Greenwich Village’s tallest tower moves ahead with $190 million in financing

A new development poised to become the tallest building in Greenwich Village is officially moving ahead. Plans for a 30-story luxury condominium at 11 West 13th Street took a major step forward last week after the developers secured $190 million in construction financing. The tower will include 34 residences and rise significantly higher than any other building in the neighborhood.

The project is being developed by Legion Investment Group and EJS Group, with architectural design by Kohn Pedersen Fox (KPF). At 538 feet tall, the tower will stand roughly 200 feet taller than the area’s current tallest residential buildings, Georgetown Plaza and Hilary Gardens, according to CityRealty. The site is located just off Fifth Avenue, south of Union Square.

Financing for the development consists of a $140.075 million senior mortgage loan from Bank OZK and an additional $50 million in mezzanine financing from CanAm Enterprises. Legion and EJS acquired the property in 2024 for $57 million; it had previously housed vacant office space.

The developers are positioning the building as a highly exclusive condominium offering privacy in one of Manhattan’s most desirable residential neighborhoods. Victor Sigoura, founder and CEO of Legion, described Greenwich Village as one of the city’s most stable and resilient housing markets, adding that the Bank OZK financing enables the team to move forward with what he called a rare opportunity. The developers also said the project reflects their commitment to delivering design-driven projects that complement Manhattan’s historic districts.

Construction is already underway, with excavation in progress and completion anticipated in 2027. Sales will be led exclusively by Corcoran Sunshine Marketing Group, with a launch expected in mid-2026.

The tower has faced opposition from Village Preservation, which last October called on the city’s Department of Buildings to reject the proposal. The group argued that the building is dramatically out of scale with its surroundings and challenged the developers’ assertion that the design complies with the city’s “City of Yes” zoning reforms.

In a letter sent last year to former Department of Buildings Commissioner James Odo, zoning expert George Janes contended that the project violates zoning rule ZR-35-61, which sets minimum street wall base heights. He argued that the building’s facade does not align with the character of neighboring structures. Janes and Village Preservation’s executive director, Andrew Berman, also claimed the project includes excessive residential floor area and that portions of it may not be properly accounted for under zoning regulations. Additionally, they criticized the zoning application, saying it contains a deficient ZD1 zoning diagram meant to demonstrate compliance with city rules.