Trinity Place Holdings Inc (TPHS)

[Enterprising Investor]

Form 8-K (9/11/17)

On September 8, 2017, a wholly-owned subsidiary of Trinity Place Holdings Inc. (the “Company) entered into an agreement (the “Agreement”) pursuant to which it acquired an option to purchase a newly built 105-unit, 12 story apartment building located at 237 11 th Street, Brooklyn, New York (the “Property”) from 470 4 th Avenue Investors LLC (the “Seller”) for a purchase price of $81,000,000 (the “Purchase Price”). Under the Agreement, the Company is entitled to exercise the option during the period commencing on February 1, 2018 and expiring on February 28, 2018. The Company paid an initial deposit of $8,100,000 upon entering into the Agreement, which is nonrefundable if the Company does not exercise the option. The Purchase Price will be funded through acquisition financing and cash on hand. Following the closing and pursuant to a separate agreement, an affiliate of the Seller will continue to manage and promote the Property for a limited period and an affiliate of such manager will have the ability to receive an additional payment from the Company based on the performance of the Property as it relates to revenues and concessions and other expenses during such period, which is currently estimated to be up to approximately 1% of the Purchase Price. The acquisition of the Property, which is subject to customary closing conditions, is expected to close in the first quarter of 2018.

https://www.sec.gov/Archives/edgar/data/724742/000114420417047457/v474923_8k.htm