Legion Files Plans for 74-Unit Residential Building Along High Line
By Isabelle Durso December 6, 2024 1:16 pm
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Legion Investment Group wants to build a 20-story, 74-unit residential building along the High Line in Chelsea.
Victor Sigoura’s Legion bought a nearly half-acre plot of land from Casco Development near the elevated pedestrian park in April for $87.4 million, records show.
That purchase included 550 West 21st Street, where Legion filed plans to build a nearly 200,000-square-foot condominium tower, according to Crain’s New York Business, which first reported the news.
A spokesperson for Legion did not immediately respond to a request for comment.
The property along 11th Avenue was formerly home to a string of warehouses, which Casco had planned to convert into a luxury condo project, Crain’s reported.
After struggling to secure financing for the development and facing debt of nearly $257 million, Casco ultimately put the property into bankruptcy protection last year, as Commercial Observer previously reported.
Under its new ownership, Legion hopes to expand the nearly 170,000 square feet allowed on the site by roughly 11,000 square feet after the developer donated about $7.8 million to the West Chelsea Affordable Housing Fund, Crain’s reported, citing a filing with the Department of City Planning.
Legion is no stranger to residential developments in Manhattan. In August, Legion secured $195.1 million of construction financing for its Upper East Side condo tower at 1122 Madison Avenue. And in March, the developer bought the property at 252-258 Third Avenue in Gramercy Park for $68 million for a planned 11-story residential building.
Isabelle Durso can be reached at idurso@commercialobserver.com.
