Victor Sigoura’s Legion Investment Group and Ted Segal’s EJS Group have secured $191.1 million in construction financing for a new condominium project at 11 West 13th Street in Greenwich Village, according to Crain’s. The development will feature 34 residential units on the site of a former city government office.
The majority of the financing comes from a $140.1 million senior mortgage provided by Bank OZK, which is known for its involvement in Manhattan real estate projects. An additional $50 million in mezzanine debt is being supplied by CanAm Enterprises, which utilizes the EB-5 program to raise capital.
Plans for the property include not only residential units but also parking, storage space, and three retail storefronts as outlined in a preliminary offering plan. The site was previously home to the city’s Human Resources Administration and is currently vacant and excavated.
Legion Investment Group and EJS Group acquired the parcel in 2024 from Philips International, Lawland Properties, Arnold Penner Real Estate, and Rhodes Building Management for $57.5 million. Maxim Capital provided a $37.5 million loan for that purchase.
Sales are anticipated to begin this summer, though details regarding projected sellout values have not been released. The developers expect to open the building next year.
In recent months, Legion has remained active with other developments across Manhattan. Last fall, it obtained a $155 million construction loan from Eldridge Real Estate Credit for a separate project in West Chelsea—a 23-story building featuring 83 condominiums near Chelsea Piers. That site at 550 West 21st Street was purchased out of bankruptcy about eighteen months ago for $87 million through a partnership with AVRS Partners.
Other projects by Legion include 109 East 79th Street—which has recorded over $400 million in sales—and an ongoing sales effort at its 26-unit development at 1122 Madison Avenue.
— Holden Walter-Warner
