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Developer Victor Sigoura’s Legion Investment Group continues to inject life into an otherwise remarkably slow year for property sales.
The firm has partnered with real estate firm EJS Group to buy 5 W. 13th St. near Union Square in Greenwich Village for $57.5 million, according to property records and an announcement from Legion. The office building was home to the city’s Human Resources Administration for more than 20 years.
It is now vacant, and Legion plans to develop a luxury condo tower standing between 20 and 30 stories tall on the site, according to a source familiar with the deal. However, a Legion spokeswoman said the company has not yet finalized its plans for the property.
Legion and EJS bought the office building, which stands 6 stories tall and spans 110,000 square feet, from Long Island-based real estate company Philips International. It was built in 1946 and renovated in 2004, with estimated asking rents ranging from $46 to $56 per square foot, according to commercial real estate database CoStar.
Office-to-residential conversions have been a trendy idea since the onset of the pandemic. The housing package in the recently passed state budget includes an incentive program meant to make such conversions easier to do.
Legion burst onto Manhattan’s real estate scene during Covid thanks to a popular luxury condo project at 109 E. 79th St. on the Upper East Side. And although inflation and high interest rates have led to a very sluggish sales market in the city this year, 5 W. 13th St. is just the latest of several recent purchases for the developer.
The firm bought 540 W. 21st St. near the High Line in West Chelsea about a month ago for $87.4 million, and it closed on four Gramercy Park properties along Third Avenue earlier this year for $68.3 million. Legion is working on an 11-story condo project at the Gramercy Park site, and it is also putting together an 18-story, 47-unit residential project at East 84th Street and Madison Avenue on the Upper East Side.
Other projects from EJS, based in Midtown, include a boutique luxury condo at 200 E. 75th St. on the Upper East Side and a luxury rental project at 12 Halsey St. in Bedford-Stuyvesant.
Legion and EJS financed the Greenwich Village deal with a $37.5 million loan from Maxim Capital. A Walker & Dunlop team led by Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz and Sean Bastian arranged the loan.
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Eddie Small , 2024-05-14 22:12:50
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