Legion Investment Group files plans for 36-unit building in Greenwich Village
8 West 14th Street aka 5 West 13th Street (Credit - Cyclomedia)
Victor Sigoura, CEO of Legion Investment Group submitted a new building construction project for a 36-unit, 111,568 square-foot residential (R-2) building at 5 West 13th Street in Greenwich Village, Manhattan. The plan was filed with the New York City Department of Buildings on February 12, 2025 under job number M01164499. It calls for the construction of a 30-story building. The project is described in the filing as: new construction for 30-story mixed use residential building. The architect is KPF. The parcel is mid-block between Fifth and Sixth avenues, and has an alternate address of 8 West 14th Street.
The plans call for a suite of amenities in the lower level, including a gym, fitness studio, pool, pet grooming spa, game room and golf simulator. The first floor has retail and a library, the second floor is mechanical. The apartments begin on the third floor, with two per floor from the third to the 30th, excluding the 10th floor which is mechanical, and the 19th floor which has a “great room” and a lounge.
5 West 13th Street
| wdt_ID | floor | comment | description | persons_permitted | occupancy_label | zoning_use | dwelling_units |
|---|---|---|---|---|---|---|---|
| 1 | Cellar | ELECTRICAL ROOM. TELECOM ROOM, GAS ROOM, FIRE PUMP ROOM, WATER METER ROOM, DETENTION TANK ROOM, ARCS ROOM | Mechanical and/or electrical equipment room | 10 | Factory and Industrial | ||
| 2 | Cellar | GYM - FITNESS STUDIO | Apartment | 48 | Residential | ||
| 3 | Cellar | TENANT STORAGE 1, TENANT STORAGE 2, TENANT STORAGE 3. BOH STORAGE ROOM | Storage of non combustible Materials | 6 | Storage | ||
| 4 | Cellar | LAUNDRY | Apartment | 2 | Residential | ||
| 5 | Cellar | TRASH ROOM | Apartment | 1 | Residential | ||
| 6 | Cellar | POOL, POOL DECK, WET AREA | Apartment | 89 | Residential | ||
| 7 | Cellar | PET GROOMING | Apartment | 3 | Residential | ||
| 8 | Cellar | SUPERS OFFICE, BOH -STAFF ROOM | Apartment | 4 | Residential | ||
| 9 | Cellar | GOLF SIMULATOR, GAME ROOM | Apartment | 19 | Residential | ||
| 10 | 1 | RETAIL STORE 1 | Retail Sale | 32 | Mercantile | ||
| 11 | 1 | PARKING | Parking Garage | 7 | Storage | ||
| 12 | 1 | LIBRARY | Apartment | 2 | Residential | ||
| 13 | 1 | RETAIL SPACE 2 | Retail Sale | 43 | Mercantile | ||
| 14 | 1 | LOBBY, PACKAGE ROOM | Apartment | 5 | Residential | ||
| 15 | 1 | BICYLE STORAGE ROOM (213 SF - ) | Storage of non combustible Materials | 1 | Storage | ||
| 16 | 1 | COMMUNITY FACILITY | Business and Service | 5 | Business | ||
| 17 | 2 | GENERATOR ROOM | Mechanical and/or electrical equipment room | 2 | Factory and Industrial | ||
| 18 | 2 | MECHNICAL FLOOR INCLUDING ATS RM. ELECTRICAL RM, TELECOM RM, DRY VALVE ROOM | Mechanical and/or electrical equipment room | 22 | Factory and Industrial | ||
| 19 | 3 | TWO (2) CLASS A DWELLING UNITS WITH PRIVATE TERRACES | Apartment | N/A | Residential | 2 | |
| 20 | 4 | TWO (2) CLASS DWELLING UNITS | Apartment | N/A | Residential | 2 | |
| 21 | 5 | TWO (2) CLASS A DWELLING UNITS WITH PRIVATE TERRACE | Apartment | N/A | Residential | 2 | |
| 22 | 6 | TWO (2) CLASS A DWELLING UNITS WITH PRIVATE TERRACE | Apartment | N/A | Residential | 2 | |
| 23 | 7 | TWO (2) CLASS A DWELLING UNITS WITH PRIVATE TERRACE | Apartment | N/A | Residential | 2 | |
| 24 | 8 | TWO (2) CLASS A DWELLING UNITS WITH PRIVATE TERRACE | Apartment | N/A | Residential | 2 | |
| 25 | 9 | TWO (2) CLASS A DWELLING UNITS WITH PRIVATE TERRACE | Apartment | N/A | Residential | 2 |
The property
The existing office building in Greenwich Village has 110,000 square feet of built space according to a PincusCo analysis of city data. Legion Investment Group filed demolition plans for the building in April 2024 under job M01038259. The parcel has frontage of 75 feet and is 206 feet deep with a total lot size of 18,070 square feet. The lot is irregular. The zoning is C6-2 which allows for up to 6 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential. The city-designated market value for the property in 2022 is $23 million. The most recent loan totaled $53.7 million and was provided by Maxim Capital Group on November 27, 2024.
Prior sales and revenue
This property was sold by Philips International, Lawland Properties, Arnold Penner Real Estate and Rhodes Building Management for $57.5 million to Legion Investment Group on May 9, 2024.
The 110,000-square-foot property generated revenue of $5.7 million or $52 per square foot, according to the most recent income and expense figures.
Violations and lawsuits
According to city public data, the property has received $1,650 in OATH penalties in the last year.
There were no lawsuits or bankruptcies filed against the property for the past 24 months.
The neighborhood
In Greenwich Village, The bulk, or 24 percent of the 22.4 million square feet of commercial built space are specialty buildings, with hotel buildings next occupying 17 percent of the space. In sales, Greenwich Village has the 7th highest sale turnover among other neighborhoods in the city with $1.2 billion in sales volume in the last two years. For development, Greenwich Village has near average amount of major developments among other neighborhoods and is the 14th highest in Manhattan. It had 2.8 million square feet of commercial and multi-family construction under development in the last two years, which represents 13 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of five of the 13 commercial properties representing 260,482 square feet of the 699,870 square feet. The largest owner is Amdar, followed by CB Developers and then Legion Investment Group. On the tax block, there was one new building construction project filed totaling 111,568 square feet. It is a 36-unit, 111,568 square-foot residential (R-2) building submitted by Legion Investment Group and filed by Victor Sigoura with plans filed February 12, 2025 and it has not been permitted yet.
The owner
The PincusCo database currently indicates that Legion Investment Group owned at least 15 commercial properties with 82 residential units in New York City with 395,463 square feet and a city-determined market value of $86.5 million. (Market value is typically about 50% of actual value.) The portfolio has $486.2 million in debt, with top three lenders as Deutsche Bank, Maxim Capital Group, and JPMorgan Chase respectively. Within the portfolio, the bulk, or 56 percent of the 395,463 square feet of built space are elevator properties, with office properties next occupying 28 percent of the space. The bulk, or 97 percent of the built space, is in Manhattan, with Brooklyn next at 3 percent of the space.
The surrounding
Within a 400-foot radius of 11 West 13 Street, PincusCo identified four commercial real estate items of interests occurred over the past 24 months. Of those four items, two were sales above $5 million totaling $17 million. The most recent of the two was Heli Song which bought the 3,605-square-foot, one-unit retail building (K1) on 31 West 14th Street for $8 million from Elysee Investment Corp on July 9, 2024. Of those four items, two were loans above $5 million totaling $70.8 million. The most recent of the two was EPIC LLC in which borrowed $62.8 million from TD Bank secured by the 40,838-square-foot, four-unit mixed-use building (K2) on 17 West 14th Street and three other properties on October 4, 2024.
Direct link to the property’s ACRIS page and link to DOB NOW portal.