Legion Investment Group secures $155M construction loan for West Chelsea condos
Legion Investment Group, led by Victor Sigoura, secures $155M loan for 83 condo development in coveted West Chelsea neighborhood.
Victor Sigoura's Legion Investment Group, in partnership with AVRS Partners, has made significant progress on their highly sought-after development site in West Chelsea. The latest addition to their project, located at 550 West 21st Street, is a $155 million construction loan from Eldridge Real Estate Credit, the real estate investing arm of Eldridge Capital Management.
Sigoura acquired the site just 18 months ago for $87 million after it was sold in bankruptcy. The project, scheduled to be completed by mid-2027, will consist of a 23-story building with 83 luxury condos. Corcoran Sunshine Marketing Group has been chosen to lead sales for the development, which is expected to launch in the near future.
The Real Deal reached out to Sigoura for comment, but he declined to provide a statement.
This latest development in West Chelsea has raised concerns among community members and local officials, who worry about the impact of increased luxury development on the neighborhood. However, with the project moving forward and expected to bring in significant profits, it seems Sigoura and his partners have little concern for these criticisms.
Originally reported by The Real Deal.
https://therealdeal.com/new-york/2025/10/01/legion-nabs-155m-construction-loan-for-west-chelsea-condos/