Trinity Church to Build $70M Affordable Housing Project near South Street Seaport

Trinity Church, one of the city’s biggest landowners, is partnering with Settlement Housing Fund to build a $70 million affordable housing project near the South Street Seaport in the Financial District.

The intended development will be established on church-owned property at 50-58 Cliff Street, adjacent to Trinity’s longstanding St. Margaret’s House for senior residence. The project is designed to deliver affordable homes for low income residents, including reserved apartments for people and families transitioning out of homelessness.

The plan calls for a 24-story tower with approximately 120 permanently affordable apartments. This includes 31 studio apartments, 53 one-bedrooms, and 36 two-bedrooms. The tower will also incorporate resident amenities such as outdoor gathering areas and multipurpose spaces for community events.

Construction is estimated to begin in 2027 and finish by 2030. Through a 99-year ground lease, Trinity will keep ownership of the land while Settlement Housing Fund takes a lead on development.

Judy Herbstman, president of Settlement Housing Fund, reinforced the sentiment when discussing the project: “Affordable housing opportunities in Lower Manhattan are rare, and we are grateful to partner with Trinity on our shared goal to break the cycle of housing insecurity.”

The project aligns with broader city efforts to expand affordable housing in high-demand areas like Lower Manhattan. Eligibility will focus on low-income households, with on-site case management and services provided by Settlement Housing Fund, which currently oversee more than 9,000 affordable units across the city.

Funding details beyond the estimated $70 million cost remain undisclosed. As one of the city’s largest landlords, Trinity controls approximately 6 million square feet of property, with nearly half of its $9 billion investment portfolio dedicated to real estate. The church’s wealth traces back to a 1705 land grant from England’s Queen Anne, encompassing 215 acres in Lower Manhattan, of which 14 acres remain under its ownership today. Most of the ownership is concentrated in Hudson Square neighborhood, where the church continues to support its mission of community service and philanthropy.

Representatives from Settlement Housing Fund and Trinity Church held an informational session on the proposed project at Community Board 1’s January 12th meeting. The session, held jointly with the Environmental Protection Committee, included a presentation on the project’s design, affordability commitments, and site considerations. Overall, the project received generally positive feedback from committee members while prompting questions related to logistics, height impacts, and neighborhood integration.

Trinity Church, an Episcopal Church with a real estate portfolio of $6 billion, was established by a land grant from Queen Anne of Britain in 1705. Today, Trinity is one of the largest landowners in the city with an estimated 14 acres under its control. It has deep roots in its history. Its cemetery in lower Manhattan is the burial ground for Alexander Hamilton and his wife, Eliza Schuyler Hamilton.

While many churches struggle with declining congregations amid pressure to sell developers, Trinity has emerged as a developer with its own real estate arm. One of the more lucrative deals of recent years involved rezoning the Hudson Square neighborhood between West Houston and Canal Streets. Trinity Real Estate forged joint ventures that gives it a majority stake in 12 buildings. The Walt Disney Co. moved its NYC HQ into the one of the Hudson Square towers last year.

Critics have said that the church’s tax exempt status gives it an unfair advantage in real estate deals but the church insists it has always sought to bring the community into any development projects it undertakes.

Thehbia Hiwot, Trinity Church’s managing director of housing and homelessness, expressed strong optimism for the project in Trinity’s press release: ”This project builds on our legacy of housing stability, reflecting our deep belief that every New Yorker deserves a safe, affordable place to call home,”