Legion Investment Group Files Plans for West Chelsea Condos

Victor Sigoura and Legion Investment Group are trying to develop a condo building in West Chelsea where at least one other developer has failed before.

Legion filed plans for a 200,000-square-foot property at 550 West 21st Street, Crain’s reported. The 20-story building would have 75 condominium units. The developer may also tack on another 11,000 square feet in exchange for $7.8 million to the West Chelsea Affordable Housing Fund.

Legion purchased the parcel across from Chelsea Piers on the West Side Highway for $87 million in April, buying it out of bankruptcy for $5 million more than it last traded for a decade ago. Deutsche Bank provided a $56 million acquisition loan.

The southeast corner parcel of West 21st Street and 11th Avenue is considered the last undeveloped site on the neighborhood’s waterfront, according to the developer.

That’s not for lack of trying. Before Sigoura and Legion, Uri Chaitchik’s Casco Development planned a 20-story condo project with a $539 million sellout price. But the project went belly up after Casco couldn’t come up with adequate financing, leading Chaitchik to seek Chapter 11 protection.

Corcoran Sunshine will market and sell the luxury condos. A completion date is unclear for the site, where Casco poured the foundation for its unrealized project.

Sigoura has been keeping busy in recent months. In May, the luxury condo developer joined forces with EJS Development to buy a parcel on West 13th Street in Greenwich Village for $57.5 million.

Over the summer, Legion scored a $195 million construction loan for a condo development on Madison Avenue in the Upper East Side. Legion and Genghis Hadi’s Nahla Capital pieced together a $95 million assemblage and plan a 22-unit luxury condo building with Central Park views.

Legion is also working on a condo development overlooking Gramercy Park.

— Holden Walter-Warner