NEW YORK, NY – February 22, 2017 – Trinity Place Holdings Inc. (NYSE:TPHS) today
announced that it has entered into two secured lines of credit aggregating $12.0 million, with
Sterling National Bank as the lender. The lines, which are secured by the Company’s properties
located in Paramus, New Jersey, and Westbury, New York, mature in 12 months. The Company
has an option to extend the maturity date of each line for an additional 12 months, subject to
certain conditions. The lines, which bear interest at 100 basis points over prime with a floor of
3.75%, are prepayable at any time without penalty.
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 www.trinityplaceholdings.com.
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.
Contact
Trinity Place Holdings Inc.
Linda Flynn, 212-235-2191
Linda.Flynn@tphs.com