Latest / Real Estate News Today | 2 Min News | The Daily News Now!
Life Science Dream Crushed in NYC | Real Estate News
Acore Capital swoops in to snatch two prime Manhattan buildings—once slated to become Manhattan’s first new life science hub in over a decade—halting Beacon Capital’s $95M dream project. The deal, struck in 2022 with CalSTRS and Georgetown, envisioned tearing down Kenneth Cole’s old HQs at 707 11th Ave and 615 W 50th St to build 185K sq ft of lab space. But after Beacon defaulted on a $60M loan due in 2025, Acore stepped in via a deed-in-lieu foreclosure. The broader NYC life science market is also cooling—Q1 leasing dropped 84% year-over-year—with Taconic Partners recently selling an Upper…
The skinny
The skinny isn't ready yet — notes appear once the transcript is processed.