Legion scores $195M construction loan for UES condo project

Victor Sigoura’s Legion Investment Group has landed a $195 construction loan for its latest Upper East Side condo project.

Deutsche Bank and JVP Management provided the financing for 1122 Madison Avenue, where Legion and Genghis Hadi’s Nahla Capital have cobbled together a $95 million assemblage and are planning a 22-unit luxury condo building with Central Park views. 

The construction loan, first reported by PincusCo, was arranged by Adi Chugh of Surya Capital Partners.

The condo building will span about 113,000 square feet, including 20,000 square feet of air rights from the neighboring 20 East 84th Street that will protect views of Central Park, according to a press release. Hill West is the architect.

Sigoura snapped up the final piece of the six-parcel development site on the southwest corner of Madison and East 84th Street in January with its purchase of 1128 Madison Avenue for $22 million.

The developers first started putting together the assemblage in 2019, when Nahla bought a $23 million parcel from Joe Sitt’s Thor Equities and Uzi Ben Abraham and Yaron Jacobi’s Premier Equities.

The Upper East Side has undergone a recent revival as a top destination for condo construction, including a project by Legion on East 79th Street and several by Naftali Group, where Sigoura cut his teeth, including on East 77th Street, East 83rd Street, and at 1045 and 1165 Madison Avenue.

In New York, Nahla has invested in ground-up condo projects at 152 Elizabeth Street, developed by Sumaida + Khurana and designed by Tadao Ando in Nolita, and Naftali Group’s 221 West 77th Street.

Legion is also at work on a new condo development overlooking Gramercy Park.

Read more

Development

New York

Legion completes $95M assemblage on Madison Avenue

Development

New York

Victor Sigoura plans biggest Gramercy Park development in over a decade

Commercial

New York

Here's what the $10M-$30M NYC investment sales market looked like last week