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Acore takes control of Beacon Capital’s Hell’s Kitchen life science development
Acore Capital has put an end to Beacon Capital Partners’ plans to build a life science development in Hell’s Kitchen. The lender took control of two office buildings at 707 11th Avenue and 615 West 50th Street that were once used as Kenneth Cole’s headquarters and more recently pegged for a 185,000-square-foot life science development. The sale was a deed-in-lieu of foreclosure, according to property records. The transfer value of the sale was $60 million, per records. PincusCo first reported the news. Beacon Capital Partners and CalSTRS partnered with Georgetown to buy the properties from SL Green for $95 million […]