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Legion Investment Group, in partnership with AVRS Partners LP, has secured a $155 million construction loan from Eldridge Real Estate Credit, the real estate investment arm of Eldridge Capital Management, to support the development of a luxury condominium project at 550 West 21st Street in West Chelsea, New York City.
The financing marks a major milestone for the project, which will feature 83 residences spread over 23 stories. Construction momentum is already underway, with concrete superstructure pours having commenced in late September.
“This financing milestone underscores the unique value of 550 West 21st Street, the last major waterfront development site in West Chelsea of this scale and quality,” said Victor Sigoura, founder and CEO of Legion Investment Group. “With unobstructed Hudson River views and direct waterfront access, the project represents a truly rare opportunity, and we look forward to sharing more details in the upcoming months.”
Positioned between Hudson River Park and the High Line, the development offers residents unparalleled access to green spaces, pedestrian pathways, recreational amenities, and scenic riverfront views—further cementing its appeal as one of Manhattan’s premier new luxury residential destinations.
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