Along Manhattan's Automobile Row on 11th Avenue between 50th and 51st streets, a six-story, 103,788-square-foot commercial flagship that commanded $95 million at the top of the 2022 market just traded at a 36.8 percent basis reset. Wexford Investment Trust stepped in on September 9, 2026 with $60 million in unlevered cash to acquire 707 11th Avenue from BCAL 707 Property LLC, resetting the property's basis to $578 per gross square foot. When the deed closed on September 9, 2026, Wexford Investment Trust had officially taken down 707 11th Avenue from BCAL 707 Property LLC for $60 million, with CBRE / Eastdil Secured brokering the trade.

Look past the headline figure and the story is all about the basis reset. The 103,788-square-foot building last traded in February 2022 for $95 million. Stepping in at $578 a square foot shaves 36.8 percent off that prior valuation, giving Wexford Investment Trust a margin of safety that would have been unthinkable at the top of the cycle.

A $35 Million Discount Draws All-Cash Institutional Equity

Just as telling as the purchase price is what did not hit the city register alongside the deed: a senior mortgage. Wexford Investment Trust closed 707 11th Avenue with $60 million of unencumbered equity—or an unsecured corporate line—allowing the buyers to move with immediate execution certainty.

When financing contingencies can stall a New York closing for sixty days, showing up with $60 million in cash at $578 a square foot is the sharpest weapon a buyer can bring to the negotiating table—leaving the sponsorship free to recapitalize in the senior debt market once initial leasing and business-plan milestones are locked in.

From Our Desk

When we look at 707 11th Avenue on our placement desk at Light Tower Group, the lesson for New York sponsors comes down to the marriage of entry basis and capital structure. Wexford Investment Trust didn't try to fight the tape—they bought Hell's Kitchen / Far West Side footage at $578 a square foot and structured the stack to match the asset's timeline. When a 103,788-square-foot Far West Side block-front trades down from $95 million in 2022 to $60 million all-cash today, the buyer walks in at $578 a foot—a basis low enough to make showroom, life-science, or fleet-logistics tenancy wildly profitable without a dollar of senior debt.