Legion and SMA Recapitalize Upper East Side Project

The developers secured $99 million in funding to advance a major residential project on the Upper East Side.

Updated on Oct. 27, 2026 in Construction

Bold flat-color editorial illustration of a stylized residential building tower section, representing high-end real estate development in New York City. — Legion Investment Group and SMA Equities have recapitalized a residential development project at 201 East 84th St. in Manhattan, securing $99 million. AI Illustration. Upload story photo >

Live Poll

Do you believe new large-scale residential developments improve the quality of life in your community?

Legion Investment Group and SMA Equities have recapitalized three parcels located at 201 East 84th St. in Manhattan. The developers are moving forward with plans for a 300,000-square-foot residential building at the site.

Why it matters

This transaction provides the necessary capital to move ahead with a significant development in a prime Manhattan neighborhood. The project marks a major shift for the assemblage, which includes property components acquired as far back as 2007.

The firms secured a $99 million acquisition loan from BDT & MSD Partners and Deutsche Bank to support the project. The planned development encompasses 300,000 square feet of residential space across three consolidated parcels.

The players

Legion Investment Group

This real estate investment firm focuses on the development and acquisition of residential and mixed-use properties in major urban markets.

SMA Equities

This private real estate development company manages a diverse portfolio of residential and commercial properties throughout New York City.

BDT & MSD Partners

This merchant bank provides strategic capital and advisory services to help businesses execute complex financial transactions and real estate ventures.

Deutsche Bank

This global financial institution offers a wide range of investment banking, corporate, and private banking services to international clients.

Walker & Dunlop

This commercial real estate finance company specializes in providing advisory, lending, and capital markets services for major development projects.

The details

Developers have already initiated the demolition of existing structures at the 3rd Ave. and 84th St. corner assemblage. Walker & Dunlop Capital Markets Institutional Advisory served as the advisor for this capital transaction.

David Moussazadeh, Franics Moesinia, and Samy Mahfar acquired portions of the site in 2007.
Legion Investment Group and SMA Equities completed the recapitalization of the three parcels in October 2026.

Market Landscape

This project fits into the broader industry trend of consolidating Manhattan residential assemblages to unlock value on underutilized urban lots. The effort positions these developers to capitalize on the sustained demand for large-scale residential density in established neighborhoods.

Local residents will likely see increased construction activity on the Upper East Side as demolition and site preparation continue at the corner of 84th St. The development is set to transform the existing site into a large-scale residential complex.

The takeaway

Large-scale urban redevelopment projects often require complex multi-party capital structures to move from site acquisition to physical construction. Residents in the area should prepare for an extended period of site transformation as the developers transition from demolition to construction.