Spivey
Guest

Ouch! And the profits are going where and to whom?

Like (0)
Dislike (0)
Gary Gilbert
Guest
Gary Gilbert

This is not surprising. One would hope that a church would use some of their investments to further social justice.

Gary Paul Gilbert

Like (0)
Dislike (0)
tgflux
Guest
tgflux

"But the Son of Man has nowhere to lay his head": doesn't mean TWS can't build laps of luxury for the 1%!

Getting nauseated now...

JC Fisher

Like (0)
Dislike (0)