Trinity Place Holdings Inc (TPHS)

[Enterprising Investor]

President and CEO Matthew Messinger purchases 2,300 shares on 5/27/22 at $1.344 per share and adds 4,900 shares on 6/21/22 at $1.024.

Owns 1,824,702 shares.

https://www.sec.gov/Archives/edgar/data/724742/000110465922067122/xslF345X03/tm2217310-1_4.xml

https://www.sec.gov/Archives/edgar/data/724742/000110465922073120/xslF345X03/tm2219050-1_4seq1.xml

[Enterprising Investor]

Kahn Brothers Group Inc beneficially owns 1,463,982 shares (3/31/22)

Down 9,480 shares at 12/31/21.

https://www.sec.gov/Archives/edgar/data/1039565/000103956522000009/xslForm13F_X01/mar13f2022.xml

[Enterprising Investor]

MFP Partners, L.P. beneficially owns 9,161,501 shares (5/05/22)

Controls 24.9 percent.

On March 14, 2022, Michael F. Price passed away. Jennifer C. Price, the widow of Mr. Price, became the managing director of MFP and MFP Investors, and therefore, may be deemed to beneficially own the securities beneficially owned by MFP and MFP Investors.

https://www.sec.gov/Archives/edgar/data/724742/000134100422000136/sc13da7.htm

[Enterprising Investor]

Third Avenue Management LLC beneficially owns 5,486,239 shares (5/05/22)

Controls 14.89% percent.

On May 5, 2022, GemCap Investment Funds plc, on behalf of Third Avenue Real Estate Value Fund sold 900,000 shares at a price of $1.100 per share in private transactions with certain existing shareholders of the Issuer (the “May 2022 Private Sales”). Of these shares, 750,000 settled regular way, and 150,000 were sold pursuant to stock purchase agreements.

https://www.sec.gov/Archives/edgar/data/724742/000114036122018150/brhc10037336_sc13da.htm

MFP Partners L.P. purchased 347,700 shares.
https://www.sec.gov/Archives/edgar/data/724742/000120919122027377/xslF345X03/doc4.xml

President and CEO Matthew Messinger purchased 100,000 shares.
https://www.sec.gov/Archives/edgar/data/724742/000110465922056491/xslF345X03/tm2214662-2_4seq1.xml

Director Jeffrey Citrin purchased 50,000 shares.
https://www.sec.gov/Archives/edgar/data/724742/000110465922056489/xslF345X03/tm2214662-1_4seq1.xml

[Enterprising Investor]

Greater than 5% Stockholders (4/29/22)

MFP Partners, L.P
8,813,801
23.9%

Third Avenue Management LLC
6,398,662
17.4%

DS Fund I LLC
2,581,504
7.0%

https://www.sec.gov/Archives/edgar/data/724742/000110465922053734/tm2213138-2_def14a.htm#tSOOC? ?

[Enterprising Investor]

Trinity Place Holdings Sells Joint Venture Interest in The Berkley in Williamsburg, Brooklyn (4/28/22)

Unit Finishes Nearing Completion in Jolie

NEW YORK--(BUSINESS WIRE)--Trinity Place Holdings Inc. (NYSE: TPHS) (the “Company”) announced that it, along with its joint venture partner, has closed on the sale of The Berkley, at 223 North 8th Street in Williamsburg, Brooklyn (the “Property”), to TF Cornerstone for $71.02 million. The Company purchased a 50% interest in the Property alongside Pacolet Milliken in December 2016.

The net proceeds from the sale, after repayment of the property’s mortgage and partner loan and settlement proceeds from the interest rate swap associated with the Property’s mortgage will be used for working capital and/or new investment opportunities for the Company.

“We took advantage of the current market to make this opportunistic sale,” stated Matthew Messinger, CEO and President of Trinity Place Holdings. “This further bolsters our investment thesis that even when interest rates are volatile and rising, high-quality multifamily assets in prime New York City neighborhoods remain in strong demand,” he continued.

After an increase in vacancy and leasing concessions during the COVID-19 crisis in New York City, the Property maintained 99% occupancy over the past 12 months, with net effective rent growth approaching 20% on new leases.

77 Greenwich Update

Final completion work continues at Jolie, the Company’s mixed-use development at 77 Greenwich Street in Lower Manhattan. The construction hoist was removed in February 2022, and the curtain wall in that area is being installed. Interior finishes are now being installed in the hoist run (“A line”) units, which are the largest homes in the building. As the New York City Department of Buildings issues rolling temporary certificates of occupancy (TCO) for those units (expected this summer), resident move-ins to A line units will be permitted. Cloud Club 77, located on the top floors of Jolie, is also expected to receive its TCO this summer, opening the full suite of indoor and outdoor amenities to residents.

About Trinity Place Holdings

Trinity Place Holdings Inc. (NYSE American: TPHS)(the “Company”) is a real estate holding, investment, development and asset management company. The Company’s largest asset is currently a property located at 77 Greenwich Street in Lower Manhattan. 77 Greenwich is under development as a mixed-use project consisting of a 90-unit residential condominium tower, retail space and a New York City elementary school. The Company also owns a newly built 105-unit, 12-story multi-family property located at 237 11th Street in Brooklyn, New York, and, through a joint venture, a 10% interest in a newly built 234-unit multi-family property located at 250 North 10th Street in Brooklyn, New York. In addition, the Company owns a property occupied by retail tenants in Paramus, New Jersey. In addition to its real estate portfolio, the Company also controls a variety of intellectual property assets, including Filene’s Basement and related trademarks, focused on the consumer sector, a legacy of its predecessor, Syms Corp. The Company also had approximately $247.5 million of federal net operating loss carryforwards as well as state and local net operating loss carryforwards at December 31, 2021, which can be used to reduce its future taxable income and capital gains.

https://www.businesswire.com/news/home/20220428005663/en/Trinity-Place-Holdings-Sells-Joint-Venture-Interest-in-The-Berkley-in-Williamsburg-Brooklyn

[Enterprising Investor]

Sales Listings (3/15/22)

17 active sales ($2,150 per ft² avg, $3,420,588 avg price)

7 in contract sales ($2,190 per ft² avg, $3,502,142 avg price)

72 previous sales ($2,119 per ft² avg, $3,092,430 avg price)

2 previous rentals ($76 per ft² avg, $8,507 avg price)

https://streeteasy.com/building/jolie-condominium

[Enterprising Investor]

Trinity Place Holdings Inc. completes rights offering (12/08/21)

The consummation of the Rights Offering resulted in the issuance of 903,576 shares of its common stock, par value $0.01 per share, by the Company and gross proceeds to the Company of $1,716,794.40.

https://www.sec.gov/ix?doc=/Archives/edgar/data/724742/000110465921147632/tm2134700d1_8k.htm

[Enterprising Investor]

[From the Department of Corrections]

MFP Partners, L.P. beneficially owns 8,813,801 shares (10/22/21)

Controls 25.2 percent.

[Enterprising Investor]

MFP Partners, L.P. beneficially owns 8,813,801 shares (8/22/19)

Controls 25.2 percent.

https://www.sec.gov/Archives/edgar/data/724742/000134100421000311/sc13d-a6.htm

[Enterprising Investor]

Trinity Place Holdings Refinances 77 Greenwich (10/25/21)

Occupancy at the 90-unit luxury condominium has begun

Company Closes Private Placement of Common Stock and Announces Key Dates for Rights Offering

NEW YORK--(BUSINESS WIRE)--Trinity Place Holdings Inc. (NYSE American: TPHS) (the “Company”) announced that it had entered into an inventory loan provided by Macquarie Capital, the advisory, capital markets and principal investment arm of Macquarie Group, the global financial services firm. Proceeds from the loan, which has a two-year term with an additional one-year extension option, were used to repay the 77 Greenwich construction loan and will support the final closeout of construction and further sellout efforts at the luxury mixed-use development.

“We are nearing completion on this new trophy asset in Lower Manhattan and the building looks spectacular,” said Matthew Messinger, President & CEO of Trinity Place Holdings Inc. “The loan from Macquarie gives us the flexibility to maximize the value of the asset in this vastly improving residential sales market. We are honored to be partnering with a lender of Macquarie’s stature in this final phase of 77 Greenwich’s development as we continue to sell units and residents move into the building.”

“We are very selective and are incredibly excited to support the full sellout of this unique mixed-use building being executed by a high caliber team at Trinity Place Holdings, in an ever more vibrant Downtown neighborhood,” said Jackie Hamilton, Global Co-Head, Real Estate Principal Investing at Macquarie Capital.

Messinger also noted that “third quarter home sales in Manhattan were the highest in 32 years, and have been especially active at the high end. Home sales above $4 million have increased by 133% since the same period in 2019. As international travel reopens next month and companies set a return-to-work date early next year, we remain bullish on Downtown Manhattan.” He added, “I would also like to thank Mass Mutual for being our partner on the construction phase through the pandemic.”

In connection with the loan, affiliates of or funds managed by long-time investors MFP Partners and Third Avenue Management provided equity funding in a private placement, with the Company’s mezzanine lender, an affiliate of its corporate lender and a global institutional asset management firm, providing additional mezzanine financing. A rights offering will be made to all shareholders on the same terms as the private placement.

77 Greenwich Development Project (“Jolie On Greenwich”)

- The Company’s Lower Manhattan luxury mixed-use development is nearing completion.

- Residential unit closings have begun and the building is home to its first residents. Additional closings are scheduled over the next several months.

- Sales continue to be led by Ryan Serhant and the Serhant. New Development Team. For more information visit www.JolieonGreenwich.com.

- In addition to 90 residential condominium units starting at 150’ above street level – all with water views of New York Harbor and the Hudson River – the development includes an approximately 7,500 square foot retail unit owned by the Company, a portion of which has been leased, and a newly constructed elementary school.

- The NYC School Construction Authority (SCA) is finishing the interior buildout of the new elementary school at the base of the building, which was conveyed to the SCA in April 2020. The school is anticipated to open in September 2022 with capacity for approximately 476 students.
Steven Klein, Geoff Goldstein and Alex Staikos of JLL acted as exclusive brokers on this financing transaction.

James P. Godman and Dennis Heyman of Kramer Levin Naftalis & Frankel LLP represented the Company on the transaction and David Broderick and David Brigleb of McDermott Will & Emery LLP represented Macquarie on the transaction.

Private Placement and Rights Offering

As noted, the Company sold an aggregate of 2,539,473 shares of common stock at a purchase price of $1.90 per share, or $4,825,000 in aggregate proceeds, to affiliates of or funds managed by long-time investors MFP Partners and Third Avenue Management.

The Company also announced that a record date of November 3, 2021 has been set for a rights offering of its shares of common stock. Upon commencement of the offering, the Company will distribute to stockholders as of the record date 0.075278 non-transferable subscription rights for each share of common stock held of record as of 5:00 p.m., New York time on November 3, 2021, to purchase their pro rata portion of newly issued shares of its common stock. Each whole subscription right will entitle the holder to purchase one share of common stock at a subscription price equal to $1.90 per share. Holders as of the record date will also have oversubscription rights, pursuant to which they may be able to purchase additional shares at the subscription price to the extent that not all subscription rights are exercised, subject to certain limitations. The total number of subscription rights issued to each stockholder will be rounded down to the nearest whole number. The rights may be exercised at any time during the subscription period, which will commence on November 5, 2021. The rights will expire if not exercised by 5:00 p.m., New York time, on December 3, 2021, unless the Company extends the subscription period. The Company’s Chief Executive Officer has indicated his intention to subscribe in the rights offering for at least 52,631 shares.

The rights offering will be made pursuant to the Company’s effective shelf registration statement on file with the Securities and Exchange Commission (Reg. No. 333-235276). The information herein is not complete and is subject to change. This press release does not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sale of any securities referred to in this press release in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. The rights offering will be made only by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended.

Please see the Company’s Current Report on Form 8-K, to be filed today with the SEC, for additional information on the transactions described in this release.

About Trinity Place Holdings

Trinity Place Holdings Inc. (NYSE American: TPHS)(the “Company”) is a real estate holding, investment, development and asset management company. The Company’s largest asset is currently a property located at 77 Greenwich Street in Lower Manhattan. 77 Greenwich is under development as a mixed-use project consisting of a 90-unit residential condominium tower, retail space and a New York City elementary school. The Company also owns a newly built 105-unit, 12-story multi-family property located at 237 11th Street in Brooklyn, New York, and, through joint ventures, a 50% interest in a newly built 95-unit multi-family property known as The Berkley, located at 223 North 8th Street, Brooklyn and a 10% interest in a newly built 234-unit multi-family property located one block from The Berkley at 250 North 10th Street also in Brooklyn, New York. In addition, the Company owns a property occupied by retail tenants in Paramus, New Jersey. In addition to its real estate portfolio, the Company also controls a variety of intellectual property assets, including Filene’s Basement and related trademarks, focused on the consumer sector, a legacy of its predecessor, Syms Corp. The Company also had approximately $240.7 million of federal net operating loss carryforwards as well as state and local net operating loss carryforwards at June 30, 2021, which can be used to reduce its future taxable income and capital gains.

https://www.businesswire.com/news/home/20211025005467/en/Trinity-Place-Holdings-Refinances-77-Greenwich

[Enterprising Investor]

Forbearance Agreements (10/15/21)

The Forbearance Agreements terminated automatically in accordance with their terms on 10/01/21. On 10/08/21, TPHS entered into new forbearance agreements with the 77 Greenwich Lender, the Mezzanine Loan Lender and the CCF Lender, with effect as of 10/01/21, which are substantially similar to the Forbearance Agreements, reflect certain additional events of default that occurred after the date of the Forbearance Agreements, and extended the forbearance period through 10/29/21.

On 10/07/21, the Company entered into a loan agreement with its partner in the 50-50 joint venture owning The Berkley, a high end residential apartment building in Williamsburg, Brooklyn, pursuant to which the partner will lend the Company up to $10,500,000 in principal amount, $500,000 of which proceeds are available only to be applied to interest payments, secured by the Company’s interest in the joint venture entity, maturing in one year, with two additional 12-month extension options subject to satisfaction of certain conditions. The loan bears interest at a rate of 10% per year, with a portion deferred until maturity. The proceeds of the loan are planned to be part of the sources and uses for the refinancing of the 77 Greenwich construction loan with a new inventory loan.

[Enterprising Investor]

Closings Commence at Jolie at 77 Greenwich Street (9/28/21)

NEW YORK--(BUSINESS WIRE)--Today, Trinity Place Holdings Inc. (NYSE American: TPHS), the New York-based real estate holding, investment and asset management company, announced the commencement of closings at Jolie, a boutique collection of 90 upscale condominium residences, each with show-stopping water views, envisioned by a world-class team of New York-based architects and designers. Located at 77 Greenwich Street in the heart of Manhattan’s Financial District, the elegant tower soars above New York Harbor and Battery Park, and is home to a suite of well-crafted amenities, retail space and a new public elementary school.

“As Lower Manhattan has transformed into New York City's most dynamic neighborhood and place to live and work, we always knew that Jolie’s location at the center of it all, in addition to its standout design and collection of thoughtful amenities, would appeal to professionals and families alike,” said Matthew Messinger, President and CEO of Trinity Place Holdings. “As we open Jolie to its first residents, we're so thrilled this has proven true, and that this beautiful building is contributing to the mix in the most exciting location in Manhattan.”

Designed by FXCollaborative, the celebrated architectural firm behind acclaimed New York City residential developments including The Greenwich Lane and Circa Central Park, as well as the new Statue of Liberty Museum, Jolie is a sculptural tower of reflective glass rising from a cast stone base. Topping out at 500 feet, the 42-story building features a pleated glass curtain wall façade that provides sprawling water views from each of the homes—which begin on the 15th floor located nearly 150 feet above street level—and offers a graceful juxtaposition to the heavy masonry of its historic neighbors.

The building’s warm interiors, emphasizing expert craftsmanship and natural materials, are designed by the renowned Deborah Berke Partners—led by Deborah Berke, Dean of the Yale School of Architecture—representing the firm’s unique vision for Lower Manhattan.

At the entrance to the grand double height lobby, a granite and blackened steel concierge desk anchors the space, while warm, sculptural oak paneling creates a rich and inviting atmosphere. From here, an elevator ascends to the residential floors, which include natural light-filled corridors and residences ranging from one to four bedrooms that combine natural beauty with the comforts of an exceptionally appointed home. With white oak flooring throughout and ceiling heights in excess of 10 feet, the residences boast floor-to-ceiling windows that provide unobstructed water and skyline views from the expanse of pleated crystalline glass. Adding to the graciousness and comfort of the layouts, every home includes a powder room, a rarity in new luxury development in New York City.

Filled with natural light, each of the custom Deborah Berke Partners-designed Poliform kitchens features state-of-the-art appliances from Miele, Sub-Zero and Wolf, along with honed Blue de Savoie marble countertops and backsplashes. The master bathrooms offer a calming combination of honed warm grey Haisa marble floors, walls and counters, accented with quarter sawn sycamore millwork, and radiant heated floors. Secondary bathrooms are outfitted with honed Venice terrazzo tile floors and quarter sawn oak millwork cabinets, while the powder rooms found in every home include custom-carved and polished Calacatta Lincoln sink bowls and backsplash panels enhanced by sandblasted and brushed Bianco Mist quartzite floors. Designed to exacting LEED standards, the homes at Jolie are both environmentally sustainable and luxurious.

A suite of amenities, expected to be completed in the coming months, designed by Deborah Berke Partners emphasizes entertaining, wellness and play. Headlined by a penthouse-level club known as Cloud Club 77, every resident is afforded a penthouse view via spaces including an art-filled lounge with a fireplace, a private dining room with catering kitchen, a children’s playroom, and a double-height fitness center programmed by The Wright Fit. There is also a multi-purpose game room and training studio with terrace access.

Jolie offers expansive outdoor space designed by Future Green Studio, the Brooklyn-based landscape design firm behind a number of notable commissions including the Roof Garden at the Metropolitan Museum of Art. These areas include a 3,600-square-foot rooftop garden featuring a grassy lawn with a play area for children, a meditation deck, and grill stations with ample dining areas and chaise seating. The amenities located on the 41st floor below open up to 950 square feet of outdoor space including a Japanese rock garden, while a 2,350-square-foot lower floor terrace features pergolas and a dog run.

Additionally, Jolie includes the preservation and restoration of the neighboring Robert & Anne Dickey House, a historic landmark built in 1810 that is one of New York City’s last remaining Federal-style buildings. Trinity received the New York Landmarks Conservancy’s prestigious Lucy G. Moses Preservation Project Award for its restoration of this building, which will be seamlessly incorporated into a new elementary school entered via Trinity Place.

As of September 30th, Jolie has received temporary certificates of occupancy (TCO) or has passed Department of Buildings inspection and has a TCO pending for approximately 70% of its residential homes. Substantial completion of the entire building is on target for early 2022.

Jolie is in close proximity to Battery Park and Battery Park City, the Hudson River Waterfront, One World Trade Center, major transit hubs and all of the exciting retail, culinary and vibrant nightlife options available in Lower Manhattan, including Brookfield Place and the shops at Westfield. Just across the street from the building is the new Elizabeth H. Berger Park, a 20,000-square-foot park located at the convergence of Greenwich Street, Trinity Place and Edgar Street. The dynamic urban atmosphere is complete with waterfront parks, which offer biking and jogging paths, along with cobblestone streets and a rich architectural history.

SERHANT. is the exclusive sales and marketing agent for Jolie. Pricing for remaining inventory begins at $1.5 million for a one-bedroom residence. For more information, please visit www.jolieongreenwich.com.

ABOUT TRINITY PLACE HOLDINGS

Trinity Place Holdings Inc. (NYSE American: TPHS) (the “Company”) is a real estate holding, investment, development and asset management company. The Company’s largest asset is currently a property located at 77 Greenwich Street in Lower Manhattan. 77 Greenwich is under development as a mixed-use project consisting of a 90-unit residential condominium tower, retail space and a New York City elementary school. The Company also owns a newly built 105-unit, 12-story multi-family property located at 237 11th Street in Brooklyn, New York, and, through joint ventures, a 50% interest in a newly built 95-unit multi-family property known as The Berkley, located at 223 North 8th Street, Brooklyn and a 10% interest in a newly built 234-unit multi-family property located one block from The Berkley at 250 North 10th Street also in Brooklyn, New York. In addition, the Company owns a property occupied by retail tenants in Paramus, New Jersey. In addition to its real estate portfolio, the Company also controls a variety of intellectual property assets focused on the consumer sector, a legacy of its predecessor, Syms Corp. The Company also had approximately $240.7 million of federal net operating loss carry forwards at June 30, 2021, which can be used to reduce its future taxable income and capital gains.

https://www.businesswire.com/news/home/20210928006114/en/Closings-Commence-at-Jolie-at-77-Greenwich-Street

[Enterprising Investor]

Trinity Place Holdings Inc. Provides Portfolio Update (6/28/21)

NEW YORK--(BUSINESS WIRE)--Trinity Place Holdings Inc. (NYSE: TPHS) (the “Company”) announced today that through a wholly owned subsidiary, it has refinanced its loan encumbering 237 11th Street, Brooklyn, NY. The new $60.0 million loan, provided by Natixis, bears interest at an initial interest rate of 3.05% per annum. The loan is for two years and has three one-year extension options. The first extension option is not subject to satisfaction of any financial tests. $1.5 million of the loan proceeds have been reserved to cover debt service and operating expense shortfalls, as well as leasing related costs.

Traffic at 237 11th Street has been robust and the property is approximately 80% leased, compared to 20% at December 31, 2020, as the property had been deliberately vacated to facilitate the remediation work. Concession levels on new leases are beginning to be reduced. In addition, the remediation and renovation program is expected to be substantially completed by the end of July. The Company is closely tracking the planned rezoning of the surrounding area, which as proposed could provide the property with approximately 30,000 zoning square feet of additional air rights. The proposal received local Community Board support last week, a critical milestone of the required ULURP process.

As of May 31, 2021, 250 N 10th Street was 98.3% leased and the Berkley was 100% leased. Concessions have been reduced or removed on new and renewal leases at these properties.

Construction progress continues on the 77 Greenwich project, now known as “Jolie”. In April, the Serhant team was engaged to market the condominium units for sale and the sales gallery was moved into 77 Greenwich. As of mid-June, temporary certificates of occupancy (TCO) had been obtained for 50% of the building’s residential floors, and finishes are underway on the remaining floors. The Company will seek a TCO for an additional six floors shortly and a TCO encompassing all remaining residential floors with the exception of the penthouse and hoist-run units this summer. The offering plan has been declared effective by the Attorney General’s office and closings will commence after filing of the condominium documents with the Department of Finance.

In December 2020, as previously reported, the 77 Greenwich construction loan was modified to reflect the realities of Covid-related delays on construction and sales including, among other things, by extending certain milestones to dates in 2021, including some at the end of the second quarter and beginning of the third quarter. The Company is currently engaged in constructive discussions with the current lender and has recently signed a term sheet with a traditional balance sheet inventory lender for mortgage financing which, together with mezzanine financing currently expected to be provided by one of its existing lenders, is anticipated to repay and replace the construction loan this summer, well in advance of the current loan’s January 2022 maturity date. The proposed inventory loan contemplates additional repayment flexibility and an interest rate reduction in light of the project’s decreased risk profile due to the advanced stage of construction and pre-sales.

About Trinity Place Holdings

Trinity Place Holdings Inc. is a real estate holding, investment, development and asset management company. Our largest asset is currently a property located at 77 Greenwich Street in Lower Manhattan. 77 Greenwich is under development as a mixed-use project consisting of a 90-unit residential condominium tower, retail space and a New York City elementary school. We also own a recently built 105-unit, 12-story multi-family property located at 237 11th Street in Brooklyn, New York, and, through joint ventures, a 50% interest in a recently built 95-unit multi-family property known as The Berkley, located at 223 North 8th Street, Brooklyn, and a 10% interest in a recently built 234-unit multi-family property located one block from The Berkley at 250 North 10th Street. In addition, we own a property occupied by retail tenants in Paramus, New Jersey. In addition to our real estate portfolio, we also control a variety of intellectual property assets focused on the consumer sector, a legacy of our predecessor, Syms Corp. We also had approximately $236.3 million of federal net operating loss carry forwards at March 31, 2021, which can be used to reduce our future taxable income and capital gains.

https://www.businesswire.com/news/home/20210628005811/en/

[Snide Sniper]

Is this stock completely dead?

[Enterprising Investor]

Trinity Place Holdings Inc. Sets Annual Meeting of Stockholders and Provides 77 Greenwich Update (4/13/21)

NEW YORK--(BUSINESS WIRE)--Trinity Place Holdings Inc. (NYSE: TPHS) (the “Company”), the New York-based real estate holding, investment and asset management company, announced today the date of its annual meeting of stockholders and provided an update on 77 Greenwich.

2021 Annual Meeting of Stockholders

The 2021 Annual Meeting of Stockholders will be held at 10:00 a.m. local time on Tuesday, June 29, 2021 in a virtual-only format. Further details regarding the Annual Meeting will be made available to stockholders in our proxy statement to be filed with the Securities and Exchange Commission (the “SEC”) by April 30, 2021.

77 Greenwich Street

On April 8, 2021, the off-site sales gallery at 17 State Street was moved to 77 Greenwich, bringing an end to the presale phase of the project. As previously reported, construction at 77 Greenwich is nearing completion and the project has received its first temporary certificate of occupancy, allowing the ongoing condominium sales effort to occur directly on site. The custom Deborah Berke-designed sales gallery, offices, and model homes are all now located on the project’s 20th floor.

Concurrent with the move, the Company has engaged SERHANT. to lead the next phase of sales. Led by Ryan Serhant, SERHANT.’s new development team will draw upon the firm’s extensive in-house production and branding teams and data-driven approach to digital marketing to bring further awareness and excitement for 77 Greenwich.

In addition to these developments, 77 Greenwich Street has been named, for marketing purposes, “Jolie on Greenwich.” The project’s new website is available at www.JolieOnGreenwich.com.

“We would like to thank Jackie Urgo and the whole team at The Marketing Directors for bringing us into this next phase of sales,” said Matt Messinger, President and CEO. “We are confident that the new sales gallery, together with the recent uptick in market activity as reflected in the increased pace of contract signings in the first quarter will lead to strong momentum in the peak spring and summer sales market.”

The Company noted it has also seen signs of improvement in the financing markets, including early indications of robust interest in the refinancing of the 77 Greenwich construction facility, which represents a majority of debt maturing in the next 12 months and matures in January 2022, subject to extension in certain circumstances. Although offers have not been formally solicited, the Company has received proposed terms for an inventory loan facility from several well-known institutional real estate lenders. Refinancing efforts for the 237 11th loan are also well underway.

The Company also advises that its audited consolidated financial statements for the fiscal year ended December 31, 2020, included in the Company’s annual report on Form 10-K filed with the SEC, contained an audit report from its independent registered public accounting firm with a going concern emphasis of matter paragraph due to the pending maturity of the loans noted above. Announcement of this information is required by Section 610(b) of the NYSE American Company Guide. It does not represent any change or amendment to any of the Company’s filings for the fiscal year ended December 31, 2020.

ABOUT TRINITY PLACE HOLDINGS

Trinity Place Holdings Inc. is a real estate holding, investment, development and asset management company. Our largest asset is currently a property located at 77 Greenwich Street in Lower Manhattan. 77 Greenwich is under development as a mixed-use project consisting of a 90-unit residential condominium tower, retail space and a New York City elementary school. We also own a recently built 105-unit, 12-story multi-family property located at 237 11th Street in Brooklyn, New York, and, through joint ventures, a 50% interest in a recently built 95-unit multi-family property known as The Berkley, located at 223 North 8th Street, Brooklyn, and a 10% interest in a recently built 234-unit multi-family property located one block from The Berkley at 250 North 10th Street, also in Brooklyn, New York. In addition, we own a property occupied by retail tenants in Paramus, New Jersey. In addition to our real estate portfolio, we also control a variety of intellectual property assets focused on the consumer sector, a legacy of our predecessor, Syms Corp. We also had approximately $232.0 million of federal net operating loss carry forwards at December 31, 2020, which can be used to reduce our future taxable income and capital gains.

https://www.businesswire.com/news/home/20210413006144/en/

[Enterprising Investor]

Lower Manhattan’s Soaring 77 Greenwich Street Achieves Significant Construction Milestone (3/11/21)

Unique Mixed-Use Project Also Awarded Highest Honor From New York Landmarks Conservancy

NEW YORK--(BUSINESS WIRE)--Trinity Place Holdings Inc. (NYSE: TPHS), the New York-based real estate holding, investment and asset management company, today announced that its 77 Greenwich Street development, a boutique collection of 90 upscale residences, retail space and a public elementary school in the heart of Manhattan’s Financial District, has achieved an important construction milestone - its first Temporary Certificate of Occupancy (TCO) for the first six residential floors, as well as the lobby, mechanical rooms and portions of the cellar. This significant achievement demonstrates that major building systems are operational and finishes within the first tranche of apartments are complete.

“We’re pleased to announce that 77 Greenwich is rapidly approaching completion,” said Matthew Messinger, President and CEO of Trinity Place Holdings. “The project team worked tirelessly to overcome COVID-19-related obstacles and ensure the development is delivered on time and within budget. We’re very proud of the building’s progress and look forward to opening its doors to residents later this year.”

In addition to achieving TCO, Trinity has received the New York Landmarks Conservancy’s prestigious Lucy G. Moses Preservation Project Award for its restoration of the Robert & Anne Dickey House, a historic landmark built more than 200 years ago and one of New York City’s last remaining Federal-style buildings, which is located at the base of the 77 Greenwich development.

“We’re deeply honored by the Conservancy’s decision to award the restoration of the Dickey House with this impressive distinction,” said Messinger. “The adaptive reuse of historic landmarks plays a key role in New York City’s sustainability strategy, as well as within the 77 Greenwich development. As one of only seven pre-1810 houses located south of Chambers Street, the Dickey House will reemerge as part of a new public elementary school, ensuring that it will remain a fixture of the neighborhood for generations to come.”

Located at 67 Greenwich Street, the Federalist-era townhouse was built in 1810 for the merchant Robert Dickey, who lived there with his wife, Anne, and conducted business from the site until 1820. The property later belonged to Peter Schermerhorn, a ship chandler and director of the Bank of New York, who, along with his heirs, leased it to many prominent tenants. The Dickey House served an array of uses in the decades to follow, including as a boardinghouse, and received landmarks designation in 2005.

Now, in one of the most complex architectural conversions to take place in New York City, Trinity has carefully preserved and restored the Dickey House, seamlessly incorporating it into a new 450-seat public elementary school located at the base of 77 Greenwich. Envisioned by FXCollaborative, the celebrated architectural firm behind the recently opened Statue of Liberty Museum, 77 Greenwich is a 500-foot, 42-story tower of reflective glass rising from a cast stone base.

“The Dickey House has a remarkable biography: from proud merchant’s house of the early 1800’s to forgotten relic girded by skyscrapers in the 1920’s and to run-down hulk in the recent past,” said Dan Kaplan, FAIA, LEED AP, Senior Partner at FXCollaborative. “It is now burnished to its original glory and reborn as a public school in a thriving 24-7 community. Fronting on Elizabeth Berger Plaza, the Dickey House anchors the architectural composition of 77 Greenwich, creating a wonderful historic foil for the contemporary design of the new tower.”

The project team assisting with the preservation of the Dickey House also included Higgins Quasebarth & Partners, Thornton Tomasetti, and DeSimone Consulting Engineers.

The New York Landmarks Conservancy bestows the Lucy G. Moses Awards annually to recognize excellence in historic preservation. The awards are named after a generous and dedicated New Yorker whose contributions benefitted New York City during her lifetime, and continue to do so through her endowment in support of the awards program. A virtual awards ceremony to honor the 2020 recipients will be held on Thursday, May 6, 2021 at 6:00pm.

When finished, 77 Greenwich will be home to 90 luxury condominium residences, each with show-stopping water views and interiors by the renowned Deborah Berke Partners, along with a suite of well-crafted amenities, including an abundance of outdoor space. Closings are expected to begin in the coming months. When complete, the entrance to the new public elementary school will be on Trinity Place.

For more information about 77 Greenwich, please visit www.77greenwich.com

ABOUT TRINITY PLACE HOLDINGS

Trinity Place Holdings Inc. (NYSE: TPHS)(the “Company”) is a real estate holding, investment, development and asset management company. The Company’s largest asset is currently a property located at 77 Greenwich Street in Lower Manhattan. 77 Greenwich is under development as a mixed-use project consisting of a 90-unit residential condominium tower, retail space and a New York City elementary school. The Company also owns a newly built 105-unit, 12-story multi-family property located at 237 11th Street in Brooklyn, New York, and, through joint ventures, a 50% interest in a newly built 95-unit multi-family property known as The Berkley, located at 223 North 8th Street, Brooklyn and a 10% interest in a newly built 234-unit multi-family property located one block from The Berkley at 250 North 10th Street also in Brooklyn, New York. In addition, the Company owns a property occupied by retail tenants in Paramus, New Jersey. In addition to its real estate portfolio, the Company also controls a variety of intellectual property assets focused on the consumer sector, a legacy of its predecessor, Syms Corp. The Company also had approximately $232.0 million of federal net operating loss carry forwards at December 31, 2020, which can be used to reduce its future taxable income and capital gains.

https://www.businesswire.com/news/home/20210311005550/en/

[Werbe]

Sweet day @ $TPHS

[Enterprising Investor]

Final Exterior Touches Underway At 77 Greenwich Street In Financial District (9/22/20)

https://newyorkyimby.com/2020/09/final-exterior-touches-underway-for-77-greenwich-street-in-financial-district.html

[Werbe]

$TPHS load timeeeeee. All the properties they have, future contracts. Built multiple public schools already. Emerged out of BK.

[Enterprising Investor]

TPHS recognized a gain on the sale of approximately $20.0 million and an additional gain of $4.2 million related to the recognition of our construction supervision fee.

[db7]

some small insider purchases: http://www.form4oracle.com/company/trinity-place-holdings-inc-tphs/company-transactions?id=5504

[Enterprising Investor]

TPHS recognized a gain on sale of approximately $20.0 million and other income of $4.2 million related to our construction supervision fee, and our liquidity requirement on the 77 Greenwich Construction Facility was decreased from $15.0 million to $10.0 million.

[Enterprising Investor]

Trinity Place Holdings Closes Sale of Commercial Condominium to the New York City School Construction Authority (4/08/20)

77 Greenwich achieves an important milestone

Trinity Place Holdings Inc. (NYSE: TPHS) (the “Company”) announced today that it conveyed a commercial condominium unit at the base of 77 Greenwich Street to the New York City School Construction Authority (“SCA”) on April 6, 2020, as per the terms of an agreement with the SCA signed and announced in 2017. The SCA will complete the buildout of the interior space, planned to become an approximately 476 seat public elementary school. With frontage along Greenwich Street, Trinity Place, and facing the new Elizabeth Berger Park, 77 Greenwich is a mixed-use development underway consisting of a ground floor retail unit owned by the Company, the nine-story school unit at the base of the building now owned by the SCA, and 90 residential condominium units above which are currently being marketed for sale. The conveyance represents the achievement of a significant milestone under the project’s construction loan.

“Lower Manhattan has become a highly sought-after family friendly neighborhood, and we’re glad to help provide a brand new public elementary school for district parents,” said Matthew Messinger, President & CEO of Trinity Place Holdings Inc. “Trinity Place Holdings is proud to be part of this public-private partnership to build new school seats in the heart of the city.”

“We are very excited for the new school at 77 Greenwich,” said Jessica Lappin, President of the Alliance for Downtown New York. “We are also thrilled that it will be located directly across the street from the soon to be completed Elizabeth Berger Park. The neighborhood has great needs for both open space and school seats and these two community assets will work in tandem to meaningfully enrich life in Lower Manhattan."

77 Greenwich Development Project

The Company’s Lower Manhattan mixed-use condominium development, 77 Greenwich, is approximately 80% complete. The tower has structurally topped-out and is 90% enclosed, exclusive of the hoist section.
Sales of the residential condominiums are underway with several units under contract. For more information visit 77Greenwich.com.

About Trinity Place Holdings

Trinity Place Holdings Inc. (NYSE: TPHS) (the “Company”) is a real estate holding, investment and asset management company. The Company’s business is primarily to own, invest in, manage, develop and/or redevelop real estate assets and/or real estate related securities. The Company currently owns or has interests in three multi-family properties, 250 North 10th Street and the Berkley in Williamsburg, Brooklyn and 237 11th Street in Gowanus/Park Slope, Brooklyn. The Company also owns a retail property in Paramus, New Jersey. Several of its current assets are the legacy of certain Syms Corp. and Filene’s Basement holdings as a result of those companies having emerged from Chapter 11 bankruptcy under a plan of reorganization in September 2012, including certain intellectual property and $241.5 million of Federal tax net operating losses as well as significant state losses (as of December 31, 2019). More information on the Company can be found at trinityplaceholdings.com and on our residential properties at theberkleybk.com as well as 237eleventh.com and tfc.com/residential/250n10.

https://www.businesswire.com/news/home/20200408005395/en/

[Enterprising Investor]

Trinity Place Holdings Inc. Announces $70 Million Strategic Investment (12/20/19)


Board Authorizes Stock Repurchase Program

NEW YORK--(BUSINESS WIRE)--Trinity Place Holdings Inc. (the “Company” or “TPHS”) (NYSE American: TPHS) announced today a strategic investment by a global institutional investment management firm through a $70 million multiple draw secured term loan facility, subject to increase to $95 million in certain circumstances with the consent of the lender.

The Company expects to use the net proceeds from the loan to invest in multi-family apartment buildings in the greater New York area and other properties that meet specified criteria, as well as in connection with certain property recapitalizations and for working capital and other general corporate purposes.

Matthew Messinger, President and CEO of TPHS, noted, “We are excited about this sizable investment commitment, which furthers our objective to continue to grow our residential platform and portfolio and to invest in other special opportunities in our targeted prime New York Metropolitan area neighborhoods. We believe this support enhances TPHS' ability to nimbly capitalize on unique investment and relationship opportunities, allowing further value creation for our stakeholders.”

The loan bears interest in cash and in kind, and matures on December 19, 2024, subject to extension under certain circumstances. The loan was not drawn at closing.

In connection with the loan, the Company issued the lender ten-year detachable warrants to purchase 7,179,000 shares of common stock with an exercise price of $6.50 per share.

Palladian Realty Capital LLC acted as financial advisor to the Company in connection with the investment transaction described above.

Stock Repurchase Program

The Company also announced today that its board of directors has approved a stock repurchase program under which it is authorized to acquire up to $5.0 million of its common stock. Repurchases under the stock repurchase program may be made through open market or privately negotiated transactions at times and on such terms and in such amounts as management deems appropriate, subject to market conditions, regulatory requirements and other factors. The program does not obligate the Company to repurchase any particular amount of common stock, and may be suspended or discontinued at any time without notice. Shares repurchases under the program will be made using cash on hand and from the net proceeds from the loan and are expected to be held as treasury shares.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, or shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.

About Trinity Place Holdings Inc.

Trinity Place Holdings Inc. is a real estate holding, investment and asset management company. The business of TPHS is primarily to own, invest in, manage, develop and/or redevelop real estate assets and/or real estate related securities. Currently, the principal asset of TPHS is a property located at 77 Greenwich Street (aka 28-42 Trinity Place) in Lower Manhattan, and one of Lower Manhattan’s premier development sites. The Company also owns two apartment buildings in Brooklyn, including one through a joint venture, and a retail box in Paramus, New Jersey. TPHS also has an additional apartment building in Brooklyn under contract through a new joint venture. TPHS intellectual property includes rights related to the Filene's Basement trademarks. In addition, TPHS also has approximately $245.4 million of Federal net operating losses. The Company’s shares of common stock are listed for trading on the NYSE American under the symbol TPHS. Certain of its current assets are the legacy of Syms Corp. and Filene’s Basement holdings as a result of those companies having emerged from Chapter 11 bankruptcy under a plan of reorganization in September 2012. More information on TPHS can be found at www.trinityplaceholdings.com.

https://www.businesswire.com/news/home/20191220005288/en/

[freddie me]

TPHS buys ttps://250n10.com/gallery/

[Enterprising Investor]

Trinity Place Holdings Announces Sale of the Shoppes of Forest Hill in Palm Beach County, Florida (11/27/19)

NEW YORK & MIAMI--(BUSINESS WIRE)--Trinity Place Holdings Inc. (NYSE: TPHS) (the “Company”) announced today that it has closed on the sale of the Shoppes of Forest Hill Neighborhood Shopping Center in Palm Beach County, Florida to Riverstone Capital Group for $19.6 million. Anchored by Walmart Marketplace, the 112,364 square foot center is located at the busy intersection of Forest Hill Boulevard and South Military Trail. Consistent with the Company’s business plan, Trinity Place Holdings completed its capital improvement program which began in 2015 and has increased occupancy at the revitalized center from approximately 30% to approximately 93% leased with the recently executed lease with Humana Market Point.

After repayment of the outstanding mortgage and closing costs, the Company received approximately $8.3 million in net proceeds.

“Over the last few years, we have successfully repositioned our Palm Beach property, one of the last Syms legacy properties, by revitalizing the center, bringing in high quality anchor tenants, and increasing overall occupancy to 93%,” said Matthew Messinger, President and CEO of Trinity Place Holdings. “This strategy, which we have previously articulated, resulted in a significant increase to shareholder value which we will now look to redeploy into our core multi-family strategy in the New York City area.”

Luis Castillo, Danny Finkle, Eric Williams and Megan Fitzpatrick of JLL’s Miami office represented the Company on this transaction.

The Company also announced that on November 26, 2019 it filed a shelf registration statement on Form S-3 in the ordinary course which, when declared effective by the SEC, will allow the Company to offer and sell up to an aggregate of $109.7 million of securities from time to time. The Company’s current shelf registration statement, effective since December 1, 2016, expires on December 1, 2019.

About Trinity Place Holdings

Trinity Place Holdings Inc. (NYSE: TPHS) (the “Company”) is a real estate holding, investment and asset management company. The Company’s business is primarily to own, invest in, manage, develop and/or redevelop real estate assets and/or real estate related securities. The Company currently has two multi-family properties, 237 11th Street in Gowanus/Park Slope, Brooklyn, and a 50% interest in The Berkley, in Williamsburg, Brooklyn. The Company is also developing a mixed-use condominium at 77 Greenwich Street in Lower Manhattan, one of Lower Manhattan’s premier development sites which will include 90 condominiums, a public elementary school and retail space. The Company also owns a retail property in Paramus, New Jersey. Several of its current assets are the legacy of certain Syms Corp. and Filene’s Basement holdings as a result of those companies having emerged from Chapter 11 bankruptcy under a plan of reorganization in September 2012, including certain intellectual property and $245.4 million of Federal tax net operating losses as well as significant state losses (as of September 30, 2019). More information on the Company can be found at www.trinityplaceholdings.com and on our residential properties at http://theberkleybk.com/ as well as www.237eleventh.com

About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.


https://www.businesswire.com/news/home/20191127005387/en/

[freddie me]

Holmes Osborne makes obvious material errors - he really has absolutely no idea what he is talking about.

He said they were "excavating" but building has already topped out.
He then deleted poster that corrected him and updated his piece so he wouldnt look so stupid.

His ideas mainly come from Third Avenue.

[Enterprising Investor]

77 Greenwich was always the key to creating value of shareholders.

Borrow money. Build building. Sell units. Repay debt.

I had heard it takes a long time to build something in NYC, but never knew it would take this long.

[56Chevy]

6 year lows will do that. This may have prematurely already hit its best days in late 2016.??

Marker:
Trinity Place Holdin (TPHS)
4.11 up 0.06 (1.48%)
Volume: 164,857

[Enterprising Investor]

Trinity Place Selling At A Big Discount To NAV

https://seekingalpha.com/article/4271573

[Enterprising Investor]

I just noticed there are only two followers of this board.

[Enterprising Investor]

Revenue from condo sales at 77 Greenwich should be no less than $343 million.

The 90-unit building has 162,127 square feet of residential space for an average apartment measuring 1,800 square feet.

Prices range from $1.78 million for 842-SF unit with 1 bedroom and 1.5 baths ($2,114/SF) to $5.85 million for 2,277-SF unit with 4 bedrooms and 3.5 baths ($2,569/SF).

https://77greenwich.com/availability/

Actual sales may actually be about $363 million.

[Enterprising Investor]

Third Avenue Management increases its stake to 17.7% (6/12/19)

On 6/12/19, Third Avenue Trust, on behalf of Third Avenue Real Estate Value Fund, purchased 540,000 shares at $3.60, for a total of $1,944,000, upon the orders of TAM acting as adviser; and GemCap Investment Funds plc, on behalf of Third Avenue Real Estate Fund, purchased 60,000 shares at a price of $3.60, for a total of $216,000, The shares were purchased in a privately negotiated transaction from Marcato Capital Management LP.

Controls 5,632,150 shares.

https://www.sec.gov/Archives/edgar/data/724742/000114036119010920/formsc13da.htm

[Enterprising Investor]

MFP Partners, L.P. beneficially owns 6,708,538 shares (6/11/19)

Controls 21 percent.

https://www.sec.gov/Archives/edgar/data/724742/000134100419000399/sc13da5.htm

[Enterprising Investor]

MFP Partners, L.P. buys 2,127,146 shares (6/11/19).

On June 11, 2019, MFP purchased 2,127,146 shares of Common Stock pursuant to a Stock Purchase Agreement made as of June 11, 2019, by and between Marcato Capital Management LP, on behalf of Marcato International Master Fund Ltd., MFP and the other purchasers therein, at a price of $3.60 per share for a total purchase price of $7,657,725.60.

https://www.sec.gov/Archives/edgar/data/724742/000120919119036431/xslF345X03/doc4.xml

[Enterprising Investor]

From Slacks to Square Footage (5/11/19)

A 42-story tower rises on the site of the flagship Syms discount clothing store in Lower Manhattan.

By Jane Margolies

Perhaps you remember the late Sy Syms, founder of his namesake discount clothing chain, intoning “An educated consumer is our best customer” in commercials. Maybe you even shopped at a Syms before the company declared bankruptcy in 2011 and shuttered its stores.

But now, two years after the squat Syms flagship on Trinity Place in Lower Manhattan was demolished, a 42-story tower is rising in its place. The clothing company has reinvented itself as a real estate concern named Trinity Place Holdings, and 77 Greenwich, consisting of a 90-unit condominium atop a new public elementary school, is its first foray in construction. The sales office opens this month.

Mr. Syms himself cobbled together the site — which includes the footprint of the old store as well as the Robert and Anne Dickey House, an 1810 landmark rowhouse that sits next to it — as well as enough air rights from neighboring buildings for the new tower to reach 500 feet.

Trinity Place Holdings, for its part, brought together a team of local architects: FXCollaborative, whose Statue of Liberty Museum opens this month, designed the building; Deborah Berke Partners took charge of the residential interiors; and Future Green Studio will landscape outdoor spaces.

The building has yet to top out, but its two-part form already reflects the main uses to be contained within. The eight-story cast-stone base will house the school, which will also spread into the Dickey House, whose interior is now gutted. That Federal-style building has Flemish bond brickwork and a rare bowed facade and was originally built as a mansion for a merchant’s family. The School Construction Authority will turn the shell of the building into a school fronting on Trinity Place.

If the lower portion of the building feels solidly rooted in the neighborhood’s masonry architecture and history, the slender faceted-glass tower shooting up from the ninth floor aspires to be a part of the sky.

Rendering of a living room on a high floor in 77 Greenwich that takes in views of the Hudson River, the Battery and beyond.CreditBinyan Studios
The entrance to the residential portion of the building will be on Greenwich Street, opposite the unlovely Battery Parking Garage. The lobby, with ribbed oak walls and ceiling, has been designed to whisk residents from street noise to “serenity,” said Ms. Berke, the eponymous founder of her firm and dean of the Yale School of Architecture.

Upstairs in the apartments, which range from one- to four-bedroom units, with two- and three-bedrooms predominating, things open up dramatically. Many new residential buildings on Manhattan’s west side afford views of the Hudson River, as this one does. But it’s rare to be able to also look south, to the Battery and, beyond it, the bay.
Dan Kaplan, senior partner at FXCollaborative, ensured that every apartment would glimpse that view with angled glass on the southern and western facades of the building. The interior finishes, which include pale-colored marble and oak and sycamore millwork, are intended to enhance the feeling of light and air. All apartments will have powder rooms.

Building-wide amenities include a dog run on the 9th floor with a view of Trinity Church, and a large lounge, children’s playroom and gym on the top floors of the building, along with a 3,600-square-foot landscaped roof.

Of course, the school is the amenity that may be of greatest interest to families in the building, not to mention the neighborhood, which is increasingly residential. It is expected to open in 2022 and offer 450 seats from pre-K through fifth grade.

Matthew Messinger, chief executive of Trinity Place, expects the residential portion of the building to be completed next year. Apartment prices start at $1.7 million, which gives renewed meaning to this stretch of Greenwich Street, which was once known as Millionaire’s Row.

Mr. Messinger, who like the rest of Trinity’s current leadership, has expertise in the real estate, not clothing, industry, said there are no members of the Syms family left at the company. But Trinity holds the intellectual property assets of the Syms business, including the rights to Filene’s Basement, a chain that Syms acquired in 2009. Although the Filene’s stores, too, closed after the parent company folded, Trinity has recently revived the business as an online entity.

https://www.nytimes.com/2019/05/11/realestate/from-slacks-to-square-footage.html

[Enterprising Investor]

Trinity Place Holdings Launches Sales at 77 Greenwich Street (5/13/19)

rinity Place Holdings Inc. (NYSE: TPHS), the New York-based real estate holding, investment and asset management company, has announced the commencement of sales at 77 Greenwich, a new residential condominium with a boutique approach to upscale urban living, envisioned by a world-class team of New York-based architects and designers. Located at 77 Greenwich Street in the heart of Manhattan’s “New Downtown,” the elegant tower is situated in the emerging cultural, retail, dining and corporate destination of Lower Manhattan and soars above New York Harbor and Battery Park. It is home to 90 residences, each with show-stopping water views, along with a suite of well-crafted amenities, retail space and a new public elementary school.

“It’s such an exciting time to live in Downtown Manhattan,” said Matthew Messinger, CEO of Trinity Place Holdings. “Inspired by the pulse and energy of this thriving area, we assembled a talented team of local collaborators to create 77 Greenwich—a building for New Yorkers by New Yorkers—which offers an outstanding collection of well-appointed homes in one of the city’s most vibrant and evolving neighborhoods.”

Designed by FXCollaborative, the celebrated architectural firm behind acclaimed New York City residential developments including The Greenwich Lane and Circa Central Park as well as the new Statue of Liberty Museum, 77 Greenwich is a sculptural tower of reflective glass rising from a cast stone base. Topping out at 500 feet, the 42-story building features a pleated glass curtain wall façade that provides sprawling water views from each of the homes—which begin on the 15th floor located nearly 150 feet above street level—and offers a graceful juxtaposition to the heavy masonry of its historic neighbors.

“Our design for 77 Greenwich embodies the best of its exciting surroundings in a dynamic architectural composition,” said Dan Kaplan, FAIA, LEED AP, Senior Partner at FXCollaborative. “Its chiseled stone façades anchor the building into the rich texture of historic Lower Manhattan, while its pleated glass façade offers residents captivating and dramatic views of the harbor and western sky. The tower heralds a sophisticated, crafted architecture for downtown.”

The warm interiors, emphasizing expert craftsmanship and natural materials, are designed by the renowned Deborah Berke Partners—known for the interiors at the world’s tallest residential building, 432 Park Avenue—and represents the firm’s unique vision for downtown Manhattan.

“As a native of this city, the height and the harbor—so irrefutably New York—is what makes these apartments magical to me,” said Deborah Berke, Partner, FAIA, LEED AP at Deborah Berke Partners. Berke is also the dean of Yale University’s School of Architecture.

“Our work at 77 Greenwich is exacting but warm. Its modern design elevates the rituals of daily life with rich, highly tactile materials and thoughtful layouts that reflect the best of contemporary living,” said Stephen Brockman, a partner at Deborah Berke Partners.

At the entrance to the grand double height lobby, a granite and blackened steel concierge desk anchors the space, while warm, sculptural oak paneling creates a rich and inviting atmosphere. From here, an elevator ascends to the residential floors, which include natural light-filled corridors and residences ranging from one to four bedrooms that combine natural beauty with the comforts of an exceptionally appointed home. With white oak flooring throughout and ceiling heights in excess of 10 feet, the residences boast floor-to-ceiling windows that provide unobstructed water and skyline views from the expanse of pleated crystalline glass. Adding to the graciousness and comfort of the layouts, every home includes a powder room, a rarity in new luxury development in New York City.

Filled with natural light, each of the custom Deborah Berke Partners-designed Poliform kitchens features state-of-the-art appliances from Miele, Sub-Zero and Wolf, along with honed Blue de Savoie marble countertops and backsplashes. The master bathrooms offer a calming combination of honed warm grey Haisa marble floors, walls and counters, accented with quarter sawn sycamore millwork, and radiant heated floors.

Secondary bathrooms are outfitted with honed Venice terrazzo tile floors and quarter sawn oak millwork cabinets, while the powder rooms found in every home include custom-carved and polished Calacatta Lincoln sink bowls and backsplash panels enhanced by sandblasted and brushed Bianco Mist quartzite floors. Designed to exacting LEED standards, the homes at 77 Greenwich are both environmentally sustainable and luxurious.

A suite of amenities designed by Deborah Berke Partners emphasizes entertaining, wellness and play. Headlined by a penthouse-level club known as Cloud Club 77, every resident is afforded a penthouse view via spaces including an art-filled lounge with a fireplace, a private dining room with catering kitchen, a children’s playroom, and a double-height fitness center programmed by celebrity personal trainer Jay Wright. There is also a multi-purpose game room and training studio with terrace access.

77 Greenwich offers expansive outdoor space designed by Future Green Studio, the Brooklyn-based landscape architecture design firm behind a number of notable commissions including the Roof Garden at the Metropolitan Museum of Art. These areas include a 3,600-square-foot rooftop garden featuring a grassy lawn with a play area for children, a Zen reflection area meditation deck, and barbecue grill stations with ample dining areas and chaise seating. The amenities located on the 41st floor below open up to 950 square feet of outdoor space including a Japanese rock garden, while a 2,350-square-foot lower floor terrace features pergolas and a dog run.

Additionally, 77 Greenwich includes the preservation and restoration of the neighboring Robert & Anne Dickey House, a historic landmark built in 1810 that is one of the last remaining Federal-style buildings in New York City. The Dickey House will be seamlessly incorporated into a new elementary school entered via Trinity Place. Just across the street will be the new Elizabeth H. Berger Park, a 20,000-square-foot park located at the convergence of Greenwich Street, Trinity Place and Edgar Street.
77 Greenwich is in close proximity to Battery Park and Battery Park City, the Hudson River Waterfront, One World Trade Center, major transit hubs and all of the exciting retail, culinary and vibrant nightlife options available in Lower Manhattan, including Brookfield Place and the shops at Westfield. The dynamic urban atmosphere is complete with waterfront parks, which offer biking and jogging paths, along with cobblestone streets and a rich architectural history.

The Marketing Directors is the exclusive sales and marketing agent for 77 Greenwich. Pricing begins at $1,780,000 for a one-bedroom residence. For more information, please visit www.77greenwich.com or call [phone] to arrange a viewing of the Sales Gallery located at 17 State Street, 21st Floor, New York, NY 10004.

ABOUT TRINITY PLACE HOLDINGS

Trinity Place Holdings Inc. (NYSE: TPHS) (the “Company”) is a real estate holding, investment and asset management company. The Company’s business is primarily to own, invest in, manage, develop and/or redevelop real estate assets and/or real estate related securities. The Company currently has two multi-family properties, 237 11th Street in Gowanus/Park Slope, Brooklyn, and a 50% interest in The Berkley, in Williamsburg, Brooklyn. The Company is also developing a mixed-use condominium at 77 Greenwich Street in Lower Manhattan, one of Lower Manhattan’s premier development sites which will include 90 condominiums, a public elementary school and retail space. The Company also owns a shopping center located in West Palm Beach, Florida and a retail property in Paramus, New Jersey. Several of its current assets are the legacy of certain Syms Corp. and Filene’s Basement holdings as a result of those companies having emerged from Chapter 11 bankruptcy under a plan of reorganization in September 2012, including certain intellectual property and $220.8 million of Federal tax net operating losses as well as significant state losses (as of March 31, 2019). More information on the Company can be found at www.trinityplaceholdings.com and on our residential properties at http://theberkleybk.com/ as well as www.237eleventh.com

https://www.businesswire.com/news/home/20190513005462/en/Trinity-Place-Holdings-Launches-Sales-77-Greenwich

[Enterprising Investor]

Trinity Place Holdings Announces Two New Leases at the Shoppes of Forest Hill in Palm Beach County, Florida (3/27/19)

Center Now 90% Leased

NEW YORK & MIAMI--(BUSINESS WIRE)--Trinity Place Holdings Inc. (NYSE:TPHS) (the “Company”) announced today that it has executed approximately 14,000 square feet of new leases, inclusive of a long-term lease with Advanced Health Care LLC to occupy the 12,700 square foot junior anchor location, and Fade Maniacs Barbershop for a 1,260 square foot space, at the Shoppes of Forest Hill Neighborhood Shopping Center in Palm Beach County, Florida. This follows closely on the heels of the 8,045 square foot lease with a Florida State Agency executed last month. Anchored by Walmart Marketplace, the 112,000 square foot center is located at the busy intersection of Forest Hill Boulevard and South Military Trail. The new leases bring the revitalized center to approximately 90% leased.

Advanced Health Care and Fade Maniacs join other well-known national tenants at the Shoppes of Forest Hill such as Walmart Neighborhood Market, the State of Florida, Tire Kingdom, Rent-A-Center, Supercuts, Boston Market, Taco Bell, as well as several medical offices and dining establishments at the burgeoning center.

“Trinity welcomes our new tenants to the Shoppes of Forest Hill,” said Matt Messinger, President & CEO of Trinity Place Holdings Inc. “Advanced Health Care and our other medical tenants have recognized this center as an easy, convenient and attractive place for their patients to visit. With several medical uses at the center, the Shoppes is a one-stop shop for the community’s health care needs. We also welcome Fade Maniacs, a specialty men’s barbershop, which adds a highly sought-after recurring service that will drive traffic and that complements the center greatly.”

Allan Carlisle and Remington Phillips of Cohen Commercial represented the Landlord on the transaction.

77 Greenwich Development Project

- The Company’s Downtown Manhattan mixed-use condominium project, 77 Greenwich, crossed the halfway mark, having reached the 26th floor of the 40 story building and now exceeds a height of 314 feet.

- Installation of the curtainwall has begun.

- The custom Deborah Berke & Partners designed sales and marketing center is slated to open in May 2019 at 17 State Street - a short walk from the project.

- The project remains on schedule and on budget and does not require any further equity investment on the part of the Company.

About Trinity Place Holdings

Trinity Place Holdings Inc. (NYSE:TPHS) (the “Company”) is a real estate holding, investment and asset management company. The Company’s business is primarily to own, invest in, manage, develop and/or redevelop real estate assets and/or real estate related securities. The Company currently has two multi-family properties, 237 11th Street in Gowanus/Park Slope, Brooklyn, and a 50% interest in The Berkley, in Williamsburg, Brooklyn. The Company is also developing a mixed-use condominium at 77 Greenwich Street in Lower Manhattan, one of Lower Manhattan’s premier development sites which will include 90 condominiums, a public elementary school and retail space. The Company also owns a shopping center located in West Palm Beach, Florida and a retail property in Paramus, New Jersey. Several of its current assets are the legacy of certain Syms Corp. and Filene’s Basement holdings as a result of those companies having emerged from Chapter 11 bankruptcy under a plan of reorganization in September 2012, including certain intellectual property and $222.0 million of Federal tax net operating losses as well as significant state losses (as of December 31, 2018). More information on the Company can be found at www.trinityplaceholdings.com and on our residential properties at http://theberkleybk.com/ as well as www.237eleventh.com.

https://www.businesswire.com/news/home/20190327005440/en/

[freddie me]

http://fieldcondition.com/blog/2019/3/6/construction-update-77-greenwich

[Enterprising Investor]

Trinity Place Holdings Brings a Florida State Agency to the Shoppes at Forest Hill in Palm Beach County, Florida (2/26/19)

Company portfolio leasing and construction update

NEW YORK & MIAMI--(BUSINESS WIRE)--Trinity Place Holdings Inc. (NYSE: TPHS) (the “Company”) announced today that it has executed a long-term lease with a State of Florida government agency for a new facility to be located at the Shoppes at Forest Hill Neighborhood Shopping Center in Palm Beach County, Florida. Anchored by Walmart Marketplace, the 112,000 square foot center is located at the busy intersection of Forest Hill Boulevard and South Military Trail. The lease brings the revitalized center to nearly 80% leased and new leasing prospects are actively discussing occupying remaining vacancies.

The Company won a competitive RFP for the 8,045 square foot facility with the new lease having been executed on February 13. The lease will span an initial 10-year period with an option to renew for up to a total of twenty years. The Company will build out the space and the agency will occupy upon completion.

The State of Florida joins other well-known national tenants at the Shoppes at Forest Hill such as Walmart Neighborhood Market, Tire Kingdom, Rent-A-Center, Supercuts, Boston Market, Taco Bell, as well as several medical offices and dining establishments at the burgeoning center.

“Trinity is excited to welcome employees of the State of Florida to the Shoppes at Forest Hill,” said Matt Messinger, President & CEO of Trinity Place Holdings Inc. “We have worked hard to revitalize the shopping center, which was just over 25% occupied only a few years ago, by bringing in an exceptional investment grade anchor tenant in Walmart Marketplace and ensuring the needs of the community are met with top tier shopping, dining, recreation, and services. The State of Florida facility is a great complement to our existing lineup of tenants. We welcome their employees and visitors.”

Allan Carlisle and Remington Phillips of Cohen Commercial represented the Landlord on the transaction.

77 Greenwich Development Project

- The Company’s Downtown Manhattan mixed-use condominium project, 77 Greenwich, has reached the 17th floor of construction at a height of 210 feet.

- The custom Deborah Berke & Partners designed sales and marketing center will open Spring 2019 at 17 State Street – a short walk from the project.

- The project remains on-schedule and on-budget and does not require any further equity investment on the part of the Company.

Leasing Update

- Extended the occupancy of Restoration Hardware and Lenscrafters at its Route 17 Paramus, New Jersey location, which remains 100% leased.

- The Berkley in Williamsburg Brooklyn is currently 100% leased.

- 237 11th Street multifamily building in Gowanus/Park Slope Brooklyn is 78% leased, nearly double the occupancy of the building from a year ago prior to the Company closing on the acquisition.

About Trinity Place Holdings

Trinity Place Holdings Inc. (NYSE: TPHS) (the “Company”) is a real estate holding, investment and asset management company. The Company’s business is primarily to own, invest in, manage, develop and/or redevelop real estate assets and/or real estate related securities. The Company currently has two multi-family properties, 237 11th Street in Gowanus/Park Slope, Brooklyn, and a 50% interest in The Berkeley, in Williamsburg, Brooklyn. The Company is also developing a mixed-use condominium at 77 Greenwich Street in Lower Manhattan, one of Lower Manhattan’s premier development sites which will include 90 condominiums, a public elementary school and retail space. The Company also owns a shopping center located in West Palm Beach, Florida and a retail property in Paramus, New Jersey. Several of its current assets are the legacy of certain Syms Corp. and Filene’s Basement holdings as a result of those companies having emerged from Chapter 11 bankruptcy under a plan of reorganization in September 2012, including certain intellectual property and $218.8 million of Federal tax net operating losses as well as significant state losses.

https://www.businesswire.com/news/home/20190226005732/en/Trinity-Place-Holdings-Brings-Florida-State-Agency

[TroutWorld]

Bottom found. Buy them up.

[Enterprising Investor]

MFP Partners, L.P. beneficially owns 4,581,392 shares (12/19/18)

https://www.sec.gov/Archives/edgar/data/724742/000120919118063703/xslF345X03/doc4.xml

[Enterprising Investor]

MFP Partners, L.P. beneficially owns 4,568,007 shares (12/17/18)

https://www.sec.gov/Archives/edgar/data/724742/000120919118062993/xslF345X03/doc4.xml

[Enterprising Investor]

MFP Partners, L.P. beneficially owns 4,540,303 shares (12/12/18)

https://www.sec.gov/Archives/edgar/data/724742/000120919118062268/xslF345X03/doc4.xml

https://www.sec.gov/Archives/edgar/data/724742/000120919118060967/xslF345X03/doc4.xml

https://www.sec.gov/Archives/edgar/data/724742/000120919118056077/xslF345X03/doc4.xml

[Enterprising Investor]

You got this one right.

No plans to change course. I am in this for the long haul.

I am highly confident that new permits in NYC have already starting tailing off. One thing is certain, the world's population grows each and every day.

[Enterprising Investor]

New Downtown Tower Launches Teaser Site, New Details & Renderings (11/01/18)

http://www.trinityplaceholdings.com/cms/wp-content/uploads/2018/11/77-Greenwich-Lux-Expose-11-1-18.pdf

[Enterprising Investor]

Crane Assembled for 77 Greenwich Street as The Financial District’s Residential Skyscraper Boom Continues Apace (10/05/18)

By: Michael Young

Progress at 77 Greenwich Street has hit another milestone, with the tower crane now rising on-site. Located in Lower Manhattan between Trinity Place, Greenwich Street, Rector Street, and Edgar Street, the FX Collaborative-designed tower is set to rise 500 feet to its rooftop, and also has an address of 42 Trinity Place. Inside, 90 condominiums will be situated atop a podium containing a grade school and retail space. The 40-story project is being developed by Trinity Place Holdings.


77 Greenwich Street with the construction crane now assembled. Photo by Michael Young



The lower floors of 77 Greenwich Street. Photo by @nyconstructionphoto

The lower foundation floors are currently being formed while the crane is positioned along the property line. It will eventually make its ascent to the top of the 150-foot podium where the main setback will be situated.

Residents and attendees for the grade school have access to the 1, N, R and W subway stations to the north. 77 Greenwich is also a very close walk to other retail and dining choices to the north at Brookfield Place and Westfield World Trade Center. The tower is one of a number of brand new residential buildings in Lower Manhattan, a list that also includes 45 Broad Street, 130 William Street, One Seaport Residences, 125 Greenwich Street and 19 Dutch Street.

Completion of 77 Greenwich Street is expected sometime around 2021.

https://newyorkyimby.com/2018/10/crane-assembled-for-77-greenwich-street-as-the-financial-districts-residential-skyscraper-boom-continues-apace.html

[Enterprising Investor]

MFP Partners, L.P. beneficially owns 4,492,245 shares (9/20/18)

https://www.sec.gov/Archives/edgar/data/724742/000120919118051804/xslF345X03/doc4.xml

[Enterprising Investor]

Trinity Place Holdings Achieves Construction Milestone on New Lower Manhattan Tower at 77 Greenwich Street (9/17/18)

NEW YORK--(BUSINESS WIRE)--Trinity Place Holdings Inc. (NYSE: TPHS) announced today that the New York-based real estate holding, investment and asset management company has completed the foundation work for its new mixed-use development in Lower Manhattan, clearing the way for the 500-foot tower’s vertical rise. Located at 77 Greenwich Street, the development will include 90 luxury condominium residences, prime retail space and a new public elementary school. Installation of superstructure concrete at 77 Greenwich will begin in October 2018, and the project remains on track for completion in late 2020.

“We’re thrilled to see this elegant and dynamic modern structure at 77 Greenwich Street begin its ascent on New York City’s iconic skyline,” said Matt Messinger, CEO of Trinity Place Holdings. “Today marks a critical construction milestone as we have successfully completed foundation work and move efforts to the vertical rise of the building. The team at Trinity Place Holdings and our construction team have done a tremendous job advancing this project since breaking ground in the fall of 2017. We are currently on budget and on schedule, with marketing and sale of units expected to begin during the Spring of 2019. We look forward to the rapid visual progress expected during the coming months.”

Situated in the epicenter of Manhattan’s New Downtown—with easy access to Battery Park and Battery Park City, the Hudson River Waterfront, One World Trade Center, major transit hubs and all of the exciting retail and dining in evolving Lower Manhattan—77 Greenwich will be a 500’ tall reflective glass high rise with panoramic New York Harbor and river views.

Designed by an unrivaled team of New York-based collaborators, including architecture by FXCollaborative and interiors by Deborah Berke Partners, 77 Greenwich will consist of 90 light-filled residential condominiums ranging from 1-4 bedrooms with elegantly crafted finishes and spectacular water views from every home. A full suite of amenities has been designed by Deborah Berke Partners, complementing an offering that will bring luxury, lifestyle, comfort and wellness to an area of Downtown Manhattan rapidly escalating in popularity and population growth. Sales of the residences are expected to begin in Spring 2019.

For more information, please visit www.trinityplaceholdings.com.

ABOUT TRINITY PLACE HOLDINGS INC.

Trinity Place Holdings Inc. (the “Company”) is a real estate holding, investment and asset management company. The Company’s business is primarily to own, invest in, manage, develop and/or redevelop real estate assets and/or real estate related securities. The Company is developing a mixed-use condominium at 77 Greenwich Street in Lower Manhattan, which is one of Lower Manhattan’s premier development sites. As of June 30, 2018, the Company also owns a shopping center located in West Palm Beach, Florida, a retail property in Paramus, New Jersey, a multi-family property located in Park Slope, Brooklyn, as well as a 50% interest in The Berkley, a Williamsburg, Brooklyn, multi-family property. Trinity Place Holdings’ intellectual property includes rights related to the Filene's Basement trademarks. In addition, the Company also has over $234.0 million of Federal tax net operating losses. Several of its current assets are the legacy of certain Syms Corp. and Filene’s Basement holdings as a result of those companies having emerged from Chapter 11 bankruptcy under a plan of reorganization in September 2012.

More information on the Company can be found at www.trinityplaceholdings.com and on our residential properties at http://theberkleybk.com/ as well as www.237eleventh.com

https://www.businesswire.com/news/home/20180917005349/en/Trinity-Place-Holdings-Achieves-Construction-Milestone-New