Legion Investment Group signs $155M construction loan with Eldridge for 34-unit condo project in Chelsea

Legion Investment Group through the entity 550w21 Owner LLC as borrower signed a construction loan with lender Eldridge through the entity Eldridge Corporate Funding LLC valued at $155 million for the 34-unit residential condominium project at 550 West 21st Street in Chelsea, Manhattan.
The deal closed on September 30, 2025 and was recorded on October 16, 2025. The prior lender was Deutsche Bank which held debt that had an original loan amount of $55.8 million.
The signatory for Legion Investment Group was Victor Sigoura . The signatory for Eldridge was Nicholas M. Sandler .

Legion bought the property on April 15, 2024, for $87.4 million. Casco Development had placed into bankruptcy in 2023 in an effort to sell the property. At the time, the buyer was not identified, but subsequently the buyer was disclosed to be Legion Investment Group.

Legion Investment Group is working on several projects in Manhattan, including in Gramercy and in Carnegie Hill.

The zoning allows for a maximum 171,959 square feet of commercial space or 140,605 square feet of residential. The development has a foundation that Legion can use. A Walker & Dunlop team led by Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz and Sean Bastian arranged the $55.76 million acquisition loan provided by Deutsche Bank, according to Legion.

According to the bankruptcy filing, the brokers were Hilco Real Estate and JLL.

Casco Development filed the chapter 11 petition in U.S. Bankruptcy Court in Delaware with a plan to sell the vacant development site at 540 West 21st Street in Chelsea, Manhattan where it planned a $539 million luxury residential condominium project.

Casco’s owner entity 540 West 21st Street Holdings LLC bought the property on January 30, 2014, for $50 million, and in July 2018 refinanced the debt with a $50 million loan from Bank Hapoalim. Noam Teltch, who signed on the previous mortgage is associated with Casco Development. Quinlan Development’s Marc Lazarus filed plans in 2017 for a 34-unit, 171,800 square foot building.

Casco submitted plans (CD180304) in 2018 to sell 34 residential condominium units for between $3.4 million and $58 million listing Uri Chaitchik and Noam Teltch as the principals. In April 2022, the anonymous entity Ray New York LLC bought the $50 million note secured by the project, as PincusCo reported at the time.

The project never obtained construction financing, and the owner effectuated the sale of the property through the structured bankruptcy. 23-11053-MFW

The property

The residential elevator building with 34 residential units in Chelsea has 205,247 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 233 feet and is 118 feet deep with a total lot size of 20,555 square feet. The zoning is C6-3 which allows for up to 6 times floor area ratio (FAR) for commercial and up to 7.52 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $13.2 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $625 in ECB penalties and $2,295 in OATH penalties in the last year.

Development

On the lot, there is one active new building construction project, 121187820, for a 34-unit, 171,800 square-foot residential (R-2) building. The project was submitted by Uri Chaitchik|Noam Teltch and filed by Marc Lazarus with plans filed December 26, 2017 and permitted July 9, 2019. On the tax lot, the most recent condominium plan was filed by 540 WEST 21ST STREET HOLDINGS LLC to create 34 residential units and 2 commercial units in a building at 540 West 21st Street in Chelsea, Manhattan, called 540 West 21st Street Condominium that has a $539.3 million sellout, according to an July 27, 2018 submission to the New York State Attorney General. The principals of the sponsor, 540 WEST 21ST STREET HOLDINGS LLC, were Uri Chaitchik and Noam Teltch.

The block

On this tax block, PincusCo has identified the owners of six of the 11 commercial properties representing 633,836 square feet of the 691,983 square feet. The largest owner is Eagle Point Properties, followed by Storagemart and then Legion Investment Group.
On the tax block, there was one new building construction project filed totaling 171,800 square feet. It is a 34-unit, 171,800 square-foot residential (R-2) building submitted by Uri Chaitchik|Noam Teltch and filed by Marc Lazarus with plans filed December 26, 2017 and permitted July 9, 2019.

The majority, or 33 percent of the 691,983 square feet of built space are industrial buildings, with elevator buildings next occupying 31 percent of the space.

The borrower

The PincusCo database currently indicates that Legion Investment Group owned at least 16 commercial properties with 118 residential units in New York City with 416,802 square feet and a city-determined market value of $92.5 million. (Market value is typically about 50% of actual value.) The portfolio has $577.2 million in debt, with top three lenders as Deutsche Bank, Maxim Capital Group, and CanAm Enterprises respectively. Within the portfolio, the bulk, or 53 percent of the 416,802 square feet of built space are elevator properties, with office properties next occupying 26 percent of the space. The bulk, or 98 percent of the built space, is in Manhattan, with Brooklyn next at 2 percent of the space.

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