Trinity Place Holdings Sells Joint Venture Interest in The Berkley in Williamsburg, Brooklyn
April 28 2022 - 08:30AM
Business Wire
Unit Finishes Nearing Completion in
Jolie
Trinity Place Holdings Inc. (NYSE: TPHS) (the “Company”)
announced that it, along with its joint venture partner, has closed
on the sale of The Berkley, at 223 North 8th Street in
Williamsburg, Brooklyn (the “Property”), to TF Cornerstone for
$71.02 million. The Company purchased a 50% interest in the
Property alongside Pacolet Milliken in December 2016.
The net proceeds from the sale, after repayment of the
property’s mortgage and partner loan and settlement proceeds from
the interest rate swap associated with the Property’s mortgage will
be used for working capital and/or new investment opportunities for
the Company.
“We took advantage of the current market to make this
opportunistic sale,” stated Matthew Messinger, CEO and President of
Trinity Place Holdings. “This further bolsters our investment
thesis that even when interest rates are volatile and rising,
high-quality multifamily assets in prime New York City
neighborhoods remain in strong demand,” he continued.
After an increase in vacancy and leasing concessions during the
COVID-19 crisis in New York City, the Property maintained 99%
occupancy over the past 12 months, with net effective rent growth
approaching 20% on new leases.
77 Greenwich Update
Final completion work continues at Jolie, the Company’s
mixed-use development at 77 Greenwich Street in Lower Manhattan.
The construction hoist was removed in February 2022, and the
curtain wall in that area is being installed. Interior finishes are
now being installed in the hoist run (“A line”) units, which are
the largest homes in the building. As the New York City Department
of Buildings issues rolling temporary certificates of occupancy
(TCO) for those units (expected this summer), resident move-ins to
A line units will be permitted. Cloud Club 77, located on the top
floors of Jolie, is also expected to receive its TCO this summer,
opening the full suite of indoor and outdoor amenities to
residents.
About Trinity Place Holdings
Trinity Place Holdings Inc. (NYSE American: TPHS)(the “Company”)
is a real estate holding, investment, development and asset
management company. The Company’s largest asset is currently a
property located at 77 Greenwich Street in Lower Manhattan. 77
Greenwich is under development 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 newly built
105-unit, 12-story multi-family property located at 237 11th Street
in Brooklyn, New York, and, through a joint venture, a 10% interest
in a newly built 234-unit multi-family property located at 250
North 10th Street in Brooklyn, New York. In addition, the Company
owns 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 $247.5 million of federal net operating loss
carryforwards as well as state and local net operating loss
carryforwards at December 31, 2021, which can be used to reduce its
future taxable income and capital gains.
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, 2021, 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/20220428005663/en/
Linda Flynn, 212-235-2191 Linda.Flynn@tphs.com
Trinity Place (AMEX:TPHS)
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