Trinity Church in New York City was formed in 1697 by a small group of Anglicans. Alexander Hamilton, Eliza Hamilton, and Angelica Schuyler, three of the stars of the hit Broadway musical “Hamilton,” are all buried in New York City’s Trinity Church. Alexander and Eliza baptized five of their children at Trinity. John Jay was also a parishioner.
Today, Trinity Church is very wealthy. Over at The New York Times, Jane Margolies writes about the church’s real estate investments in the city and its own construction of a $350 million glass tower. Here is a taste:
While many places of worship are warding off developers as they struggle to hold on to their congregations and buildings, Trinity is a big-time developer itself.
The church has always been land-rich. And it has long had its own real estate arm, which controls ground leases and office space rentals in the buildings it owns. But now it finds itself with a newly diversified portfolio worth $6 billion, according to the current rector, the Rev. Dr. William Lupfer.
After being instrumental in changing the zoning laws in Hudson Square, a neighborhood between West Houston and Canal Streets, Trinity Real Estate has entered into a joint venture that gives it a majority stake in 12 buildings that contain six million square feet of commercial space. A lucrative deal with the Walt Disney Company, valued at $650 million, was signed just last year.
And as it builds its glass tower — which will house administrative offices, public gathering spaces and, yes, commercial tenants — Trinity is also renovating the interior of its historic church, which is expected to cost $110 million.
Trinity has been able to do all this because it’s been a savvy manager of its resources. It is also, as a church, exempt from taxes.
But some wonder about the ethics of a religious institution being such a power player in the world of New York real estate.
Read the entire piece here.