The $2 billion Wall St. ChurchBreaking News
tags: NYT, New York City, Manhattan, Trinity Church, Queen Anne
There has never been any doubt that Trinity Church is wealthy. But the extent of its wealth has long been a mystery; guessed at by many, known by few.
Now, however, after a lawsuit filed by a disenchanted parishioner, the church has offered an estimate of the value of its assets: more than $2 billion.
The Episcopal parish, known as Trinity Wall Street, traces its holdings to a gift of 215 acres of prime Manhattan farmland donated in 1705 by Queen Anne of England. Since then, the church has parlayed that gift into a rich portfolio of office buildings, stock investments and, soon, mixed-use residential development.
The parish’s good fortune has become an issue in the historic congregation, which has been racked by infighting in recent years over whether the church should be spending more money to help the poor and spread the faith, in New York and around the world. Differences over the parish’s mission and direction last year led nearly half the 22-member vestry — an august collection of corporate executives and philanthropists — to resign or be pushed out, after at least seven of them asked, unsuccessfully, that the rector himself step down....
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