Legion Investment Group plans 22-unit mixed-use in Carnegie Hill

1122 Madison Avenue (Credit - Google)

1122 Madison Avenue (Credit - Google)

Victor Sigoura of Legion Investment Group submitted a new building construction project for a 22-unit, 110,940 square-foot residential (R-2) building at 1122 Madison Avenue in Carnegie Hill, Manhattan. The plan was filed with the New York City Department of Buildings on October 31, 2023 under job number M00952569. It calls for the construction of an 18-story building. The project is described in the filing as: construct 18-story new mixed-use building. The architect is Hill West Architects.

The ground floor and second floor will have retail. The 22 units are planned from floors three to 18. There are two units planned for floors three to seven, nine, 10 then one unit each on floors 11 to 15, and then a triplex spread between floors 16, 17 and 18.

Legion Investment Group in partnership with Genghis Hadi’s Nahla Capital over three years assembled the four tax lots for just over $57 million that compose the development site at 84th Street and Madison Avenue. They do not control the corner parcel. Legion Investment Group and Nahla Capital paid $22.5 million to Thor Equities and Premier Equities for 1122 Madison Avenue on May 10, 2029, $10 million for 24 East 84th Street on May 10, 2019, $3.75 million for 22 East 84th Street on July 21, 2021, and finally $21 million to Kamran Hakim for 26 East 84th Street on April 21, 2022.

On the same day as this building was filed, Legion Investment Group disclosed plans to build two new buildings near Gramercy Park, one facing the park and larger and much taller tower adjacent to it, fronting on Third Avenue, as PincusCo reported.

The property

The zoning is C5-1 which allows for up to 4 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $5.8 million. The most recent loan totaled $54.5 million and was provided by Deutsche Bank on April 21, 2022.

Violations and lawsuits

According to city public data, the property has not received any significant violations in the last year.

There were no lawsuits or bankruptcies filed against the property for the past 24 months.

The neighborhood

In Carnegie Hill, The majority, or 56 percent of the 13.5 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 18 percent of the space. In sales, Carnegie Hill has near average sales volume among other neighborhoods with $869.7 million in sales volume in the last two years and is the 16th highest in Manhattan. For development, Carnegie Hill has near average amount of major developments among other neighborhoods and is the 25th highest in Manhattan. It had 825,141 square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of four of the 13 commercial properties representing 15,588 square feet of the 362,407 square feet. The identified owner is Legion Investment Group. On the tax block, there was one new building construction project filed totaling 110,940 square feet. It is a 22-unit, 110,940 square-foot residential (R-2) building submitted by Victor Sigoura with plans filed October 31, 2023 and it has not been permitted yet.

The owner

The PincusCo database currently indicates that Legion Investment Group owned at least six commercial properties with 21 residential units in New York City with 25,485 square feet and a city-determined market value of $17.8 million. (Market value is typically about 50% of actual value.) The portfolio has $54.5 million in debt, borrowed from Deutsche Bank. Within the portfolio, the bulk, or 56 percent of the 25,485 square feet of built space are walkup properties, with retail properties next occupying 34 percent of the space. The bulk, or 61 percent of the built space, is in Manhattan, with Brooklyn next at 39 percent of the space.

The surrounding

Within a 400-foot radius of 1122 Madison Avenue, PincusCo identified six commercial real estate items of interests occurred over the past 24 months. Of those six items, one was for major renovation including a certificate of occupancy change. It was a permit issued on November 23, 2021 for the $13.9 million renovation of 41,135-square-foot residential (R-2) building with 31 residential units at 1109 Madison Avenue. Of those six items, four were sales above $5 million totaling $75.2 million. The most recent of the four was Michael Stuart Gross, which bought a residential cooperative unit in the 166,600-square-foot, 60-unit building on 1016 5th Avenue for $28.2 million on October 31, 2023. One of those six items was a loan which Ira Lifshutz borrowed $15.5 million from Rosenthal & Rosenthal secured by the 9,016-square-foot, eight-unit rental (D9) on 9 East 82nd Street on February 11, 2022.

Direct link to the property’s ACRIS page and link to DOB NOW portal.

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