Legion, Nahla’s 1122 Madison Snags Manhattan’s Top Contracts

Legion Investment Group and Nahla Capital’s Upper East Side development snagged the two priciest deals inked in Manhattan last week.

The condos at 1122 Madison Avenue topped a busy period for the borough’s luxury market, where buyers signed 31 contracts for properties asking $4 million or more between Feb. 9 and Feb. 15, according to Olshan Realty’s report. The total followed another banner week, during which 36 luxury Manhattan homes entered contract, including 13 properties asking $10 million or more.

The most expensive unit to land an inked deal was the 18th floor of the 26-unit development, which had an asking price of $39 million. The apartment spans 5,300 square feet and has five bedrooms and five bathrooms. It also features two balconies, 11-foot ceilings and views of Central Park.

The building’s 16th floor, asking $36.5 million, snagged the No. 2 spot in the report. The unit’s layout is similar to the 18th floor, though its two balconies total more than 170 square feet instead of 150 square feet.

The developers launched sales at the building last month with a team from Corcoran Sunshine Marketing Group, led by Cathy Franklin, and have already found buyers for 16 condos. Just a week into selling, the development nabbed the top spot in Olshan’s weekly report when a buyer signed a contract to purchase Unit 11 North, which was asking just under $15 million.

Legion and Nahla shelled out $95 million between 2019 and early 2024 to assemble six parcels for the development site. The duo scored $195 million in construction financing from Deutsche Bank JVP Management in August 2024.

The building’s planned amenities include a fitness center with a squash court, cold plunge pool and sauna, as well as a bar, media room and billiards room. Construction is expected to be completed in the fall of 2027.

The 1122 Madison condos aren’t Legion’s first rodeo on the Upper East Side. The firm also developed 109 East 79th Street, which marked its founder and CEO Victor Sigoura’s first major Manhattan project after he left his executive post at Naftali Group in 2016. A penthouse at the development sold to investment banker Joseph Rallo and his wife, Ashley, for $25 million in 2023.
Down in Miami Beach, Nahla, led by Genghis Hadi, paid $270 million to buy the Raleigh Rosewood Residences from its former development team led by Michael Shvo. Its other New York-based projects have included 221 West 77th Street and 152 Elizabeth Street.