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Trinity Place Holdings Inc. reports developments as an intellectual property holding, investment, and commercialization company focused on consumer-sector assets. Its portfolio includes FilenesBasement.com, rights to the Stanley Blacker brand, intellectual property associated with the Running of the Brides event, and the An Educated Consumer is Our Best Customer slogan.
Recurring company updates cover operating results, brand licensing and e-commerce initiatives, strategic partnerships, intellectual property protection and enforcement, stock repurchases, pension plan settlement matters, and the completed transfer of former TPHGreenwich joint venture interests into a trust for the benefit of shareholders.
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Trinity Place Holdings Inc. (NYSE American: TPHS) announced an update on its strategic review process to maximize shareholder value. The company has engaged Houlihan Lokey and Ackman Ziff as financial advisors to evaluate various strategic alternatives, which may include financing options, mergers, or sales. However, there is no guarantee that this review will yield a conclusive outcome, and no timetable has been set for its completion. The company’s largest asset is a mixed-use project at 77 Greenwich Street in New York City, nearing completion. As of September 30, 2022, TPHS reported net operating loss carryforwards of approximately $268 million.
Trinity Place Holdings Inc. (NYSE American: TPHS) announces that its new residential tower, Jolie on Greenwich, has received a LEED Silver Certification from the U.S. Green Building Council. Located at 77 Greenwich Street in Lower Manhattan, the 42-story tower features 90 upscale residences and over 7,000 sq. ft. of retail space, along with a public elementary school. The development emphasizes energy efficiency and sustainability, aligning with modern living standards. Pricing for available units starts at $1.75 million.
Trinity Place Holdings Inc. (NYSE American: TPHS) recently reported the successful opening of the Trinity Place Learning Center, which now accommodates 420 students, significantly increasing capacity from 186. The center's first day coincided with the prestigious Blue Ribbon School award recognition. The Jolie condo project is nearing completion, with remaining units priced from $1.575 million. The company has entered an exclusivity period with an asset manager to negotiate refinancings and explore new business opportunities. TPHS remains compliant with NYSE listing standards.
Trinity Place Holdings Inc. (NYSE: TPHS) announced it received a notice from the NYSE on August 23, 2022, regarding non-compliance with its continued listing standards due to the late filing of its Quarterly Report on Form 10-Q for the quarter ended June 30, 2022. The company needs to file this report within six months. Additionally, it plans to restate its financial statements for 2021 and early 2022 due to accounting errors related to construction costs at 77 Greenwich Street. The company expects to file the 10-Q in early September 2022.
Trinity Place Holdings Inc. (NYSE: TPHS) announced the sale of The Berkley in Williamsburg, Brooklyn for $71.02 million. The sale's net proceeds will be allocated for working capital and new investments. CEO Matthew Messinger highlighted the strong demand for high-quality multifamily assets despite rising interest rates, noting The Berkley's 99% occupancy and nearly 20% net effective rent growth over the past year. Additionally, construction is progressing at 77 Greenwich, with temporary occupancy certificates expected this summer.
Trinity Place Holdings Inc. (TPHS) announced the initiation of occupancy at its luxury 90-unit condominium in Lower Manhattan and closed a private placement of common stock. The company secured an inventory loan from Macquarie Capital to repay a previous construction loan and continue construction efforts. Home sales in Manhattan reached a 32-year high, with notable luxury market increases. A rights offering for shareholders will follow the private placement, allowing shareholders to purchase additional shares at $1.90 each starting November 5.
Trinity Place Holdings Inc. (TPHS) has announced the commencement of closings at Jolie, a luxury condominium project in New York's Financial District. This 90-unit development, designed by FXCollaborative, features upscale residences with stunning water views and high-end amenities, including a rooftop garden and fitness center. As of September 30, approximately 70% of the residences have received temporary certificates of occupancy. Pricing for available units starts at $1.5 million. The building also includes a public elementary school and the restoration of a historic landmark.
Trinity Place Holdings Inc. (NYSE: TPHS) has successfully refinanced its loan for 237 11th Street, Brooklyn, with a new $60 million loan at a 3.05% interest rate, lasting two years with three one-year extensions. The property is now 80% leased, up from 20% in December 2020, and concession levels on new leases are dropping. The company is also advancing on the 77 Greenwich project, with half of the residential units receiving temporary certificates of occupancy. Ongoing discussions for refinancing the 77 Greenwich construction loan may improve repayment terms.
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.