Legion Ready to Develop Its Gramercy Park Condo After $47M Purchase

It’s been a long time coming.

Legion Investment Group — alongside partner Gindi Capital — is ready to create the first ground-up condominium development in Gramercy Park in about 100 years after having closed on the final pieces of a six-parcel assemblage at 38 Gramercy Park East, the company announced. 

The co-op building at 38 Gramercy Park East was purchased for $47 million, a source close to the deal told Commercial Observer, noting the property the partners bought was Gramercy Park North but will be changed to an East address. 

The purchases included a five-story rental building at 37 Gramercy Park East and a co-op at 38 Gramercy Park North, according to The Real Deal, which first reported the closing. Legion bought the first four adjacent properties in the assemblage, from 252 Third Avenue to 258 Third Avenue, for $72 million last February. 

“The completion of this assemblage at 38 Gramercy Park East marks a significant milestone for our team and is emblematic of our commitment to creating impactful developments located in prime neighborhoods with unique character and rich histories,” Victor Sigoura, founder and CEO of Legion, said in a statement. “The project we are developing will perfectly integrate with and elevate Gramercy Park, enriching its status and architectural elegance.”

Alongside the acquisition, Legion closed on $335 million in construction financing provided by BDT & MSD Partners and Global Holdings for its planned condo building. Newmark (NMRK)’s Jordy Roeschlaub, Nick Scribani, Adam Spies and Adam Doneger arranged the financing. Newmark declined to comment. 

“This investment reflects our focus on lending against high-quality real estate backed by strong and experienced sponsors,” Jason Kollander, partner and head of real estate credit at BDT & MSD, said in the statement. “We look forward to seeing how this development will enhance and complement the historic character of the neighborhood.”

Details of Legion and Gindi’s planned condo building were scant, but it will have a view of a historic — and exclusive —  part of New York City.

Gramercy Park is one of only two private parks in the five boroughs, stretching over 2 acres on Manhattan’s east side, and only nearby residents with a key can access the park. The neighborhood is home to upscale residences and historic townhomes.

Amanda Schiavo can be reached at aschiavo@commercialobserver.com.