The church is a Jodo Shinshu temple established in 1938. A Buddhist and inter-faith prayers will be held before the lanterns are floated out on the Hudson. Lanterns Floating is an ancient Japanese custom that symbolizes respect for the dead.

The NYBC is led by the Rev. T.K. Nakagaki who after the 9-11, noticed that Buddhists had been left out of the city's memorial service at Yankee Stadium. So the next year he organized the first 9/11 floating lantern ceremony, and it has been held every year since.
(the first ceremony held in 2002)

More info. - here
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