Trinity Place Holdings Inc. (Trinity) is a real estate holding, investment, development and asset management company.
On February 14, 2024, the company’s real estate assets and related liabilities were contributed to TPHGreenwich Holdings LLC (‘TPHGreenwich’), which is owned 95% by the company, with an affiliate of the lender under the company’s corporate credit facility (the ‘Corporate Credit Facility’ or ‘CCF’) owning a 5% interest in, and acting as manager of, such entity. These real estate...
Trinity Place Holdings Inc. (Trinity) is a real estate holding, investment, development and asset management company.
On February 14, 2024, the company’s real estate assets and related liabilities were contributed to TPHGreenwich Holdings LLC (‘TPHGreenwich’), which is owned 95% by the company, with an affiliate of the lender under the company’s corporate credit facility (the ‘Corporate Credit Facility’ or ‘CCF’) owning a 5% interest in, and acting as manager of, such entity. These real estate assets include (i) the property located at 77 Greenwich Street in Lower Manhattan (‘77 Greenwich’), which is substantially complete as a mixed-use project consisting of a 90-unit residential condominium tower, retail space and a New York City elementary school; (ii) a 105-unit, 12-story multi-family property located at 237 11th Street in Brooklyn, New York (‘237 11th’); and (iii) a property occupied by retail tenants in Paramus, New Jersey (the ‘Paramus Property’). The company also controls a variety of intellectual property assets focused on the consumer sector, a legacy of the company’s predecessor, Syms Corp. (‘Syms’), including FilenesBasement.com, the company’s rights to the Stanley Blacker brand, as well as the intellectual property associated with the Running of the Brides event and An Educated Consumer is Our Best Customer slogan.
Properties
77 Greenwich
The company has substantially completed the construction of an over 300,000 gross square foot mixed-use building that corresponds to the approximate total of 233,000 zoning square feet. The property consists of 90 luxury residential condominium apartments, 7,500 square feet of retail space, almost all of which is street level, a 476-seat elementary school serving New York City District 2, including the adaptive reuse of the landmarked Robert and Anne Dickey House. As of March 3, 2023, the company had received its temporary certificates of occupancy (‘TCOs’) for 100% of the residential condominium units, lobby, Cloud Club (lounge, terrace, game room, dining room, kitchen and kids play room), mechanical rooms, and portions of the cellar (including the bike and storage rooms). The company has closed on the sale of 38 residential condominium units through December 31, 2023, and the company has closed on one more condominium unit since December 31, 2023 with 51 remaining units to sell as of March 29, 2024.
The company entered into an agreement with the New York City School Construction Authority (the ‘SCA’), whereby the company constructed a school sold to the SCA as part of the company’s condominium development at 77 Greenwich.
Paramus Property
The Paramus property consists of a one-story and partial two-story, 73,000 square foot freestanding building and an outparcel building of approximately 4,000 square feet, for approximately 77,000 total square feet of rentable space. The primary building is consisted of approximately 47,000 square feet of ground floor space, and two separate mezzanine levels of approximately 21,000 and 5,000 square feet. The 73,000 square foot building is leased to Restoration Hardware Holdings, Inc. pursuant to a license agreement that began on June 1, 2016, is terminable upon three months’ notice, and is scheduled to end on March 31, 2025. The outparcel building was leased under a short-term license agreement with a tenant whose lease began on October 1, 2023 and ends July 30, 2024. The land area of the Paramus property consists of approximately 292,000 square feet, or approximately 6.7 acres. The company is exploring options with respect to the Paramus property, including development, redevelopment or sale, among others.
237 11th Street
In 2018, the company acquired a 105-unit, 12-story multi-family apartment building encompassing approximately 93,000 gross square feet (approximately 80,000 rentable square feet) located at 237 11th Street, Park Slope, Brooklyn, New York. The property also includes 6,264 square feet of retail space, all of which is leased to Starbucks Inc., an oral surgeon and a health and wellness tenant. Located on the border of the Park Slope and Gowanus neighborhoods of Brooklyn, the property is located one block from the 4th Avenue/9th Street subway station. The 237 11th property offers an array of modern amenities that surpass what is available in the neighborhood’s ‘brownstone’ housing stock. The property also benefits from a 15-year Section 421-a real estate tax exemption. Although all apartments are market rate units, they are subject to New York City’s rent stabilization law during the remaining term of the Section 421-a real estate tax exemption. Due to the approval of the Gowanus up-zoning, this property benefitted to the extent of approximately 30,000 square feet of air rights.
Lease Expirations
As of December 31, 2023, the company had one retail license at its Paramus property encompassing 73,000 square feet of leased space with annualized rent of $540,000 per year and expiring in March 2025 and a short-term license for the outparcel building began October 1, 2023 and expiring in July 2024. The company also has a retail lease at the 237 11th property encompassing 2,006 square feet of leased space with annualized rent of $130,000 per year that expires in 2027, a second retail lease at the 237 11th property encompassing 1,074 square feet of leased space with average annualized rent of $94,506 per year that expires in 2036 and a third retail lease at the 237 11th property encompassing 2,208 square feet of leased space with average annualized rent of $153,366 per year that expires in 2032. The company also has a retail lease at 77 Greenwich encompassing 1,061 square feet of leased space with an average annualized rent of $88,085 per year that expires in 2034. All the company’s other leases are residential leases most of which expire within twelve or twenty-four months of the commencement date.
Intellectual Property Assets
The company controls a variety of intellectual property assets focused on the consumer sector, a legacy of the company’s predecessor, Syms, including FilenesBasement.com, the company’s rights to the Stanley Blacker brand, as well as the intellectual property associated with the Running of the Brides event and An Educated Consumer is Our Best Customer slogan. In addition, various trademarks are controlled and/or owned by the company, including ‘Filene’s Basement’, ‘Stanley Blacker’, ‘Running of the Brides’, and ‘An Educated Consumer is Our Best Customer’; and have been registered with the United States Patent and Trademark Office.
History
Trinity Place Holdings Inc. was founded in 2012. The company was incorporated in 2012.
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