Trinity Place Holdings and Pacolet Milliken Acquire Brooklyn Building
December 05 2016 - 6:21PM
Business Wire
New Luxury Williamsburg Residential Tower
Purchased for $68.8 Million
Trinity Place Holdings, Inc. (NYSE: TPHS) announced today that
in a joint venture with Pacolet Milliken Enterprises, Inc. they
have closed on the acquisition of The Berkley, a newly built,
market-leading 95-unit apartment building in Williamsburg, Brooklyn
for $68.875 million. The purchase was capitalized by a $42.5
million interest-only senior loan from Freddie Mac at a spread of
216 basis points above LIBOR.
Located in North Williamsburg, Brooklyn at 223 North 8th Street,
The Berkley is just two blocks from the Bedford Avenue L subway
station and a short walk from the Metropolitan Avenue G subway
station and J, M, and Z trains at Marcy Avenue.
With spectacular views of the Manhattan skyline, The Berkley is
widely considered to be Williamsburg’s premier rental property.
Apartments feature top-of-the-line unit finishes including
Bertazzoni and Bosch appliances, in-unit washers and dryers,
individual HVAC controls, walk-in closets, 9-10’ ceilings and wide
plank hardwood flooring and most of the of units feature private
outdoor space. In addition, The Berkley offers a full amenity
package including a rooftop sun-deck lounge, a two-story fitness
center, an outdoor yoga lawn, an outdoor central courtyard, tenant
storage, parking, and spectacular views of the Manhattan skyline.
The property benefits from a 25-year 421a real estate tax
abatement.
“We are excited to participate in Williamsburg’s continued
renaissance and evolution as a choice neighborhood for New Yorkers,
as well as an increasingly desirable destination for institutional
investment,” stated Matthew Messinger, CEO and President of Trinity
Place Holdings. “Just as Williamsburg embodies the vibrancy,
innovation and creativity of Brooklyn, The Berkley’s high-quality
design celebrates the neighborhood’s industrial character and
offers an unparalleled lifestyle in a sought after, supply
constrained market within minutes of Manhattan,” he continued.
“Also, we fully expect that this investment with Pacolet Milliken
is the beginning of a long-term partnership strategy with one of
the nation’s leading family-owned real estate firms.”
“We are excited to kick off our partnership with Trinity Place
Holdings with the acquisition of this trophy quality asset in one
of New York’s most desirable neighborhoods,” stated Brent Abbott,
Vice President and Director of Acquisitions at Pacolet Milliken
Enterprises.
For the Pacolet Milliken investment team, led by Clay Adams,
Executive Vice President for Real Estate, and Mr. Abbott, this
represents the firm’s second significant investment in Brooklyn
this year and advances Pacolet’s strategy of investing in
core-quality real estate with a value creation story. In this case,
the continued growth of the high-end Williamsburg submarket, the
increasing 24-7 mixed-use independence of Brooklyn, and the planned
public investment of approximately $1 billion in nearby subway
improvements combine to make this a compelling long term investment
opportunity.
Website: theberkleybk.com
About TPHS
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.
Currently, the Company is developing a mixed-use condominium at 77
Greenwich Street (aka 28-42 Trinity Place) in Lower Manhattan,
which is one of Lower Manhattan’s premier development sites. The
Company also owns a shopping center located in West Palm Beach,
Florida and retail boxes in Westbury, New York and Paramus, New
Jersey. Trinity Place Holdings’ intellectual property includes
rights related to the Filene's Basement trademarks. In addition,
the Company also has over $225 million of Federal tax net operating
losses. The Company’s shares are listed for trading on the NYSE MKT
under the symbol TPHS. Many 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.
About Pacolet Milliken Enterprises, Inc.
Pacolet Milliken Enterprises, Inc. is a private, family-owned
investment company founded in 2007 by the shareholders of Milliken
& Company with a forward-looking mission to secure and grow
high-quality assets with enduring value in the energy and real
estate markets. For more information, please visit
www.pacoletmilliken.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20161205006371/en/
For Trinity Place HoldingsLinda Flynn,
212-235-2190Linda.Flynn@tphs.com
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