Unconventional Capital Wisdom
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Trinity Place Holdings: Own Prime NYC Real Estate For Next To Nothing

Executive Summary

  • Remaining eight near-term and mid-term properties conservatively valued at $142 million, which is above stated liquidation value of all properties at $111 million. Adding cash to the conservative "other" real estate assets and subtracting all liabilities would leave $73 million in net asset value not including the Trinity property nor the trademarks in Filene's Basement, Running of the Brides, etc.
  • Company plans to redevelop 28-42 Trinity Place in Lower Manhattan, which we essentially get for next to nothing
  • Board of directors made up of seasoned real estate developers and value investors
  • Shareholder base composed of firms with long-term value approach

Trinity Place Holdings (NYSEMKT:TPHS) is the reorganized successor of an off-price retail chain named Syms, also

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