[NYguy]

http://www.crainsnewyork.com/article...artment-towers

Trinity to erect apartment towers
The Episcopal church's lucrative property arm makes a big new bet on residential real estate





BY DANIEL GEIGER
NOVEMBER 3, 2014

For just over three centuries, Trinity Church has cautiously managed the 215 acres of downtown Manhattan it received from Britain's Queen Anne, turning it from productive farmland
to industrial and office space.

In the next few weeks, the Episcopal church—whose property arm, Trinity Real Estate, oversees the 5.5 million square feet of office buildings it owns on the western fringe
of SoHo in an area called Hudson Square—will try something new. It will venture into the high-stakes game of residential development.

.....Trinity's first step will come before the year-end, when it selects a partner to help rebuild its 25-story headquarters on Trinity Place. The building is across the street from
Trinity's landmark church and linked to its famous cemetery—the final resting place of Alexander Hamilton, among others—via a pedestrian bridge. Work converting the
office building to a sleek, 44-story Pelli Clarke Pelli-designed tower, topped by luxury residences, will begin next year.