Trinity to Acquire Luxury Park Slope Mixed-Use Property
September 11 2017 - 9:06AM
Business Wire
Trinity Place Holdings Inc. (NYSE: TPHS) announced today that it
has entered into an option agreement to acquire a newly built
105-unit, 12-story apartment building in Park Slope, Brooklyn for
$81.0 million. The property includes 6,264 square feet of retail
space, a portion of which is leased to Starbucks Inc. The
transaction, which is subject to customary closing conditions, is
expected to close in the first quarter of 2018.
Located on the border of the Park Slope and Gowanus
neighborhoods of Brooklyn at 237 11th Street, the property is one
block from the 4th Avenue/9th Street F, R and G subway station. The
building is also a short walk to nearby amenities such as Prospect
Park and Whole Foods Market as well as many of the borough’s best
restaurants and boutique shops along 5th and 7th Avenues.
237 11th Street offers an array of modern amenities that surpass
what is available in the neighborhood’s “brownstone” housing stock.
Apartments feature a washer/dryer in all units, tenant-controlled
HVAC units, stainless steel appliances, and private outdoor
terraces. Building-wide amenities include a courtyard garden, party
room, fitness center, tenant lounge, bicycle storage room, parking,
and landscaped rooftop terrace. The property’s relative height
offers panoramic views of the New York Harbor and the Manhattan
skyline from upper floors and the rooftop.
The property benefits from a 15-year real estate tax abatement
under Real Property Tax Law Section 421-a. All the units in the
building are market rate, but are subject to rent stabilization
guidelines.
Following the closing and pursuant to a separate agreement, an
affiliate of the seller will continue to manage and promote the
building for a limited period and an affiliate of such manager will
have the ability to receive an additional payment based on the
performance of the property during such post-closing period.
In addition, on August 4, 2017, TPHS closed on the sale of its
property located in Westbury, New York for a gross sale price of
$16.0 million. The sale resulted in an estimated gain of $3.9
million and generated approximately $15.2 million in net proceeds
to TPHS. The net proceeds from this sale will be used to partially
fund the 237 11th Street acquisition.
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.
As of June 30, 2017, 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. The Company also
owns a shopping center located in West Palm Beach, Florida and
retail boxes in Westbury, New York (sold August 2017) and Paramus,
New Jersey as well as a 50% interest in The Berkley, a
Williamsburg, Brooklyn, located multi-family property. Trinity
Place Holdings’ intellectual property includes rights related to
the Filene's Basement trademarks. In addition, the Company also has
over $230 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 237 11th Street at
www.237eleventh.com
Forward Looking Statements
This press release includes forward-looking statements within
the meaning of Section 21E of the Securities Exchange Act of 1934,
as amended, and the Private Securities Litigation Reform Act of
1995. These forward-looking statements include, but are not limited
to, statements about our plans, objectives, expectations and
intentions that are not historical facts, and other statements
identified by words such as “may,” “will,” “expects,” “believes,”
“plans,” “anticipates,” “opportunity,” “current,” “seeks,”
“estimates,” or “potential,” or the negative thereof or other and
similar expressions. These forward-looking statements are based on
current expectations and projections about future events and are
not guarantees of future performance or results and involve risks
and uncertainties that cannot be predicted or quantified, and,
consequently, the actual performance of the Company may differ
materially from those expressed or implied by such forward-looking
statements. Such statements reflect our current views with respect
to future events, the outcome of which is subject to certain risks,
including among others, risks related to closing, obtaining
suitable financing in connection with and achieving the intended
benefits of the acquisition described above. For a more complete
description of these and other possible risks and uncertainties,
please refer to our Annual Report on Form 10-K for the year ended
December 31, 2016, as well as to our subsequent filings with the
Securities and Exchange Commission. The forward-looking statements
contained herein speak only as of the date hereof, and we assume no
obligation to update any forward-looking statements, whether as a
result of new information, subsequent events or otherwise, except
as required by law.
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version on businesswire.com: http://www.businesswire.com/news/home/20170911005634/en/
Trinity Place Holdings Inc.Linda Flynn,
212-235-2191Linda.Flynn@tphs.com
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