New York’s Trinity Wall Street parish has announced that it will build four residential towers and refurbish an office building as residential apartments to capitalize on the demand for luxury apartments in Manhattan. Queen Anne granted 215 acres of glebe land to the lower Manhattan parish in the 17th century, which the church has parlayed into a $3 billion property investment portfolio comprising 5.5 million square feet of office space. The church’s first project will be refurbishing its 25-story office building across the street from the church and landmark cemetery into a 44-story tower with luxury residences on the top floors. The church is also seeking partners to build three more residential towers with a million square feet of apartment space a mile north of the church on a plot of land bordered by Sixth Avenue and Canal Street, and Grand and Varick Streets. The decision to seek a partner in these new projects marks a change in management of the real estate portfolio by the church. In 2011 Trinity sold a 99-year lease to a property developer to rebuild an office tower at 330 Hudson Street. Trinity receives ground rents on the land, but the developer carries the risk of renting the space – and rewards. By going into partnership with developers, the church hopes to capitalize on Manhattan’s booming residential real estate market. A fourth proposed project to develop the block bounded by Hudson and Varick Streets and Spring and Vandam Streets will begin once construction is complete on the current projects. The Hudson Square development will add an additional million square feet of new development. Current rents for office property in the area have risen to $75 per square foot.
