Trinity Place Holdings sells JV interest in NYC asset

Trinity Place Holdings, along with its joint venture partner, has closed on the sale of The Berkley, at 223 N. Eighth Street in Williamsburg, Brooklyn, to TF Cornerstone for $71.02 million.

The company purchased a 50 percent interest in the property alongside Pacolet Milliken in December 2016.

The net proceeds from the sale, after repayment of the property’s mortgage and partner loan and settlement proceeds from the interest-rate swap associated with the property’s mortgage, will be used for working capital and/or new investment opportunities for the company.

“We took advantage of the current market to make this opportunistic sale,” stated Matthew Messinger, CEO and president of Trinity Place Holdings. “This further bolsters our investment thesis that even when interest rates are volatile and rising, high-quality multifamily assets in prime New York City neighborhoods remain in strong demand.”

After an increase in vacancy and leasing concessio