A 12-Storey Headquarters Worth About $51 Million: The Episcopal Church Prepares to Leave 815 Second Avenue

• The Episcopal Church Center at 815 Second Avenue is a 12-storey, 146,000-square-foot building
• It has a tax-assessed market value of about $51 million
• The church and affiliates occupy less than half of it
• Leaders hope for a long-term ground lease, potentially for affordable housing

The Episcopal Church is preparing to put its national headquarters in Manhattan on the market, The Living Church reported in June 2026.

The Episcopal Church Center at 815 Second Avenue in Turtle Bay, known simply as “815,” is a 12-storey, 146,000-square-foot building designed by Frederick J. Woodbridge and dedicated in April 1963. According to PropertyShark, its tax-assessed market value is about $51 million. The report called it the church’s most valuable asset outside its endowment.

Moving has been discussed for more than a decade; the General Convention approved relocation in 2012. According to the report, chief financial officer Chris Lacovara noted that the national church and affiliated organisations occupy less than half of the building, and many staff already work remotely across the United States and Europe. New York-based employees would move to temporary offices in Manhattan.

Presiding Bishop Sean Rowe said the church hopes to enter a long-term ground lease with a group that would redevelop the building, potentially as affordable housing, though any final decision is likely months away.

A ground lease would let the church keep ownership of valuable land while earning income and letting someone else fund redevelopment. It is a common way for institutions to unlock the value of property without selling it outright.

Jamaican churches with land in valuable locations can consider the same structure. A long lease to a developer, rather than a sale, can provide regular income while keeping the land for future generations. Lease terms, rent reviews, what happens to buildings at the end of the lease and any conditions on use all need careful legal advice.

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