The board of trustees of the Trust consists of nine members.
Three of the nine members serve ex officio: the Deputy Mayor for Economic Development, the Chairperson of the New York City Industrial Development Agency, and the Commissioner of the New York City Department of Cultural Affairs. The ex officio members may each appoint a person to represent them and vote in their place at meetings of the Board of Trustees.
The six other Trustees are appointed by the Mayor. The appointed Trustees serve without pay for staggered terms of six years and continue to hold office until their successors are appointed. There are currently two vacancies on the Board of Trustees, and the terms of three Trustees, who continue to serve until they are reappointed or until a successor is appointed, have expired.
The Board of Trustees does not hold regularly scheduled meetings, but meets from time to time as necessary to review projects.
As of March 24, 2025 the members of the board of trustees were:
- Leah C. Johnson, Chair
- Adolfo Carrión, Jr., ex officio member
- Laurie Cumbo, ex officio member
- Andrew Kimball, ex officio member
- Lynne B. Sagalyn
- Merryl Tisch
- Dawanna Williams