On December 13, 2012, Lauren Krueger resigned as Chief Executive Officer, President and Secretary of Trinity Place Holdings Inc., effective January 11, 2013. Ms. Krueger has been providing management services to the company pursuant to the Engagement Agreement for CEO Services, dated September 14, 2012, between the company and Esopus Creek Management LLC. The company has engaged a search firm to conduct an executive search for a new Chief Executive Officer and other real estate professionals.

On December 13, 2012, Alan Cohen, the trustee of the trust that holds the company's Series A Preferred Stock, elected Alan Miller to serve on the company's Board of Directors as the Independent Director, as provided in the company's Certificate of Incorporation and the Modified Second Amended Joint Chapter 11 Plan of Reorganization of Syms Corp. and its subsidiaries. Mr. Miller is a retired partner of Weil, Gotshal & Manges LLP in New York, NY, where he specialized in complex bankruptcy and restructuring matters.