Trinity Place Holdings Inc (TPHS)

[Enterprising Investor]

Clarion buys 86 Trinity Place stake for $105M (12/14/15)

Investors Allan Fried, Michael Steinhardt planned retail and hotel conversion at building

Clarion Partners acquired a majority stake in the American Stock Exchange Building in the Financial District for $105 million, according to property records filed with the city last week. The Midtown-based real estate investment manager closed on a 70 percent interest in the historic property, located at 86 Trinity Place, from investors Allan Fried and Michael Steinhardt’s GHC Development, according to a filing on Friday. The deal closed Nov. 25. Fried and Steinhardt acquired the vacant, 182,000-square-foot Art Deco building for $17 million in 2011. The investors reportedly planned to lease out the lower floors of the building – including a spacious ground-floor area formerly used as a trading floor – to retailers while transforming the rest into a 174-room hotel. Neither Clarion nor representatives for Fried and Steinhardt returned requests for comment. Clarion recently teamed with Alchemy Properties and ABR Partners to acquired the leasehold on a 25-story Midtown East office building from Meadow Partners, as The Real Deal reported.

http://therealdeal.com/blog/2015/12/14/clarion-buys-86-trinity-place-stake-for-105m/