Trinity Place Holdings Closes Sale of Commercial Condominium to the New York City School Construction Authority

4/8/20

NEW YORK--(BUSINESS WIRE)--Trinity Place Holdings Inc. (NYSE: TPHS) announced today that it conveyed a commercial condominium unit at the base of 77 Greenwich Street to the New York City School Construction Authority 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.