Trinity Moving Forward as it Announces New CEO and Major Investor

  Trinity Moving Forward as it Announces New CEO and Major Investor

              Former Forest City Ratner Executive Joins Company

       Third Avenue Real Estate Value Fund Makes Substantial Investment

 Company Approves Share Authorization Increase and Makes Payment to Creditors

Business Wire

SECAUCUS, N.J. -- October 3, 2013

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
InvestmentManagement 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 planningand 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.

Trinity also announced that it has received shareholder consent to increase
the number of authorized shares of the Company from 20 million shares to 40
million shares, which will enable the Company to compensate senior management
and provide for the ability to issue additional shares for strategic and other
business purposes. In addition, Trinity announced that it has made payments to
the Company’s creditors and Marcy Syms in accordance with the plan of
reorganization totaling approximately $30.2 million using cash available from
prior property sales and from the sale of the Company’s Cherry Hill, New
Jersey property, which closed on September 26, 2013 and netted approximately
$4.5 million.

“I am excited to be joining Trinity Place Holdings. Trinity has a unique
collection of real estate and other assets that have the potential to create
great shareholder value,” stated Messinger. “With the addition of Third Avenue
as a significant investor, the already strong shareholder base gets even
stronger. Trinity now has more resources to invest appropriately in these
assets. I also look forward to the prospect of using the Trinity platform to
consider new opportunities as the company’s creditor obligations are met.”

Michael Winer, co-lead portfolio manager for Third Avenue, commented: “We have
been interested in Trinity Place Holdings and its unique collection of
properties since it emerged from bankruptcy in 2012. We believed that with the
right capital structure and a highly-skilled management team, there is
potential to create significant value by redeveloping its existing properties
and taking advantage of other opportunities. Under the new leadership of Matt
Messinger and with a group of strong and supportive equity owners, we are
confident that Trinity will succeed in creating value for shareholders.”

Alexander Matina, a director of the Company and Vice President, Investments
for MFP Investors, a significant shareholder of the Company, stated: “Today is
a new path forward for Trinity that is beneficial to all stakeholders,
including creditors and shareholders. Matt Messinger brings a diverse
background in real estate that allows the company to fully realize the
potential in the portfolio and give us flexibility on future opportunities.
With Third Avenue as our new experienced real estate partner, Trinity is well
positioned to satisfy its creditor obligations and deliver value for
shareholders.”

Alan Cohen, Series A Preferred director, commented:“I'm looking forward to
having Matt as our new President and CEO, and I know that the company's
creditors and shareholders will be pleased to have someone with his experience
and energy at the helm. Combined with today's investment by Third Avenue, I
believe the company is moving in the right direction.”

Forward Looking Statements

Certain statements contained in this press release are “forward-looking”
statements involving risks and uncertainties that may cause actual future
events or results to differ materially from those described in the
forward-looking statements. Words such as “expects,” “intends,” “anticipates,”
“should,” “believes,” “will,” “plans,” “estimates,” “may,” variations of such
words and similar expressions, are intended to identify such forward-looking
statements. The company disclaims any intention or obligation to revise any
forward-looking statements whether as a result of new information, future
developments, or otherwise. Additional information concerning factors that
could cause actual future events and results to differ materially from those
described in the forward-looking statements is contained from time to time in
documents filed by the company with the Securities and Exchange Commission.

Contact:

Trinity Place Holdings Inc.
Linda Flynn, 201-902-9600 ext. 343
 
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