Acore Is Reported to Have Taken 707 11th Avenue. No Deed on the Lot.

Acore Capital has taken 707 11th Avenue and 615 West 50th Street in Hell’s Kitchen from Beacon Capital Partners by deed in lieu of foreclosure, Commercial Observer reported September 17. The city’s file confirms the setup underneath it: Beacon’s entity bought the two lots from an SL Green entity for $95,000,000 on a deed dated February 22, 2022, financed with a $60,000,000 Acore mortgage recorded the same day. The September deed itself, reported as document 2026091400232001, is not yet in the city’s ACRIS open data extract, which runs through August 31, 2026, so the transfer is reported and not yet provable from the record.

Why it matters

A $95,000,000 basis against a $60,000,000 loan means roughly $35,000,000 of equity sat in front of the lender at closing, before a dollar of pre-development. Handing back the deed writes that off, and the record shows almost nothing was built with it. All 30 DOB NOW job filings across both lots are alterations. There is no New Building application and no demolition application for the seven-story lab. The Beacon-era work is scaffold, sidewalk shed, construction fence and sprinkler removal ahead of a demolition that never got filed, and the last of it is dated March 16, 2023. A filed conversion plan was always a proposal, and this one never became an application to construct anything.

The numbers

PLUTO carries 103,788 sq ft of building on lot 29 and 18,417 sq ft on lot 22, both built in 1940. On that combined 122,205 sq ft, the 2022 deed prices out at $777 per sq ft and the Acore loan at $491 per sq ft. The lots total 27,615 sq ft in an M2-4 district with a commercial floor area ratio of 5.0, so roughly 138,075 sq ft is buildable as of right, putting the purchase at $688 per buildable sq ft. Combined assessed value is $12,714,750, so the loan is 4.7 times what the city assesses. One more line from the file: SL Green’s entity bought the same lots for $90,000,000 in January 2020 and sold at $95,000,000 two years later, a 5.6 percent gain.

What’s next

Watch ACRIS for the deed to surface and name its grantee. Commercial Observer reports the recipient as Wexford Investment Trust, which does not appear anywhere in the recorded file we pulled. Then watch for a New Building application, the first evidence any owner intends to build here rather than hold land. For operators underwriting Manhattan conversions, the entitlement path, not the thesis, is what carries the equity. Compare a Midtown South owner who chose self storage over apartments and got an institutional lender to fund it. More at the New York market hub.