As affordable housing becomes more scarce, luxury residential housing development in Manhattan is booming. And Trinity Real Estate, the property arm of Trinity Church, Wall Street, will be increasing its footprint in the luxury housing game hoping to increase its $3 billion dollar real estate portfolio:
Led by Jason Pizer, who took over as chief executive four years ago, Trinity will build as many as four luxury residential towers there, as well as one partially residential property near Wall Street. The shift could throw open the door of its $3 billion real estate portfolio to a new era of unprecedented profits. But it could also expose it to more risk, especially given Trinity’s ranking as a mere novice in the residential game.
“Hudson Square is right next to TriBeCa, SoHo and the Village, the best residential markets in the city, and so when you look at building residential there, it seems like a sure bet,” said Daniel Hollander, a principal at the residential development firm DHA Capital. “The question for [Trinity] is going to be, do they want to take on the risks of development that have caused even the best capitalized owners to lose their land in a downturn?”…
Jason and the team at Trinity are very smart, and they’re not going to do something that’s not in their best interest,” said Alan Silver, an acquisition manager at residential builder Toll Brothers City Living. Toll Brothers last year bought a Hudson Square development site on King Street for $56.5 million. It plans to erect a residential condo…
In the church’s most recent financial statement, it estimates its holdings at $3 billion, suggesting that the rezoning and the value of its new residential development have boosted its worth by 50% since 2012.
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