Trinity Place Holdings Inc. Announces Private Placement of its Common Stock

NEW YORK, NY – February 14, 2017 – Trinity Place Holdings Inc. (NYSE:TPHS) today
announced that it entered into an agreement for a non-brokered private placement of its common
stock for the sale of an aggregate of 3,585,000 shares of common stock at a purchase price of
$7.50 per share, for aggregate gross proceeds of $26,887,500. The investors in the private
placement include affiliates of or funds managed by Horse Island Asset Management and
GAMCO Investors Inc. (NYSE:GBL), among others, as well as affiliates of or funds managed
by existing investors MFP Partners and Third Avenue Management.

The Company anticipates using proceeds from the private placement for the development of its
downtown Manhattan property, potential new real estate acquisition and investment
opportunities and for working capital.

“We are excited about this opportunity to welcome affiliates of Horse Island Partners and
GAMCO, among others, as shareholders of the Company,” stated Matthew Messinger, CEO and
President of Trinity Place Holdings. “We are also pleased by the continued support from MFP
Partners and Third Avenue Management,” he continued. “We look forward to continuing our
development of 77 Greenwich and pursuing new accretive investment opportunities, following
the closing of our joint venture acquisition of The Berkley in Brooklyn.”

Additionally, the Company announced today that its Board of Directors approved a rights
offering to be made to its holders of common stock, as of the as-yet undetermined record date,
which would entitle the security holders as of the record date to purchase shares of common
stock at $7.50 per share.

This press release does not constitute an offer to sell or the solicitation of an offer to buy nor will
there be any sale of any securities referred to in this press release in any state or jurisdiction in
which such offer, solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of such state or jurisdiction. The rights offering will be made only by
means of a prospectus meeting the requirements of the Securities Act of 1933, as amended.

About Trinity Place Holdings Inc.
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 December 31, 2016,
the Company owned a property located at 77 Greenwich Street (aka 28-42 Trinity Place) in
Lower Manhattan, sometimes referred to as the Trinity Place Property, and one of Lower
Manhattan’s premier development sites. As of December 31, 2016, the Company also owned a
retail strip center located in West Palm Beach, Florida and former retail properties in Westbury,
New York and Paramus, New Jersey and a 50% joint venture interest in a multi-family property
located in Brooklyn, New York, called The Berkley. The Company’s intellectual property
includes rights related to the Filene’s Basement trademarks. In addition, as of September 30,
2016, the Company also had approximately $225.3 million of Federal net operating losses. More
information on the Company can be found at

Forward Looking Statements
This press release includes forward-looking statements within the meaning of the U.S. 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. Investors are cautioned that
forward-looking statements 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.

Trinity Place Holdings Inc.
Linda Flynn, 212-235-2191
[email protected]