Monday, January 6, 2020

Some churches get creative with downsizing issues

From Florida-

But one church is sitting on several billions of real estate – Trinity Wall Street.
The Episcopal church founded in 1696 in New York City was gifted in 1705 with 215 acres from Queen Anne. Once farmland in Lower Manhattan, it is now some of the highest-priced real estate in the country.
Most of the land was sold over the centuries, but the congregation is still one of the largest landowners in the city with 14 acres valued in 2015 at $3.5 billion. The holdings include 5.5 million square feet of commercial space in Hudson Square that in 2011 brought the church $158 million in revenue and $38 million in net income.

Though the value of the property has waxed and waned over the centuries, Trinity is credited with a recent revival of the Hudson Square area as a creative hub. That caught the eye of the Walt Disney Company, which has signed a 99-year lease with the church for its new headquarters. The deal is valued at $650 million.

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