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Tuesday, March 28, 2023 10:15:22 AM
Engages Houlihan Lokey and Ackman Ziff as Advisors in Strategic Review Process
NEW YORK--(BUSINESS WIRE)--Trinity Place Holdings Inc. (NYSE American: TPHS) (the “Company”) announced that it is providing an update on its ongoing review of potential strategic alternatives. As previously disclosed, the Company has been engaged in a process to review and evaluate potential strategic alternatives to maximize shareholder value. To that end the Company has engaged from time to time with various parties who have expressed interest in the Company’s assets and attributes, and has considered a range of potential strategic transactions, including financing alternatives, a potential financial restructuring or a reorganization, merger, reverse merger, sale or other strategic transaction, with the goal of maximizing the value of the assets and attributes of the Company.
The Company has retained Houlihan Lokey and Ackman Ziff as its financial advisors to assist with its evaluation of potential strategic alternatives.
There can be no assurance that the strategic review process will result in any strategic alternative, or any assurance as to its outcome or timing. The Company has not set a timetable for completion of the review process and does not intend to disclose developments related to the process unless and until the Company executes a definitive agreement with respect thereto, or it otherwise determines that further disclosure is appropriate or required.
About Trinity Place Holdings
Trinity Place Holdings Inc. is a real estate holding, investment, development and asset management company. The Company’s largest asset is a property located at 77 Greenwich Street in Lower Manhattan, which is nearing completion 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 105-unit, 12-story multi-family property located at 237 11th Street in Brooklyn, New York as well as 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 $268.0 million of federal net operating loss carryforwards as well as approximately $232.9 million of state and local net operating loss carryforwards at September 30, 2022, which can be used to reduce its future taxable income and capital gains.
https://www.businesswire.com/news/home/20230328005603/en/Trinity-Place-Holdings-Announces-Update-on-Review-of-Strategic-Alternatives
"Someone said it takes 30 years to be an instant success" - Gabriel Barbier-Mueller, Founder and CEO of Harwood International
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