Trinity Moving Forward As It Announces New CEO And Major Investor
Trinity Place Holdings Inc. (“Trinity”)(OTCQB:TPHS) announced today the appointment of Matthew Messinger as President and CEO while welcoming the infusion of more than $13 million from Third Avenue Real Estate Value Fund, a new investor in Trinity. Trinity currently has significant real estate holdings in six states, including New York and New Jersey, and a variety of consumer-sector intellectual property rights.
Mr. Messinger, 41, was most recently Executive Vice President and Director of Investment Management at Forest City Ratner Companies (“FCRC”), a wholly owned subsidiary of Forest City Enterprises (“FCE”), where he served for more than 18 years. In this role, Mr. Messinger led the New York Investment Committee of FCRC and served on the Investment Committee and Executive Management Committee of FCE. Mr. Messinger brings extensive development, asset management, finance, strategic planning and tax credit structuring experience across a wide range of asset classes including retail, hotel, residential, office, arena and professional sports teams.
Third Avenue Real Estate Value Fund (NASDAQ: “TAREX”) today completed its $13.5 million strategic investment in Trinity through its purchase directly from the Company of the remaining 3,369,444 previously authorized but unissued common shares of Trinity at $4.00 per share. TAREXnow owns 17% of the Company and will also be given the right to appoint one member of Trinity’s board of directors in connection with this investment. TAREX is managed by Third Avenue Management LLC, a New York-based investment manager with approximately $12.9 billion in assets under management and is one of the leading investors in global real estate securities with approximately $4 billion invested in publicly traded real estate and real estate-related companies. Houlihan Lokey acted as sole placement agent for the offering.
Trinity’s assets include real estate holdings in markets such as Westbury, New York, Paramus and Secaucus, New Jersey, West Palm Beach, Florida, and “Trinity Place”, one of lower Manhattan’s premier development sites. In addition, Trinity has other assets such as intellectual property – including rights related to the Filene's Basement trademark. It is currently traded OTC 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.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts