NEW YORK--(BUSINESS WIRE)--Trinity Place Holdings Inc. (NYSE MKT:TPHS), a real estate investment company, today announces its plans for a 285,000-square-foot, mixed-use development project at 77 Greenwich Street in New York City’s Financial District neighborhood. The plans call for approximately 85 luxury residential condominiums and 7,000 square feet of retail space on Greenwich Street, as well as the recently announced 476-seat elementary school serving District 2.
“We are happy to share that we anticipate construction of the project starting this year,” stated Matthew Messinger, President & CEO of Trinity Place Holdings Inc., owner and developer of the 77 Greenwich Street project. “We are also proud to be working with the New York City School Construction Authority in connection with their efforts to bring a much needed new public school to Lower Manhattan. As Downtown Manhattan continues to see more than $30 billion of public and private investments come to fruition, we expect 77 Greenwich to be the latest milestone in the neighborhood’s evolution as a highly desirable live-work community.”
FXFOWLE Architects has designed the mixed-use tower, which is slated to rise approximately 500 feet in the air and will feature a pleated glass curtainwall above a limestone base. Deborah Berke Partners is designing the residential interiors. The Marketing Directors will lead the marketing and sales effort for the luxury condominium residences.
Messinger continued, “What makes the residential component unique is that all condominium residences will start at an elevation of 150 feet, sitting above the school, allowing for panoramic views of New York Harbor, the Hudson River as well as the New York City skyline from every home in the building.”
Slated for completion in 2019, the development site is comprised of the former Syms clothing store and the 19th-century landmarked Dickey House, a federal style townhouse constructed in the early 1800s. Project plans call for the Dickey House exterior to be meticulously restored and the interiors adaptively reused.
Strategically located in Lower Manhattan, 77 Greenwich is ideally situated in close proximity to many of NYC’s most coveted destinations including the World Trade Center, South Street Seaport, Battery Park City, Brookfield Place, Wall Street and its luxury shops and restaurants including Saks Fifth Avenue, Burberry, Hermes and Tiffany & Co., to name a few. In addition, future residents at 77 Greenwich will have the opportunity to live steps away from Nobu, Le District, Hudson Eats and Mario Batali’s Eataly. The development site is also located steps away from what will be the newly expanded and landscaped Elizabeth Berger Park as well as ample green space and recreational destinations including the Hudson River Greenway, Battery Park, Battery Park City and the East River Bikeway. The 1, R, 2, 3, 4, 5 and PATH trains provide easy access for all future residents and students.
For more information, visit www.trinityplaceholdings.com.
About Trinity Place Holdings Inc.
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. Currently, the Company’s principal asset is 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. The Company also owns a shopping center located in West Palm Beach, Florida and retail boxes in Westbury, New York and Paramus, New Jersey. Trinity intellectual property includes rights related to the Filene's Basement trademarks. In addition, the Company also has approximately $219.0 million of Federal net operating losses. The Company’s shares are listed for trading on the NYSE MKT under the symbol TPHS. 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 September 2012. More information on the Company can be found at www.trinityplaceholdings.com.
Forward Looking Statements
This release includes “forward-looking statements” which can be identified by the fact that they do not relate strictly to historical or current facts. These statements contain words such as “may,” “will,” “expect,” or the negative or other variations thereof or comparable terminology. 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. Such risks and uncertainties include, but are not limited to, that the Company and the School Construction Authority have not yet entered into a binding agreement regarding the proposed new school, construction of the project is not yet financed and other risks generally associated with significant mixed use developments in New York City. As a result, the project may not be completed as planned or at all, as well as other risks related to the factors described from time to time in the Company's reports filed with the Securities and Exchange Commission. Any forward-looking statements are made pursuant to the Private Securities Litigation Reform Act of 1995 and, as such, speak only as of the date made. The Company disclaims any obligation to update the forward-looking statements.