Legion Investment Group and Nahla Investments Push Facade Work to Penthouse Level at 1122 Madison Avenue

Facade work is advancing toward the penthouse level at 1122 Madison Avenue, the 22-story luxury condominium rising at the southwest corner of Madison Avenue and East 84th Street in Manhattan's Carnegie Hill neighborhood, one block from Central Park. Legion Investment Group and Nahla Investments are co-developing the project, which spans approximately 133,000 square feet and stands roughly 280 feet tall.

Construction Progress and Design

CM & Associates is serving as general contractor on the project, which topped out in 2025 and has since moved into exterior cladding work. Studio Sofield is the project designer and Hill West is the architect of record.

The design team described the building's architectural intent in a statement: "1122 Madison Avenue takes its architectural cues from the culture, cadence, and context of the Upper East Side... An Indiana limestone facade with champagne-hued metalwork imparts a warm texture that shifts with the light and a rhythm that harmonizes with the streetscape."

The limestone-and-metalwork exterior is intended to reference the prewar architectural character prevalent along the Upper East Side streetscape. The building is expected to reach completion in mid-2027.

Project Scope and Financing

The tower will contain 26 condominium residences ranging from three to five-plus bedrooms, with initial pricing starting around $10 million. A $195.1 million construction loan, arranged in 2024 through Deutsche Bank and JVP Management, is financing the development. The assemblage of the site, including air rights acquired from the neighboring property at 20 East 84th Street, cost approximately $95 million. The air rights acquisition, totaling roughly 20,000 square feet, was structured to preserve Central Park sightlines from the building's upper floors.

Sales Activity

Sales at 1122 Madison Avenue have moved at a pace that distinguishes the project within the Manhattan new-development market. By August 2026, only two residences remained available, both priced just below $39 million, while pending deals carried an average asking price of approximately $5,400 per square foot. A duplex penthouse entered contract at $89.5 million, a figure reported as an Upper East Side record for both total price and price per square foot. Aggregate contracted sales across the building exceeded $360 million, implying an average contracted value above $20 million per unit, though those figures will not be finalized until closings occur.

Market Context

The construction update arrives as available Manhattan new-development inventory has fallen to its lowest level since 2014, dropping below 3,000 units in early 2026, with only 83 new units brought to market during the first quarter. Active new-development units in the first quarter totaled 694, down 15% year over year, while total active Manhattan condominium and co-op inventory stood at approximately 6,091 units.

Demand at the upper end of the market has been particularly active. Contracts for Manhattan new-construction condominiums priced at $10 million or more nearly doubled year over year in the second quarter, rising from 21 to 38 transactions. Luxury listing inventory was also sharply lower, with one first-quarter analysis counting only 903 active luxury listings, down 26.9% year over year.

Against that backdrop, 1122 Madison Avenue's limited unit count, large floor plans, and Central Park proximity position it in a segment of the market with few direct substitutes. Manhattan's overall first-quarter 2026 sales volume reached approximately $6.2 billion, up 4% year over year, though new development represented 8.9% of that total, below the historical first-quarter average of 11.7%. Average price per square foot across Manhattan was approximately $1,554, roughly flat year over year, making the contracted pricing at 1122 Madison Avenue a significant premium to the broader market.