One of the poshest neighborhoods in New York City is getting a new condominium tower, and the price for a unit in the building is slated to start at $10 million.
Developers Legion Investment and Nahla Capital said their residential development at 1122 Madison Avenue in Manhattan would feature 22 stories and offer 26 units. The building would be on the Upper East Side — a neighborhood that features prewar architecture, elite private schools, large museums and some of New York's highest-income earners.
"The Upper East Side has long been defined by its elegant and enduring residential architecture,” Legion Investment CEO Victor Sigoura said in a statement, adding that the Madison Avenue project is intended to "contribute to that legacy."
The front of the building will be made of Indiana limestone, the developers said in a statement last week. Units in the building will have either a balcony or terrace that gives residents a look out to Manhattan's skyline, the developers said.
Construction on the condo building, which will sit near Central Park, is slated to finish in mid-2027, a spokesperson for the developers told Homes.com on Monday. The developers plan to start selling units this fall.
"A modern classic in the making, 1122 Madison Avenue combines architectural integrity, a landmark location, and a design philosophy that honors the heritage of the Upper East Side," Nahla Capital co-founder Genghis Hadi said in a statement.
Nahla Capital and Legion Investment, which is also building another condo tower in a separate Manhattan neighborhood, are bringing more housing to Manhattan at a time when the price of condos and co-ops have soared.
The median sales price for a condo or co-op climbed to $1.24 million in the second quarter, according to market data from New York brokerage Corcoran. The number of closed sales grew 5% in the quarter to 3,257. The most expensive condo sold during the second quarter was a penthouse at 130 William St. for $7 million.
The number of condos or co-ops sold specifically on the Upper East Side rose 3% from June 2024 to June 2025, according to Corcoran data. Downtown Manhattan, at 313, had the highest number of those properties sold during that period.