From left: Jason Pizer, 1 Hudson Square, 225 Varick (top right) and 205 Hudson
In 1705, England’s Queen Anne donated 215 acres of prime Manhattan farmland to Trinity Church. In the years since, Trinity sold off a large chunk of those holdings, but still owns a sizable portfolio of prime commercial real estate concentrated in Hudson Square. And it’s now in play.
Earlier this month, Trinity took bids for a 5 million-square-foot, 11-building portfolio in Hudson Square. Suitors include some of the city’s biggest real estate players such as SL Green Realty and Vornado Realty Trust. Sources familiar with the offering told The Real Deal that Trinity offered a 49 percent stake on 75-year leaseholds for the properties, and said the stake could go for about $3 billion.
While the bidders await news of the prize, TRD took a look at exactly what’s up for grabs. [more]