Victor Sigoura’s Legion Investment Group has secured a $155 million construction loan from Eldridge Real Estate Credit for its planned condominium development at 550 West 21st Street in West Chelsea. The project, a partnership with AVRS Partners, is expected to be completed by mid-2027 and will include 83 condo units in a 23-story building.
Sigoura acquired the site out of bankruptcy about 18 months ago for $87 million. Corcoran Sunshine Marketing Group will handle sales, which are set to begin next year. In a statement, Sigoura described the location as “the last major waterfront development site in West Chelsea of this scale and quality.”
The plot was previously purchased by Uri Chaitchik’s Casco Development in 2014 for only $5 million more than what Sigoura paid. Casco had intended to build a 20-story condo project with an anticipated sellout of $539 million but entered Chapter 11 bankruptcy after being unable to secure financing.
Legion initially bought the land using a $56 million loan from Deutsche Bank. The new construction loan arrives amid high demand for properties on Manhattan’s west side and limited supply of new condos. Other projects nearby include One High Line, developed by Witkoff Group and Access Industries, which surpassed $1 billion in sales at the end of 2024.
Data from Corcoran Sunshine indicates that no downtown condo projects with more than 100 units are expected to launch sales next year. Another large-scale development, Atlas Capital and Zeckendorf Development’s 80 Clarkson with 112 units, launched sales earlier this year but has not yet reported any contracts.
In addition to the West Chelsea project, Legion Investment Group has been active elsewhere in Manhattan. Earlier this year, Legion and Gindi Capital completed an assemblage on Third Avenue and East 21st Street for a planned 20-story condo project near Gramercy Park. Last year, Legion partnered with EJS Development to acquire a Greenwich Village site at 5 West 13th Street for $57.5 million. The company also obtained a $195 million construction loan from Deutsche Bank and JVP Management for its luxury condo building at 1122 Madison Avenue, where vertical construction began this summer.
