Legion Investment Group and Nahla Capital have reported rapid sales progress at 1122 Madison Avenue, where 85% of the condominium residences are now under contract. Sales launched in mid-January, and contracts have been signed for 22 of the building’s 26 units in less than three months.
According to the developers, these 22 contracts represent more than $400 million in total sales volume. The transaction mix includes a headline penthouse sale reportedly priced at $89.5 million, which is described as a record for a condominium in the Upper East Side neighborhood, both in overall price and on a price-per-square-foot basis.
The developers also stated that, at its current level of absorption, 1122 Madison Avenue has achieved the highest number of sales above $10 million and above $4,500 per square foot among Upper East Side new developments located north of 62nd Street. This positions the property at the top end of the local market for new luxury condominium product based on contract activity and pricing thresholds.
Victor Sigoura, founder and CEO of Legion Investment Group, said that reaching 85% sold so early in the sales cycle underscores how the building is performing in the current market environment. He characterized buyer response as robust and aligned with the sponsors’ aim to deliver a design-focused, highly curated residential product.
Sigoura added that the team intends to maintain this momentum as construction advances toward completion and the project moves closer to closings. While the specific construction timeline and delivery date were not disclosed, the sponsors’ comments indicate that the property remains in the development and pre-closing phase even as a substantial share of the homes has already entered contract.
The activity at 1122 Madison Avenue highlights the level of demand for high-priced condominium residences in the Upper East Side, particularly at the very top of the market. The combination of strong early absorption and record-setting pricing provides a reference point for ongoing and planned luxury condominium offerings in the surrounding area.
