Parish To Penthouse No More: Trinity Church Modifies Condo Plans
The Financial District continues its rapid growth with new developments in the works.
Call it a crisis of conscience. Plans for a condo tower adjacent to Trinity Church have been shelved. But that they were planning to charge high prices for luxury abodes while homeless line up at the soup kitchen may not be the reason. The Wall Street Journal reported that a new structure rising from the ground at 74 Trinity Place, designed by Pelli Clarke Pelli Architects is now likely to be a mixed use development with space for the church’s Parish Center (which will be located on the ground floor), along with “a cafe, a large multifunctional parish hall, gymnasium, church offices and flexible spaces that can be used for classrooms or art and music studios,” according to WSJ.
Renderings were placed on YIMBY and according to the site, the new building will connect to Trinity Church via a pedestrian bridge that currently spans Trinity Place . The design appears to show a meeting of the minds, the Financial District with Richard Upjohn’s Gothic Revival church building. Christ and commerce, though may seem like a controversial communion, along with the price tag of $300 million. In canceling their costly condos representatives of Trinity Church feel they have moved back into towards light after a dark night of the soul.
“Trinity’s Vestry determined that a commercial tower… is better suited to supporting the important mission-focused work that is the basis for the new building,” the Rev. Dr. William Lupfer, rector of Trinity Wall Street, told The Real Deal in a statement. “Considering our numerous ministries in Lower Manhattan and our close ties to the community, a flexible office component makes more sense.”
The church can afford to be altruistic with their endeavors. The vestry is a major landlord in Hudson Square. The Hudson Square/West Village submarket commanded asking rents of $69.00 per square foot during the fourth quarter, according to Agorafy’s data.
Last year, the church sold a stake in its five million-square-foot portfolio to Norway’s sovereign wealth fund for $1.56 billion. The deal valued 11 of Trinity’s buildings at $3.55 billion, as The Real Deal reported.
Selling their stake (a five million-square-foot portfolio) in Norway’s sovereign wealth fund netted the church $1.56 billion) according to the Real Deal, which stated that 11 of Trinity’s buildings were valued $3.55, according to the deal. Trinity officials said at the time that diversifying the church’s assets was “critical” to sustaining the ministry’s operations.
Last month YIMBY revealed renderings for 12 story, 57 unit building at 160 Leroy Street in the West Village two miles north of Trinity Church. The curved colossus will consist entirely of condos. Ian Schrager, Vector Group, and Carlton Group are the developers. Herzog & de Meuron is the design architect and S9 Architecture is the production architect. Completion is anticipated in late 2017.
Expect the high end classiness that the former Studio 54 co-owner is known for.
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