Victor Sigoura’s Legion Investment Group has secured a $155 million construction loan from Eldridge Real Estate Credit for a new condominium project in West Chelsea. The development, located at 550 West 21st Street, is being done in partnership with AVRS Partners. Sigoura acquired the site out of bankruptcy about eighteen months ago for $87 million.
The planned building will rise 23 stories and include 83 condominiums. Sales are scheduled to begin next year, led by Corcoran Sunshine Marketing Group. The project is expected to be completed by mid-2027.
Sigoura described the property as “the last major waterfront development site in West Chelsea of this scale and quality.” The site sits near Chelsea Piers and overlooks the West Side Highway.
The plot was previously purchased in 2014 by Uri Chaitchik’s Casco Development for just $5 million more than what Sigoura paid. Chaitchik had intended to build a 20-story condo with a projected sellout of $539 million but filed for Chapter 11 bankruptcy when financing could not be secured. Sigoura financed his acquisition with a $56 million loan from Deutsche Bank.
This new construction loan comes amid strong demand for properties on Manhattan’s west side and limited supply of new condominiums. Other nearby developments, such as Witkoff Group and Access Industries’ One High Line, have seen significant sales activity, surpassing $1 billion at the end of 2024 (https://therealdeal.com/new-york/2024/01/03/one-high-line-closes-2023-with-1b-in-sales/). There are currently no other downtown condo projects over 100 units expected to launch sales next year, according to data from Corcoran Sunshine Marketing Group.
Elsewhere in Manhattan, Legion Investment Group has been active in acquiring and developing sites. Earlier this year, Legion and Gindi Capital completed an assemblage on Third Avenue and East 21st Street for a planned 20-story condo building—the largest proposed development on Gramercy Park in a century. In addition, Legion partnered with EJS Development last year to purchase a Greenwich Village site at 5 West 13th Street for $57.5 million. Legion also obtained a $195 million construction loan from Deutsche Bank and JVP Management for its luxury condo project at 1122 Madison Avenue, which began vertical construction this summer.
Sigoura said that the West Chelsea project stands out due to its location and scale compared to other developments underway or recently launched in the area.
