Legion Investment signs $50M refi with CanAm for resi development in Greenwich Village
5 West 13th Street (Credit - Cyclomedia)
Legion Investment Group through the entity 5w13 Owner LLC as borrower signed a refi loan with lender CanAm Enterprises through the entity CanAm New York Regional Center, L.P. VI valued at $50 million for the office building (O2) at 5 West 13th Street in Greenwich Village, Manhattan.
On the lot, there is one active new building construction project, M01164499, for a 36-unit, 111,568 square-foot residential (R-2) building. The project was submitted by Legion Investment Group and filed by Victor Sigoura with plans filed February 12, 2025 and it has not been permitted yet.
The deal closed on June 17, 2025 and was recorded on July 8, 2025. The prior lender was Maxim Capital Group which held debt that had an original loan amount of $53.7 million. The property has 110,000 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $454 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 owner bought the property on May 9, 2024, for $57.5 million. The signatory for Legion Investment Group was Victor Sigoura . The signatory for CanAm Enterprises was Tom Rosenfeld .
Recent stories with Legion Investment Group:
• Legion Investment Group files plans for 36-unit building in Greenwich Village (February 14, 2025)
The property
The office building in Greenwich Village has 110,000 square feet of built space according to a PincusCo analysis of city data. 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 $35.7 million. The most recent loan totaled $53.7 million and was provided by Maxim Capital Group on November 27, 2024.
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 $2,500 in ECB penalties and $3,390 in OATH penalties in the last year.
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 8th highest sale turnover among other neighborhoods in the city with $1.3 billion in sales volume in the last two years. For development, Greenwich Village has 1.6 times the average amount of major developments relative to other neighborhoods and is the 21st highest in Manhattan. It had 1.9 million square feet of commercial and multi-family construction under development in the last two years, which represents 9 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other office buildings in the past 12 months.
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 Cb Developers, followed by Legion Investment Group and then Amdar.
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 majority, or 57 percent of the 699,870 square feet of built space are office buildings, with retail buildings next occupying 22 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 $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 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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