The sun. [volume] (New York [N.Y.]) 1833-1916, 1878-03-13
TRINITY CHURCH LEASES.
The Blight that has Fallen upon Property on
the West side OF the Town.

Alta large meeting of the tenants of ofTrinity
Church last evening Mr.. Weyman in the chair
the Hon. Geo. NJ Chapman said
We have assembled to Join in n respectful
petition to our landlord for n reduction OF
ground rents upon about 700 lots I'm the central
part Of the city. which. from the depreciation OF
property and rents. have become too grievous
to be borne. our landlord is great religious
corporation which bcstrides the city from the
Battery to Houston street. and from Broadway
to the Hudson river. holding s60.OOOOOO of
property under n grant somewhat Ike II ieudni
Legacy of the Middle Ages. The Trinity Church
charter was annulled by tho Legislature
after the Revolution. and bill was
introduced to secuarizc the estate. but
before its passage the church called to
its aid Aaron Burr. who obtained tho
present charter. and secured from the corpora
| ton for sixty-nine yenrs the lots you now
occupy. He sold his lnsc to John Jacob Asior.
who cut up the property and icased II i'm lots to
| our prrdeccssors They and we have covered
the ground with buildings. hnyc. graded. paved.
| and severed the streets and. in short. every
| thing that has been done to improve the prop
| eriy has been done by the tenants.
You own all the houses and improvements.
| and this great religious corporation OWNS only
| the naked land.
Trinity Church exists and holds its property
in trust by the will of the people of the state.
| expressed through their servants at Albany,
| and the Legislature can at any time. Tor cau-e.
| repoul its charter, Seculnrtze It's immense prop
erty. realize upon i, and apply the proceeds to
| the public good. The property oi TINS corpora
tion IS nearly. II not quite valuable enough To
city within its limits; but with that fact we have
nothing to do. -o
years up to very recent period il was liberal
TO its tenants SO liberal, indeed, that their
leases were considered to be nearly ea9ivalent
to the ownership Of the property in lee. and
| mortgages upon II were frequently taken by
money lenders. Under the present policy it
| cannot be mortgaged or sold at any price.
| This sixty nine year lease TO Aaron Burr eN-
pired NAV |. 1866, and the property reverted TO
| Trinity Church. You were then told that tho
vcstry needed little time TO deliberate Us to
whether they would sell out the fee of the land
to the owners oi the buildings. or follow 'helI
old practice and grant twenty -One year leases at
arental of five per cent on the appraised Na,u,
OF the land. with renewals. They told you that
in the mean time they would grant leases for
two years at five per cent rental on the pros
, ent value of the land. with taxes and water
rents to be paid by the tenants. the leases to be
, renewed at that rate until they could mature
some plan to sell or to grant twen'y.9ne yeal
leqsesto the owners Of the houses, who. tnc,
/. | or to hold a perpetual lease on the origina
! terms Relying upon their repres.eMntation' M ON.
, | you accepted their terms. The rent liked wa'
j. not unreasonable when We consider that 1t wa!
soon after the war when gold was at 200. ii.
. | When these two-year leases expired thel
! were renewed and the renewals have continued
: at the same rental. despite the fact that goid II
down, money value is donWpIed ana our vi we.,ro w..
. reduction of our rents. equivalent 10 the rise u
a money and the consequent REDUCTION in IN
value of property. we were told that We ha'
@ | signed away all our rights 20 our property, eN
u | cept the right to tear down our houses and r.
: move the Lumbar. and that we had no right
which Trinity Church was bound 10 respect.
Twelve years ago the property was IN Hour
: ishing condition, Hudson street WIS grel
g thoroughfare. and the chief centre OF the imrni
n ture and upholstery trade; The refusal oi Trin
?. ity Church to give leases longer than two Year
5 has driven these and other great lhdustrie
l. from the street. and has converted one oi N
fairest portions OF the city INTO rcSloh pl t.he
: any price. reducing the rental OF both house
and land below the ground rent eSacted by tn
% church. and compelling us to pay all taxes am
!. water rents. or abandon So 100000 OF our prop
!. erty. in houses. to the corporation.
Il short time ago one OF the veStrymen toll
y me that he happened to pass through tins par
" OF the church property, and wa struck, Tth II
squalid and dilHpidated condition. lie sal
10 that II would be- godsend If a fire would swee
over il and wipe ii out. Ii would not be god
Y send to the insurance companies. nor 70 u
nj ants who would be willing 20 take the groun
rent free and put thereon such buildings as III
AZ church requires.
r cent per annum upon tho whole assessed valu
10 Of the property. land and houses. ana iourtce
H. per cent. ground rent upon thelr land In a,
~ taxation upon us besides the water rent
p There Is no other landlord that would aueml
l. TO take such advantage Of his tenants, an
n wiring out OF them more than the whole neon
l. Of their property. When We complain. We tai
.r told that We may surrender our leases and r
il. ceve about one-tcnth Of the value OF our bull,
)r ings and several Of us have been obliged 10 a
le cept these terms.
n; At the close Of Mr.. Chapmans address it WI
I'd resolved that committee OF five should be al
A. pointed to wait upon the vestry oi Trim
"a Church. and ask. in the name of 1000 iamilie
a reduction in their ground rents. On mott,
g. OF DR.. Philip T.. Donlin Of Houston street. II
committee We're instructed 10 petition the Boal
y. | OF Assessment 10 reduce the assessment upI
n, all real estate III the city.