Matthew Messinger has joined Trinity Place Holdings as president and CEO of the firm. Trinity owns real estate holdings in six states including New York, New Jersey and Florida.
Messinger most recently served as executive vice president and director of investment management at Forest City Ratner Companies, a wholly-owned subsidiary of Forest City Enterprises, where he worked for 18 years while leading the company's New York investment committee and served on its investment and executive management committees.
Trinity also identified Third Avenue Real Estate Value Fund (Nasdaq: TAREX
) as a new investor in the company, having completed a $13.5 million strategic investment in the company through its purchase of the remaining 3.37 million shares of common stock previously authorized but unissued. TAREX now owns 17% of the company, and will appoint one member to the company's board. TAREX is managed by Third Avenue Management, a New York-based investment manager with $12.9 billion in assets including $4 billion in publicly-traded real estate and real estate-related companies.
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."
Trinity, having emerged from bankruptcy in 2012, has received shareholder consent to increase its authorized shares from 20 million to 40 million. It has also made payments to its creditors and Marcy Syms in accordance with its reorganization totaling nearly $30.2 million, using cash on hand from property sales including its disposition of a Cherry Hill, NJ property which closed on September 26 and netted roughly $4.5 million.
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."