Victor Sigoura stitches together UES assemblage for ground-up condo project

Developer’s Legion Investment Group closes on 3 parcels for $62M; Gindis are partners

New York /
May.May 18, 2018 03:20 PM

Victor Sigoura, 113, 115 and 117 East 79th Street (Credit: Getty Images)

UPDATED, 4:57 p.m., May 18: Victor Sigoura’s Legion Investment Group has put together an assemblage on the Upper East Side for a ground-up residential condominium project, The Real Deal has learned.

Sigoura’s firm paid more than $62 million total for the sites, in three separate transactions that give the developer about 72,000 buildable square feet. One of its investors on the project is Gindi Capital, the investment arm of the Gindi family.

The first purchase, at 117 East 79th Street just off of Park Avenue, was made by a Gindi-controlled entity for and closed back in October for $15 million. Sigoura’s involvement was not revealed at the time. The other two parcels, 113 and 115 East 79th Street, closed over the past week, according to sources familiar with the transaction. Legion is in talks to buy inclusionary housing certificates that would bring the total buildable square feet to 72,000.

Representatives for Legion declined to comment. Kassin Sabbagh Realty’s Ceasar Salama and Joseph Ash, who brokered the assemblage deals, declined to comment. The seller at 113 East 79th was the estate of the late Richard Feigen, who bought the property in the 1980s; the sellers at 115 East 79th were Edward Grombacher and Ilona Swaring, who bought the property in 2002.

Legion, sources said, is talking to brand-name architects to design the project, which follows notable buildings in the area such as the Brodsky Organization’s 135 East 79th Street, which was designed by William Sofield, and Spruce Capital Partners’ 151 East 78th Street, designed by Peter Pennoyer. Average sales prices at both buildings exceeded $3,000 per square foot, according to CityRealty data.

Sigoura is the former chief investment officer of the Naftali Group, the development firm headed by Miki Naftali. He left in 2016 to form a new venture named Highpoint Property Group with another former colleague, Drew Popkin. The two sued Naftali that month over a share-of-profits dispute, but Sigoura dropped his suit and formed Legion in the fall of that year. This March, Sigoura launched Legion’s first project, at 282 Nassau Avenue in Greenpoint, where Nest Seekers International’s Ryan Serhant is handling sales there.

Legion also recently hired Sean Zalka, who was previously at Cape Advisors as director of development. At Legion, Zalka will be executive vice president of development and marketing, helping to oversee Legion’s projects such as the one on 79th Street. Before Cape Advisors, he was co-developer of 7 Harrison, a boutique condo project in Tribeca.

Christian Bautista contributed reporting.

This story was updated to include the Gindi family’s involvement in the project and to correct the closing date of one of the parcels. 


Related Articles

arrow_forward_ios
Claudio Del Vecchio has owned Brooks Brothers since 2001. (Getty)
Brooks Brothers’ Madison Ave store could give way to Midtown East tower
Brooks Brothers’ Madison Ave store could give way to Midtown East tower
Gov. Andrew Cuomo (Getty)
Industry reacts to Cuomo’s proposed commercial eviction ban
Industry reacts to Cuomo’s proposed commercial eviction ban
Merchants Hospitality Inks Club Deal at Cachet Hotel (Google Maps, Playboy Club)
Nightlife veteran John Blair inks deal for Hell’s Kitchen club
Nightlife veteran John Blair inks deal for Hell’s Kitchen club
Overall, the number of housing units that started construction last year was up 7 percent from 2019. (iStock)
Residential construction had busiest year since 2006: MBA
Residential construction had busiest year since 2006: MBA
Financial disclosures show extent of Trump Org losses
Financial disclosures show extent of Trump Org losses
Financial disclosures show extent of Trump Org losses
Developers pitch New York City casino
Developers pitch New York City casino
Developers pitch New York City casino
Common Projects sneaker designer Peter Poopat bought the home in December. (Getty, Brown Harris Stevens)
$6.5M Fort Greene townhouse sale breaks neighborhood record
$6.5M Fort Greene townhouse sale breaks neighborhood record
(Photo illustration by The Real Deal)
This office redeveloper is going all in
This office redeveloper is going all in
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...