Legion Investment signs $195.1M construction loan for 22-unit project in Carnegie Hill

Legion Investment Group through the entity Madison Ave Owner LLC as borrower signed a new construction loan with lender Deutsche Bank through the entity Deutsche Bank Ag, New York Branch valued at $195.1 million for the 22-unit mixed-use project at 1124 Madison Avenue at the corner of East 84th Street in Carnegie Hill, Manhattan.
On this site, there is one active new building construction project, M00952569, for a 22-unit, 110,940 square-foot residential (R-2) building. The project was submitted by Legion Investment Group and filed by Victor Sigoura with plans filed October 31, 2023 and it has not been permitted yet.
The loan closed on July 26, 2024 and was recorded on August 5, 2024. The six properties have 43,265 square feet of built space and 80,877 square feet of additional air rights for a total buildable of 124,120 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $4,509 and the price per buildable square foot is $1,571 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Legion Investment Group was Victor Sigoura.

The property

The residential elevator building with 25 residential units in Carnegie Hill has 43,265 square feet of built space and 80,877 square feet of additional air rights for a total buildable of 124,120 square feet according to a PincusCo analysis of city data. The parcel has frontage of 57 feet and is 102 feet deep with a total lot size of 5,824 square feet. 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 property is in the Metropolitan Museum Historic District. The city-designated market value for the property in 2022 is $6.3 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received $625 in ECB penalties and $1,625 in OATH penalties in the last year.

The block

On the tax block of 18-20 East 84th Street, PincusCo has identified the owners of five of the 13 commercial properties representing 19,317 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 Legion Investment Group and filed by Victor Sigoura with plans filed October 31, 2023 and it has not been permitted yet.

The majority, or 82 percent of the 362,407 square feet of built space are specialty buildings, with elevator buildings next occupying 10 percent of the space.

The borrower

The PincusCo database currently indicates that Legion Investment Group owned at least 13 commercial properties with 56 residential units in New York City with 362,821 square feet and a city-determined market value of $74.1 million. (Market value is typically about 50% of actual value.) The portfolio has $237.4 million in debt, with top three lenders as Deutsche Bank, Maxim Capital Group, and JPMorgan Chase respectively. Within the portfolio, the bulk, or 58 percent of the 362,821 square feet of built space are elevator properties, with office properties next occupying 30 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.

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