SkyscraperPage Forum - NEW YORK | 109 East 79th Street | 210 FT

Victor Sigoura stitches together UES assemblage for ground-up condo project

https://s11.therealdeal.com/trd/up/2018/05/113-115-and-117-East-79th-Street-650x433.jpg

Quote:

Victor Sigoura’s Legion Investment Group has put together an assemblage on the Upper East Side for a ground-up residential condominium project, The Real Deal has learned.

Sigoura’s firm paid more than $62 million total for the sites, in three separate transactions that give the developer about 72,000 buildable square feet. One of its investors on the project is Gindi Capital, the investment arm of the Gindi family.

The first purchase, at 117 East 79th Street just off of Park Avenue, was made by a Gindi-controlled entity for and closed back in October for $15 million. Sigoura’s involvement was not revealed at the time. The other two parcels, 113 and 115 East 79th Street, closed over the past week, according to sources familiar with the transaction. Legion is in talks to buy inclusionary housing certificates that would bring the total buildable square feet to 72,000.

Representatives for Legion declined to comment. Kassin Sabbagh Realty’s Ceasar Salama and Joseph Ash, who brokered the assemblage deals, declined to comment. The seller at 113 East 79th was the estate of the late Richard Feigen, who bought the property in the 1980s; the sellers at 115 East 79th were Edward Grombacher and Ilona Swaring, who bought the property in 2002.

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https://therealdeal.com/2018/05/18/victo...-assemblage-for-ground-up-condo-project/