Victor Sigoura’s Legion Investment Group is moving quickly on a coveted West Chelsea development site.
The latest piece of the puzzle: a $155 million construction loan from Eldridge Real Estate Credit, the real estate investing arm of Eldridge Capital Management.
Sigoura, who is partnering with AVRS Partners on the project at 550 West 21st Street, bought the site out of bankruptcy just a year and a half ago for $87 million.
Expected to be finished in mid-2027, the 23-story project will offer 83 condos. Corcoran Sunshine Marketing Group has been tapped to lead sales, which are expected to launch next year.
Located from Chelsea Piers and overlooking the West Side Highway, Sigoura in a statement called the site “the last major waterfront development site in West Chelsea of this scale and quality.”
Uri Chaitchik’s Casco Development bought the plot in 2014 for just $5 million than Sigoura paid. Chaitchik had planned a 20-story condo project with a $539 million sellout price, but had to seek Chapter 11 protection after financing failed to materialize.
Sigoura purchased the land with a $56 million loan from Deutsche Bank.
The construction loan comes at a fortuitous time. Demand for downtown properties on the city’s west side has been fierce, and there’s a scarcity of new condos filling the need. Witkoff Group and Access Industries’ One High Line, which occupies a similar spot along the highway just a few blocks south, has been one of the best-selling condo projects in the last year, passing $1 billion in sales at the end of 2024.
Meanwhile there are no downtown condo projects over 100 units expected to launch sales next year, according to data from Corcoran Sunshine. Atlas Capital and Zeckendorf Development’s 80 Clarkson, which has 112 units and also sits right off the West Side Highway further south, launched sale this past spring but has yet to publicly report any contracts.
Sigoura has been wheeling and dealing elsewhere in Manhattan in recent years. Legion and its partner, Gindi Capital, in February closed on the final two properties in a six-parcel assemblage on Third Avenue and East 21st Street, where they’re planning a 20-story condo project, the largest development on Gramercy Park in a century.
Last year, the Legion and EJS Development bought a Greenwich Village development site at 5 West 13th Street for $57.5 million. Legion also scored a $195 million construction loan from Deutsche Bank and JVP Management for its 26-unit luxury condo building at 1122 Madison Avenue, which began vertical construction this summer.
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