Demolition Begins For Major UES Residential Project

UPPER EAST SIDE, NY— A new residential building with roughly 300,000 square feet of space will rise on the Upper East Side, replacing existing structures at the corner of East 84th Street and Third Avenue.

Developers plan roughly 300,000 square feet of residential space, located at 201 East 84th Street.

The developers secured a $99 million acquisition loan from BDT & MSD Partners and Deutsche Bank as they move forward with demolition of the existing structures.

Legion Investment Group, led by founder and Chief Executive Officer Victor Sigoura, is developing the project with SMA Equities.

David Moussazadeh, Franics Moesinia and Samy Mahfar acquired a key portion of the property in 2007.

“After David and I spent almost 20 years assembling the property, it is especially rewarding to see the project move forward with a partner who shares our vision for its potential," Mahfar said.

Legion described the project as a continuation of its Upper East Side work, including 1122 Madison Avenue, a 26-unit condominium developed with Nahla Capital. The building is nearly sold out.

Sigoura said the new project will build on the firm's work at 1122 Madison Avenue and 109 East 79th Street.

The firm is developing 550 West 21st Street on the West Chelsea waterfront, with Thomas Juul-Hansen designing the building’s interiors and exterior.

It also is developing the Greenwich Spire at 11 West 13th Street in Greenwich Village, designed by Kohn Pedersen Fox and Leroy Street Studio.

At 38 Gramercy Park East, Legion is developing what it describes as the first ground-up condominium on Gramercy Park in nearly a century.