CONTACT: Linda Flynn, (212) 235-2191
NEW YORK, NY (May 24, 2018) 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.
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
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 forwardlooking 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.