When it comes to all types of real estate, New York City is one of the most active markets in the world.
For more than 300 years, Trinity Church has owned and managed 215 acres of property in downtown Manhattan. From farmland to office space, the land has gone through many changes.
In the weeks to come, Trinity Real Estate, the property arm of the church, is going to take a new approach. It plans on getting involved with residential real estate development, which is something it has avoided in the past.
Trinity is expected to construct as many as four residential towers on the land. While this has the chance to pay off, it is also putting Trinity in a risky position, especially since it is new to the industry.
A local expert said, "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?"
Many questions need to be answered before Trinity can move forward with the project, including the selection of a building partner for a proposed 300,000-square-foot residential building.
The real estate market in downtown Manhattan goes through phases. With each passing year, Trinity has been a mainstay in the area. In the years to come, things are going to change, with the church and its real estate arm looking to get into the residential game.
When an organization decides to take on such a big real estate project, they need the help of a law firm that can protect their interests and help them make the right decisions.
Source: Crain's New York Business, "Trinity to erect apartment towers" Daniel Geiger, Nov. 03, 2014