Legion Investment Group and Nahla Capital’s new development at 1122 Madison Avenue has secured the highest-priced contract in Manhattan’s luxury real estate market just a week after launching sales. According to Olshan Realty’s weekly report, a condo in the building was listed for $14.6 million, making it the most expensive of 23 properties priced at $4 million or more that went into contract last week. This figure is slightly higher than the previous week, which saw 21 luxury homes enter contract.
The property in question, Unit No. 11 North, will cover 3,200 square feet and include five bedrooms and four bathrooms. The apartment will feature 11-foot ceilings as well as partial views of Central Park and the Metropolitan Museum of Art.
Sales at the project are being led by Cathy Franklin from Corcoran Sunshine Marketing Group. The team began marketing units based on floor plans starting January 15 and has already signed contracts for four out of the building’s planned 26 condos. All buyers so far are reported to be local residents.
Planned amenities for residents include doormen, a fitness center, squash court, plunge pool, and billiards room.
To finance construction of the project—a $95 million assemblage put together between 2019 and early 2024—the developers obtained a $195 million loan from Deutsche Bank and JVP Management in August 2024.
The second-highest deal last week was Suite 1 at 240 Riverside Boulevard with an asking price of $14.4 million. This apartment spans the entire 30th floor with four bedrooms, four bathrooms, two terraces, a library, and Hudson River views. It last sold for $15.5 million in 2016 and entered the market again in November 2023 with an initial asking price of $18 million. Amenities at this building include a fitness center, swimming pool, landscaped courtyard, and garage; Andy Kim’s team at Nest Seekers handled this listing.
Among all properties finding buyers last week: fifteen were condos; seven were co-ops; one was a townhouse. The combined asking prices totaled $190 million—averaging $8.3 million per home with a median price of $7.1 million—and most had been on the market for over a year with an average discount rate of four percent.
