Legion Investment files to demolish 2 buildings facing Gramercy Park where it plans new condos

Victor Sigoura’s Legion Investment Group, in partnership with Gindi Capital, filed plans to demolish two buildings facing Gramercy Park to make way for a new residential condominium building, one of two it has planned for the block. The two buildings facing full demolition are 38 Gramercy Park North and 37 Gramercy Park East. The plans were dated March 19, 2025.

The larger plan, to take down the 25,675-square-foot cooperative 38 Gramercy Park North, is job number M01052677. The second plan, for the adjacent 7,975-square-foot rental 37 Gramercy Park East, is job number M01052668. These demolitions are to make way for the new building project M00951038, for 13 units, which was filed October 31, 2023.

Both plans are described as “full demolition of 5-story structure, using hand held and mechanical means to assist.”

Legion Investment Group and Gindi Capital through the entity Gramercy 252 Owner LLC recently signed a construction loan for this project and the larger project just to the east with the address 252 Third Avenue. It signed a new construction loan with lender BDT & MSD Partners through the entity MSD RCOF Partners CXIII, LLC valued at $124.8 million, but the complete financing package includes debt from Global Holdings, and totals $335 million, according to a report in The Real Deal.

The largest, M00951325, is a new building project for a 64-unit (R-2) building submitted by Legion Investment Group and filed by Victor Sigoura with plans filed October 31, 2023 and it has not been permitted yet.
The deal closed on January 31, 2025 and was recorded on March 10, 2025. The prior lender was JPMorgan Chase which held debt that had an original loan amount of $33.5 million.
Both demolition projects were filed by Victor Sigoura  of Legion Investment Group .

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