Trinity Place Holdings is a small real estate holding company in the process of winding down its property assets. Trinity's core holdings have been held through TPHGreenwich, a 95%-owned subsidiary. Two properties — a 105-unit multi-family rental building in Brooklyn and a retail-tenanted property in Paramus, NJ — have recently been sold. The primary remaining asset is 77 Greenwich Street in Lower Manhattan, a substantially complete mixed-use development featuring a 90-unit residential condominium tower, retail space, and a New York City elementary school. Trinity accounts for its TPHGreenwich interest under the equity method, meaning cash distributions flow to Trinity only after the lender has been made whole on all outstanding debt. Beyond real estate, Trinity holds legacy IP assets inherited from predecessor Syms Corp., including the Filene's Basement trademark and the Stanley Blacker brand, though these are not currently generating material revenue. Trinity has only four employees and its auditors have raised going concern uncertainty. Steel Partners acquired a controlling stake in Trinity in early 2025 and installed new board leadership. The new board is exploring business alternatives — including acquisitions or business combinations — to repurpose Trinity beyond its real estate wind-down, and may distribute the TPHGreenwich interest directly to shareholders. Trinity's near-term focus is selling 77 Greenwich and settling its debt obligations, while Steel Partners appears to be positioning Trinity as a vehicle for a new business strategy.