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Button......your math only works if you assume there was no leverage. If, like most mortals, there was a mortgage involved and we assume it was a 70% LTV, then even pushing out the ownership to three years just to make the IRR calculation easy, then their return on their investment was about 34% annualized. And that doesn't count the further benefit of the tax shield on $1mm of their mortgage. 34% annualized in the last three years when the 10 year treasury has generally been bouncing around 2% is a very nice return. And then got to enjoy the apartment for that period. I'll take that over the S&P any day.
And I think the S&P 500, versus high end Manhattan real estate, is the riskier investment over time.
Oh here we go.
07152013 Azure welcomes its newest resident
According to Michael and Gina Gallagher, homeowners at Azure, there are two things that make a perfect home: spacious rooms and an incredible view!
Originally from Philadelphia, Michael lived in New York for ten years and had last resided on 59th street with his family. With two small children (a toddler and a six-year old boy), Michael decided it was time to move into a bigger home with more living space, in a quieter neighborhood without so much traffic.
“Azure is great. We knew this building was the one for us as soon as we stepped through its doors,” said Michael.
With floor-to-ceiling windows, a luxurious expansive kitchen, and spacious bedrooms, the home accommodates all of the Gallaghers’ needs. Michael loves to have a cup of coffee or a glass of wine in his hand as he gazes over the iconic views, such as The Empire State Building, The East River, and Central Park. In his second living room, he has an anterior view of Asphalt Green where his son attends summer camp. During his free time, Mike enjoys running in Central Park or along the East River. This is convenient being that both are just a few blocks away!
Michael combined two of Azure’s residence to satisfy his lifestyle
- he needed spacious rooms for his family to live comfortably. Though it sounded like a tedious project, the developers and onsite sales team made the process painless and easy. After a swift negotiation with the development team, Michael was very pleased with his new home, which consists of four-bedrooms and 4.5 bathrooms.
“Not only do we love the views and space at Azure, but we also love the neighborhood, it’s so family friendly,” said Michael.
Michael added, “ Gina and I go out to eat every Saturday night in the neighborhood. The area has a lot to offer and I can only see it getting better.”
With a beautiful apartment to call home and a neighborhood that caters to their needs, the Gallaghers find that Azure is a perfect place to raise their family.
One additional comment from the sponsor, we are pleased to note Michael and his wife Gina hired the interior designer of the Azure model apartments to assist them in their selection of home furnishings and wall treatments. Their home looks fabulous.
Congrats to Michael and his wife Gina! Love is all around! Fabulous!
I was driving by on the East River Drive, and it looks like they're very busy doing pre-construction demolition to start building the Azure garbage dump. It'll be done in no time.
Funny so now the Azure is now "high end" Manhattan real estate.
Alanhart....as has been noted many times before, the demolition of the MTS is underway and has long been fully budgeted. However, the construction has not been budgeted for, is now opposed by virtually all the Mayoral candidates save Quinn, and is still subject to a number of court suites. I don't know if your personal clock operates on geologic time, but that project is certainly not going to be done in "no time" if at all.
Anyone else find these new resident postings by mattonegroup cheesy/creepy?
That's why we troll here nada
Nada, what I find most charming is the naivete regarding what politicians say about micro issues when they're campaigning. But you're right, the whole thing.
Can something be both cheesy and creepy?
Does mattonegroup say anything about the MTS? I thought it was just the residents.
Sohojohn, as a resident do you find the whole vignette thing cheesy/creepy? Do they get permission, is there consideration paid? Is there a monthly newsletter?
Cheesy and creepy!
Unprofessional, reeks of desperation. Very AgentRachelesque.
Agent Rachel? Way to bring up old topics.
At least it's relevant. Troll.
Relevant? You don't even live in Manhattan. Despite the windfall you received courtesy of the taxpayer, you decided you couldn't even live in Manhattan. So there must be something else relevant between you and Agent Rachel.
Aboutready, when is your next refill?
Aboutready, maybe you should get a 90 day supply. Or have you tried doctor shopping?
Mattone, any news?
Update 10242013. Please see the article in the Post today regarding the positive impact the pending completion of the 2nd avenue subway is having on real estate prices along the entire 1st Avenue corridor. http://nypost.com/2013/10/24/makeover-time-along-the-east-river/
In addition prices continue to rise at Azure due to the tight supply of high quality, large, new construction 2, 3, and 4BR residences. We recently sold 32CD a north east and west facing 4BR 4 bath 3,005 sf residence with dramatic east river and cityscape views from The George Washington Bridge to Yankee Stadium. During the creation of the combination, with the assistance of the sponsor, the purchaser customized the their apartment . The purchaser is a long time resident of Upper East Side and a prominent lawyer from the firm, Cravath. Two, 2 br contracts were sent out sent out for signature this week. This week we also unveiled the interior designs of the Penthouse Collect at Azure designed by world renown designers James Rixner and Bjorn Bjornsson. Call for an appointment to view 2128284848
Oh! My! God!
You're STILL selling those things? I've never heard of such an unwanted collection of apartments. When do you plan to be completely sold out -- when the First Avenue Subway is completed?
Do you really think your purchasers want details about them posted by the building broker?
Aboutready, how are things with the foreclosure in your condo?
Riversider, you and your mullions.
Did Riversider move to the UES?
The apartment sold, at a high price. Thank you for your concern, troll.
Fieldchester doesn't even know where he lives. Alzheimer's, clearly.
In addition to being a pretend lawyer, now you are also a pretend doctor?
I thought the same thing AR. Why is the broker disclosing personal details about buyers on a public internet board? I don't thing there is such a thing as HIPPA for real estate but discretion is always the best part of valor.
Before he just referred to people as Dr. XXX, Dr. YYY and Dr. Zizmor.
You're just all pretend, no substance, hb.
You like substance AR?