Legion Investment Group Expands Manhattan Luxury Portfolio With 300,000-Square-Foot Residential Project
New York City, United States | September 29, 2026: Legion Investment Group is expanding its luxury residential development portfolio in Manhattan through a partnership with SMA Equities on a planned 300,000-square-foot residential project on the Upper East Side. The development adds to Legion’s growing presence in one of New York City’s established luxury housing markets.
The project, located at the corner of East 84th Street and Third Avenue, is backed by a $99 million construction loan. Demolition of the existing buildings is already underway, marking a major step toward redevelopment of the site.
300,000-Square-Foot Project Adds to Upper East Side Portfolio
Legion and SMA Equities have partnered to develop the residential project at 1491–1497 Third Avenue. The development involves three adjoining parcels assembled over several years.
The planned building will rise 37 stories and is expected to include approximately 120 condominium residences. It will also feature around 18,994 square feet of commercial space on the lower levels.
The project will add a substantial residential development to the Upper East Side, where assembled development sites are limited.
$99 Million Construction Loan Secures Project Financing
The partnership secured a $99 million construction loan from BDT & MSD Partners and Deutsche Bank. Walker & Dunlop arranged the financing, with its capital markets team advising the developers.
The financing follows the long process of assembling the development site, which involved property acquisitions dating back to 2007. The partners have now moved forward with demolition and redevelopment.
Nearly 20 Years of Site Assembly Behind the Development
The project site was assembled through multiple transactions. SMA Equities acquired the original corner property at 1491–1493 Third Avenue in 2007 for $33.8 million, alongside partners.
In 2016, the group acquired the adjoining commercial property at 1495 Third Avenue for $18.2 million. The five-story mixed-use building at 1497 Third Avenue was acquired in 2025 for $12.5 million.
The combined site now provides the foundation for the planned high-rise residential development.
Legion Builds on Existing Manhattan Luxury Projects
The new partnership adds to Legion Investment Group’s existing luxury residential portfolio, which includes condominium developments at 109 East 79th Street and 1122 Madison Avenue.
The company has developed or has planned residential properties exceeding 6 million square feet, according to CoStar. Its latest Upper East Side project extends its activity in Manhattan’s luxury condominium market.
What the Development Means for Manhattan’s Housing Market
The project will introduce a new condominium building with approximately 120 homes and ground-level commercial space. Its eventual contribution to housing supply will depend on construction progress and the timing of completion.
For buyers, the project represents another planned luxury condominium option on the Upper East Side. However, pricing, unit configurations and the expected completion date have not been disclosed in the available reporting.
The inclusion of commercial space could also add retail or service uses to the neighbourhood, depending on the final leasing plans.
What Happens Next
Demolition is already underway, and the project has secured construction financing. The next major milestones will be the start and progress of construction, followed by the release of further details about the residences and commercial space.
The development adds to Legion’s Manhattan portfolio, while its delivery timeline and market reception remain to be seen.