Trinity Place Holdings Inc. Announces Commencement of Rights Offering

NEW YORK – Trinity Place Holdings Inc. (the “Company”) (NYSE: TPHS) announced today that it has
commenced its previously disclosed rights offering of up to 3,700,000 shares of its common stock. Under the terms
of the rights offering, the Company will distribute 0.126093 non-transferable subscription rights to purchase shares
of its common stock, for each share of its common stock held by a stockholder as of 5:00 p.m., New York time on
the record date of March 1, 2017, as more fully described in the prospectus supplement relating to the rights
offering. Each whole subscription right will entitle the holder to purchase one share of common stock at a
subscription price equal to $7.50 per share. Holders as of the record date that exercise their basic subscription rights
in full will also have oversubscription rights, pursuant to which they may be able to purchase additional shares at the
subscription price to the extent that not all subscription rights are exercised, subject to certain limitations and as
more fully described in the prospectus supplement. The subscription rights may be exercised until 5:00 p.m. New
York time, on March 31, 2017.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale
of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state.

About Trinity Place Holdings Inc.
Trinity Place Holdings Inc. 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]