Legion Investment Group Finalizes Gramercy Park Assemblage

Victor Sigoura’s Gramercy Park assemblage is complete at last.

Legion Investment Group and its partner, Gindi Capital, closed on the final two properties in a six-parcel assemblage on Third Avenue and East 21st Street, the firm’s spokesperson told The Real Deal.

The developer’s latest purchases include a five-story rental building at 37 Gramercy Park East and a co-op at 38 Gramercy Park North.

The co-op at 38 Gramercy Park North was purchased for $47 million. A Colliers team including Zach Redding, Dylan Kane, Peter Nicoletti and Jared King of the New York Capital Markets group represented the co-op owners in the deal.

The additions will allow the developer to use a Gramercy Park address for its planned 20-story condo, granting buyers access to the coveted private garden. The project is shaping up to be the largest new development along the park in a century.

Sigoura, Legion’s CEO and founder, said the assemblage, under the address 38 Gramercy Park East, marks a “significant milestone for our team.”

Legion declined to comment on the price of the deals, which have yet to land in city records. The co-op building hit the market in 2022 with an asking price of $50 million.

An attorney for the board did not immediately respond to a request for comment. Savills’ Geoffrey Newman represented Legion and Gindi in the deal.

To build the project, the developer snagged a $335 million construction loan from BDT & MSD Partners and Eyal Ofer’s Global Holdings. Newmark’s Jordy Roeschlaub, Nick Scribani, Adam Spies, and Adam Doneger arranged the financing.

Last February, Legion closed on the first four properties in the assemblage, 252-258 Third Avenue, for $72 million in a deal with Korean investor Hee Nam Bae. The developer financed the deal with $33.5 million from JP Morgan Chase.

Sigoura also purchased air rights from the neighboring co-op — a transaction that was previously contested by an apartment owner who sued the board over the pending agreement in 2022 and later accepted a $1.5 million buyout.

The developer previously submitted multiple bids to buy the co-op and closed in on the air rights in order to construct a 25-foot cantilever over the building if the board continued to reject its offers. Sigoura first offered $40 million to buy the co-op in 2022, and increased his offer to $45 million the following year.

Legion has tapped Corcoran Sunshine to head sales at the upcoming building.

Legion filed plans in December to build a 200,000-square-foot building at 550 West 21st Street, after buying the site out of bankruptcy for $87 million in April.

Last year, the developer also teamed up with EJS Development in a $57.5 million deal for a Greenwich Village development site that was once home to the New York City Human Resources Administration. Legion also scored a $195 million construction loan from Deutsche Bank and JVP Management to build a luxury condo on Madison Avenue.