Trinity Place Holdings Closes on New Luxury Mixed-Use Property
May 24 2018 - 5:31PM
Business Wire
Acquisition Furthers Multi-Family
Acquisition Strategy
Trinity Place Holdings Inc. (NYSE:TPHS) announced today that it
has closed on the previously announced acquisition of a newly built
105-unit, 12-story apartment building in Park Slope, Brooklyn for
$81.0 million from an affiliate of Adam America Equities, LLC. The
acquisition of the Park Slope property further expands Trinity
Place Holdings core multi-family acquisition focused strategy,
becoming the second property in this portfolio.
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 subway station, and a short
walk to nearby amenities such as Prospect Park and Whole Foods
Market.
Leasing began in August 2017 at the Park Slope building, with
the residential portion of the property approximately 63% leased.
The property also includes 6,264 square feet of retail space, a
portion of which is leased to Starbucks Inc.
The acquisition was capitalized with 2-year financings in the
aggregate principal amount of $67.8 million. Such financings are
interest-only and bear interest at the blended average rate of
3.72% over the 30-day LIBOR. The financings have a 1-year extension
option.
Matt Messinger, CEO of Trinity Place Holdings, commented, “We
are excited to complete the acquisition of 237 11th. We believe
there is a tremendous opportunity within key segments of the New
York market to aggregate a portfolio of Class A apartments (some
with ancillary ground-floor retail or mixed-use characteristics)
which will generate stable, growing cash flow and offer long-term
appreciation. We look forward to the continued execution of this
strategy in the years to come.”
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.
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.
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. As of March 31, 2018, the Company also
owns a shopping center located in West Palm Beach, Florida and a
retail property in 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 $232.6 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 on our residential properties at
http://theberkleybk.com/ as well as 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 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. 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, 2017, 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: https://www.businesswire.com/news/home/20180524006414/en/
Trinity Place Holdings Inc.Linda Flynn,
212-235-2191Linda.Flynn@tphs.com
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