NEW YORK–(COMMERCIAL THREAD) – Trinity Place Holdings Inc. (NYSE: TPHS) (the “Company”) today announced that, through a wholly-owned subsidiary, it has extended and modified its loan on 237 11^e Street, Brooklyn, New York. The maturity date of this loan has been extended to June 10, 2021. As part of this extension, the maximum loan amount has been increased by $ 4,250,000. This additional loan proceeds will be used in the future to finance a portion of the remaining costs to repair construction defects and related damage. The company currently expects to restart the rental program this summer when the first set of repaired units become available.

Construction continues on the 77 Greenwich project. By mid-March, we had completed the superstructure, the structure was 90% closed, and the installation of the frame and drywall had started. Additionally, we have completed the transfer of the school condominium at the base of the building to the NYC School Construction Authority. On March 27, the governor halted all non-essential construction, but the project site reopened in mid-April as a qualified essential project due to the need for further work on the school. On June 8, full construction operations in all project areas resumed with an emphasis on apartment finishes.

About Trinity Place Holdings

The Company is a real estate holding, investment, development and asset management company. The Company’s largest asset currently is a property located at 77 Greenwich Street in Lower Manhattan. 77 Greenwich was a vacant building which was demolished and is under development as a mixed-use project consisting of a 90-unit residential condominium tower, retail space and an elementary school in New York. The Company also owns a newly constructed 105-unit, 12-story multi-family property in Brooklyn, New York, acquired in May 2018, and, through joint ventures, a 50% interest in a new 95-unit multi-family property. known as The Berkley, located at 223 North 8^e Street, Brooklyn and a 10% stake in a new 234 unit multi-family property located one block from The Berkley at 250 North 10^e Street acquired in January 2020, also in Brooklyn, New York. In addition, the Company owns a building occupied by retail tenants in Paramus, New Jersey. Many of the Company’s current assets are inherited from certain holdings of Syms Corp. and Filene’s Basement following the exit of these companies from Chapter 11 bankruptcy as part of a reorganization plan in September 2012, including certain intellectual property and $ 245.6 million in net federal tax losses operating costs as well as significant government losses (as of March 31, 2020). You can find more information about the company at trinityplaceholdings.com and on its residential properties in theberkleybk.com as good as 237eleventh.com and tfc.com/residential/250n10.

Forward-looking statements

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations and projections regarding future events. and are not guarantees of future performance or results and involve risks and uncertainties which cannot be predicted or quantified, and, therefore, the actual performance of the Company may differ materially from those expressed or implied by these forward-looking statements. These risks and uncertainties include those related to the rapidly evolving COVID-19 pandemic and its impacts, the magnitude of which is not yet known, the effect that any delay in the completion of repair work and 237 11th a on our ability to restart the property rental program as currently planned, as well as other possible risks and uncertainties, including those described in our annual report on Form 10-K for the year ended December 31, 2019 and our subsequent filings with the Securities and Exchange Commission. The forward-looking statements contained herein speak only as of the date hereof, and we assume no obligation to update any forward-looking statements, whether as a result of new information, subsequent events or otherwise, unless required by law.