Trinity Place Holdings Reports Revenue Decline and Net Income Turnaround for Fiscal Year 2024

Trinity Place Holdings Inc. reported a significant shift in its financial performance for the fiscal year ending December 31, 2024, primarily due to a series of recapitalization transactions. The company recorded total rental revenues of $798,000, a decrease of approximately $5.1 million from $5.9 million in the previous year. This decline was attributed to the transfer of real estate assets and related liabilities to TPHGreenwich Holdings LLC, which now operates as a joint venture in which Trinity holds a 95% interest. The company also reported a net income attributable to common stockholders of $5.6 million, a substantial increase from a net loss of $39.0 million in 2023, largely due to a $21.0 million gain on the contribution to the joint venture.

In terms of operational changes, Trinity completed the sale of two significant properties in early 2025. The Paramus Property was sold for $15.6 million, yielding approximately $2.9 million in net cash proceeds after loan repayment and closing costs. Additionally, the 237 11th Street property was sold for $68.5 million, resulting in net proceeds of about $6.0 million. These transactions reflect a strategic move to streamline operations and focus on the remaining assets, including the mixed-use project at 77 Greenwich, which consists of residential condominiums and retail space.

The company’s operational metrics indicate a decrease in engagement with its real estate assets. Sales of residential condominium units at 77 Greenwich fell to $1.4 million in 2024 from $27.5 million in 2023, with only one unit sold compared to ten in the previous year. This decline is attributed to the restructuring of the business and the transfer of sales activities to TPHGreenwich. As of December 31, 2024, Trinity had a total of four employees, all in executive and management roles, reflecting a lean operational structure following the recapitalization.

Looking ahead, Trinity's management has outlined plans to explore potential business expansions and acquisitions, leveraging its partnership with Steel Partners to implement cost efficiencies and optimize operations. The company is also considering distributing its interest in TPHGreenwich to shareholders in 2025. However, the outlook remains cautious, as Trinity has limited cash resources and is reliant on external capital to fund ongoing operations. The company’s ability to generate future profits is uncertain, given its historical reliance on debt financing and the challenges posed by the competitive real estate market in New York City.