550 West 21st Street Condo Tower Tops Out in Manhattan

550 West 21st Street has topped out. Legion Investment Group's 23-story condo tower on the West Chelsea waterfront now stands at its full 250 feet, with 83 units and up to 172,000 square feet across a nearly half-acre site at the corner of West 21st Street and the Hudson River Greenway.

• 23 stories, 250 feet, up to 172,000 square feet, 83 condos
• Developed by Victor Sigoura's Legion Investment Group and AVRS Partners LP, designed by Thomas Juul-Hansen
• Legion bought the site out of Casco Development's bankruptcy for $87.4 million in April 2024
• Delivery is slated for mid-2027, with sales expected to launch later this year through Corcoran Sunshine Marketing Group

The Concrete Frame Is Done

The reinforced concrete superstructure is complete, according to New York YIMBY, which has tracked the project since it broke ground. As of the outlet's last visit in February, crews had only formed the podium and the first couple of floors of the tower. Since then, the full frame has gone up, and crews are now framing the fenestration with metal studs and insulation. Façade and window installation are still to come.

Thomas Juul-Hansen's design leans into the site's waterfront position: floor-to-ceiling windows, loggias, and stepped setbacks with terraces on the upper floors, wrapped in a hand-laid Italian brick and limestone facade. At street level, a porte-cochère leads into a landscaped motor courtyard with birch trees, a detail meant to set the building apart on a block dominated by galleries and the High Line.

From a $257 Million Bankruptcy to Legion's Rescue

The site has a long, stalled history. Uri Chaitchik's Casco Development bought the parcel in 2014 for $50 million and drew up plans for a 20-story, roughly 200,000-square-foot building with 34 condos and more than 43,000 square feet of commercial space, at one point pricing a sellout near $539 million. The project never broke ground at scale. Casco filed for Chapter 11 in August 2023 with secured and unsecured debt that had climbed past $250 million.

Legion stepped in and bought the site out of bankruptcy for $87.4 million in April 2024, just $5 million more than Casco had paid a decade earlier, and pursued a smaller, denser plan. Deutsche Bank supplied a $56 million acquisition loan, arranged by Walker & Dunlop. Legion has since revised the unit count up to 83 from an initially filed 75, and is angling to add roughly 11,000 square feet to the scope in exchange for a $7.8 million contribution to the West Chelsea Affordable Housing Fund.

The Capital Stack Behind the Tower

Legion refinanced into construction debt last fall, closing a $155 million loan from Eldridge Real Estate Credit on September 30, 2025, which replaced the original Deutsche Bank acquisition financing. Sigoura signed for Legion's borrowing entity, 550W21 Owner LLC; Nicholas Sandler signed for Eldridge.

"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," Sigoura said when the loan closed.

The project is one of several Legion has in motion across Manhattan. The firm and partner Gindi Capital closed on a six-parcel Third Avenue and East 21st Street assemblage in Gramercy earlier this year, where they're planning what would be the largest development on Gramercy Park in a century. Legion also has a $195 million construction loan in place with Deutsche Bank and JVP Management for a 26-unit condo at 1122 Madison Avenue, which began vertical construction this summer.

What's Next

Corcoran Sunshine Marketing Group has the sales and marketing mandate for 550 West 21st Street, with sales expected to launch later this year ahead of a mid-2027 completion. The next visible milestone is the facade: crews still have to close in the tower's windows and Italian brick and limestone skin before the building looks anything like Juul-Hansen's renderings.