New York City — Trinity Place Holdings Inc. (NYSE MKT: TPHS), a real estate investment and management firm, has unveiled plans for a 50-story mixed-use project located at 77 Greenwich St. in New York City’s Financial District in Lower Manhattan.
The plan calls for the 285,000-square-foot project to feature 85 luxury residential condominiums and 7,000 square feet of retail space on Greenwich Street, as well as a 476-seat elementary school serving District 2. Trinity Place, owner and developer of the project, declined to disclose the project’s development costs.
Slated for completion in 2019, the development site includes the former Syms clothing store and the Dickey House, a Federal-style townhouse constructed in the early 1800s. Trinity Place plans to restore the exterior of the Dickey House and the interior will be adaptively reused.
“We are happy to share that we anticipate construction of the project starting this year,” says Matthew Messinger, president and CEO of Trinity Place Holdings. “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, and The Marketing Directors will market and sell the luxury condominium residences.
The mixed-use development will be situated in close proximity to the World Trade Center, South Street Seaport, Brookfield Place, Wall Street and famous shops and restaurants such as Saks Fifth Avenue and Tiffany & Co. The development site is also located near what will be the newly expanded and landscaped Elizabeth Berger Park, as well as the Hudson River Greenway, Battery Park, Battery Park City and the East River Bikeway. Future residents of 77 Greenwich will have easy access to the 1, R, 2, 3, 4, 5 and PATH trains.
“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,” says Messinger.
New York-based Trinity Place Holdings owns, invests, manages and develops real estate assets, with current holdings in New York, New Jersey and Florida. The firm’s 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.
The stock price for Trinity Place Holdings closed on Wednesday, Jan. 27 at $5.99 per share. The company’s common stock began trading on the NYSE MKT LLC under the ticker symbol “TPHS” on Dec. 21, 2015. NYSE MKT is the world’s leading market for small-cap companies.
— John Nelson