Trinity Place Holdings Inc. Sets Annual Meeting of Stockholders and Provides 77 Greenwich Update

Rhea-AI Summary

Trinity Place Holdings (NYSE: TPHS) announced its 2021 Annual Meeting of Stockholders will be held virtually on June 29, 2021. The company provided updates on its project at 77 Greenwich, which has moved its sales gallery and is nearing construction completion, having received its first temporary certificate of occupancy. The project, now marketed as 'Jolie on Greenwich,' will enhance sales efforts through the engagement of SERHANT. Financially, the company is exploring refinancing options for maturing loans, amidst noted improvement in financing markets. Concerns about a going concern emphasis related to loans remain.

Positive

• 77 Greenwich has received its first temporary certificate of occupancy, allowing ongoing sales.
• Engagement of SERHANT. for project sales aims to boost market presence.
• Signs of improvement in refinancing markets for maturing loans.

Negative

• The 2020 financial report included a going concern emphasis due to upcoming loan maturities.

Trinity Place Holdings Inc. (NYSE: TPHS) (the “Company”), the New York-based real estate holding, investment and asset management company, announced today the date of its annual meeting of stockholders and provided an update on 77 Greenwich.

2021 Annual Meeting of Stockholders

The 2021 Annual Meeting of Stockholders will be held at 10:00 a.m. local time on Tuesday, June 29, 2021 in a virtual-only format. Further details regarding the Annual Meeting will be made available to stockholders in our proxy statement to be filed with the Securities and Exchange Commission (the “SEC”) by April 30, 2021.

77 Greenwich Street

On April 8, 2021, the off-site sales gallery at 17 State Street was moved to 77 Greenwich, bringing an end to the presale phase of the project. As previously reported, construction at 77 Greenwich is nearing completion and the project has received its first temporary certificate of occupancy, allowing the ongoing condominium sales effort to occur directly on site. The custom Deborah Berke-designed sales gallery, offices, and model homes are all now located on the project’s 20^th floor.

Concurrent with the move, the Company has engaged SERHANT. to lead the next phase of sales. Led by Ryan Serhant, SERHANT.’s new development team will draw upon the firm’s extensive in-house production and branding teams and data-driven approach to digital marketing to bring further awareness and excitement for 77 Greenwich.

In addition to these developments, 77 Greenwich Street has been named, for marketing purposes, “Jolie on Greenwich.” The project’s new website is available at www.JolieOnGreenwich.com.

“We would like to thank Jackie Urgo and the whole team at The Marketing Directors for bringing us into this next phase of sales,” said Matt Messinger, President and CEO. “We are confident that the new sales gallery, together with the recent uptick in market activity as reflected in the increased pace of contract signings in the first quarter will lead to strong momentum in the peak spring and summer sales market.”

The Company noted it has also seen signs of improvement in the financing markets, including early indications of robust interest in the refinancing of the 77 Greenwich construction facility, which represents a majority of debt maturing in the next 12 months and matures in January 2022, subject to extension in certain circumstances. Although offers have not been formally solicited, the Company has received proposed terms for an inventory loan facility from several well-known institutional real estate lenders. Refinancing efforts for the 237 11^th loan are also well underway.

The Company also advises that its audited consolidated financial statements for the fiscal year ended December 31, 2020, included in the Company’s annual report on Form 10-K filed with the SEC, contained an audit report from its independent registered public accounting firm with a going concern emphasis of matter paragraph due to the pending maturity of the loans noted above. Announcement of this information is required by Section 610(b) of the NYSE American Company Guide. It does not represent any change or amendment to any of the Company’s filings for the fiscal year ended December 31, 2020.

ABOUT TRINITY PLACE HOLDINGS

Trinity Place Holdings Inc. is a real estate holding, investment, development and asset management company. Our 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. We also own a recently built 105-unit, 12-story multi-family property located at 237 11^th Street in Brooklyn, New York, and, through joint ventures, a 50% interest in a recently built 95-unit multi-family property known as The Berkley, located at 223 North 8^th Street, Brooklyn, and a 10% interest in a recently built 234-unit multi-family property located one block from The Berkley at 250 North 10^th Street, also in Brooklyn, New York. In addition, we own a property occupied by retail tenants in Paramus, New Jersey. In addition to our real estate portfolio, we also control a variety of intellectual property assets focused on the consumer sector, a legacy of our predecessor, Syms Corp. We also had approximately $232.0 million of federal net operating loss carry forwards at December 31, 2020, which can be used to reduce our 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, 2020, as well as to our subsequent filings with the SEC. 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210413006144/en/

FAQ

When is the 2021 Annual Meeting of Stockholders for Trinity Place Holdings?

The 2021 Annual Meeting of Stockholders is scheduled for June 29, 2021, at 10:00 a.m. local time.

What updates were provided about 77 Greenwich by Trinity Place Holdings?

Trinity Place Holdings reported that 77 Greenwich has moved its sales gallery, is nearing construction completion, and has received its first temporary certificate of occupancy.

What is the new marketing name for the 77 Greenwich project?

The project at 77 Greenwich is now being marketed as 'Jolie on Greenwich'.

What financial concerns does Trinity Place Holdings have regarding its loans?

The company noted a going concern emphasis in its 2020 financial report due to maturing loans.

Who is leading the next phase of sales for the 77 Greenwich project?

The next phase of sales for 77 Greenwich will be led by SERHANT., under Ryan Serhant.