AZURE intelligence! == new construction on 91st & 1st

all of this discussion is so 2009. I watched this buidling get built and was nearly killed by the falling crane (no, I'm not kidding). At the end of day, despite what we all would like to think, Matteis is a very good builder, HSBC has turned the construction loan into a permanent loan and will wait out the market because it's borrowing from The Fed for free and the units will slowly be sold and absorbed. Neither the land lease argument (it's like 75 years or some crazy number), projects argument (name me a neighborhood without a project), school argument (it happens to be ESMS which you can only hope your kid gets accepted into), or neighborhood argument (ok, so it is the architectural backwater of the Upper East Side) will end changing what matters to most of the buyers which is the inside where they live; and I've been inside and folks its pretty nice. Time to forget the 40% price reduction prayers; you've a better chance on Pick 4 tonight. And don't waste your breath comparing this to Battery Park City; if you think this has land lease issues, then BPC and PILOT will utterly drive you into the river (you can pick, East or Hudson).

For my new neighbors, try Cavatappo Grill and ask for the fried olives, the chef started out at Vong so things arent' so bad here in the 'hoood.

Neither the land lease argument (it's like 75 years or some crazy number), Time to forget the 40% price reduction prayers

ubbatubba, I dig your attitude...now pass that dubbie over here. You, my friend, have had enough.
I emplore you to avoid the use of heavy equipment for the next 48 hours.

Hippies...jeeze

not old enough to be a hippie, but i knew one once. as for heavy equipment, I still have all my fingers and toes despite myself! but thanks for the good wishes...

hey, I had to defend the project & hood; I'd hate to think living in this neighborhood for the past 21 years was a complete waste! most of the folks here have no idea what this nabe was like in the late 80's when the projects were really something to be concerned about. Even Gulliani was freaked about coming across 88th street on his way to Gracie Mansion so he had the lights fixed going crosstown so they would be timed (urban myth;)

Why do they keep leaving the lights on every night in the same empty apartments?

the same reason they use to paint vivid city scenes on the sides of derelict tenements.

Hey Twinkle/Ubbatubba, check out the story on curbed.com about a 2,200 square foot 4 bed/3 bath unit at 343 East 74th Street aka The Forum that is on the market for $1,750,000. Why is it so cheap? Because this is a Land Lease with monthly maintenance of $5,611 or $2.55 psf. At least this building is on E. 74th.

Azure's unabated maintenance for most most of the larger homes are about $3 psf and they're way up on E. 91st!

So it you want to know what it's going to be like to unload this lemon when you're abatement expires, look no further than this building. The asking price for the unit referred to in the article is under $800 psf!

YORKVILLE NEWEST HOT NEIGHBORHOOD FOR KIDS

Yorkville is increasingly attracting new residents drawn to the area’s many recreational, cultural, culinary, educational and other opportunities for children. A number of high-end residential properties with larger floor plans and kid friendly amenities have opened in the neighborhood in recent years, including Azure at 333 East 91st Street.

Among the popular recreational activities in Yorkville are Asphalt Green, Kidville, Yorkville Tennis Club, The Art Farm in the City, the 92nd Street Greenmarket on First Avenue, and multiple movie theaters. Carl Schurz Park to the east is home to Gracie Mansion, basketball courts, a large playground for children and two dog runs.

Noteworthy restaurants and food markets include Sarabeth’s, Barking Dog Luncheonette, Café d’Alsace, Pio Pio, Schaller & Weber and Eli’s Vinegar Factory, with a new Fairway coming soon to 86th Street between Second and Third Avenues.

Area schools include top public school M.S. 114, P.S. 198, Dalton School, The Chapin School, The Brearley School, Ramaz, Solomon Schechter and Trevor Day School.

Azure is customizing a number of units to meet the growing demand for larger apartments from people who want to raise their children in Manhattan. In recent months, the developers have customized 14 units (more than 10 percent of the building) for buyers, with an expectation of many more to come. Combination units range from 1,198 square feet to more than 6,000 square feet.

Blah, Blah, Blah! Azure has the worst salespeople. You've been on the market for over three years and have sold very little except for a large bulk sale. Let's hear you talk about high maintenance, the fact that no other bank other than the construction lender will finance here, the incredibly high pricing for a land lease cooperative, etc, etc..... that's what buyers want answers to, not fluffy travelogues about the how children prance through the tulips nearby.

hey star8360 I'm not sure The Forum is a good comp. I mean's it's nearly a quarter century old, and it's tax abatement has long ago expired. that's quite a few dog years. The Azure is 421a if I'm not wrong for 25 years. Can't speak to the salespeople quality as I generally think they're just tour guides anyway. Sounds like you're a bit angry over their posting some neighborhood info - what gives with that?

One important comment missing from the Azure's description of the neighborhood: The Stanley M. Isaacs Public Housing on First Avenue at 92nd, 93rd and 94th Streets. Surrounded by luxury high-rise rentals (The Chesapeake, The Brittany, The Hamilton), coops (The Plymouth Tower, The Millrock Plaza), a hotel (Marriott Courtyard), an ATM (Citibank), and an animal shelter facility (ASPCA), the public housing is an island unto itself with a thriving community center providing enrichment programs for both the young and old, boasting a safe, well-maintained park by the same name between 95th and 96th Streets with a children's playground and a roller-hockey rink.

I love yorkville. Carl Schurz park with Gracie Mansion inside of it is an outstanding park. You get to walk along the promenade with water views on one side and beautiful distinct highrises on the other side. you have a couple dog walks and plenty of places to lay out in the the summer. Im not pitching for Azure, I'm just sayin that yorkville really is a great neighborhood with something for everyone.

Hi Ubbatubba, please don't get me wrong. I have absolutely no problem with the neighborhood or with the building itself. I think the area is pretty good and will only get better and the apartments themselves are quite nice, spacious and well built. The problem that I have is that the sales staff never addresses the real negatives of this development and instead they host pumpkin carvings, book readings by D list celebs and an art fair. The big issue is and always has been pricing. The Forum is definitely a good comp for the same reason that you pointed out it was not. It is a land lease coop whose tax abatement has long expired. This will happen to Azure in 10 years when the actual 421a abatement expires. I understand there is an additional tax benefit for this building between years 11 - 20 but the abatement itself lasts only 10 years so you have to assume that anyone buying today would be reselling about that time. That would result in a 10 year old building at full taxes and a whopping maintenance (higher than the current maintenance at The Forum). What does that mean? Depressed prices to compensate for these really high maintenance charges. How does today's buyer compensate for that? By paying a much lower price for the home today. This is a beautiful building, but it simply is not priced appropriately for what they are offering. The proof is that after 3 years of marketing they have sold but 30% or so and a lot of that was via a bulk sale. I want this building to succeed. It benefits the neighborhood and the city. However, the quickest way to success is to lower prices to a realistic amount.

Well Said Star! It's obvious the sales staff is hampered by the developers refusal to lower prices. It is why they have to resort to such marketing nonsense, as if anyone buys an apartment after a book reading. Maybe at other buildings, but certainly not one as troubled as this one. Eventually, they'll figure it out or the lending banks will figure it out for them.

no sorry Star, but it isn't a good comp. The Forum had a 10 year tax abatement which means it's tax's increased incrementally every 2 years by 20% until it was at full taxation. The maintenance is so high because the land lease has built-in incremental increases too which is why the price is so low (and ultimately, the lease will expire and the co-op will have to re-negotiate a new long term land lease based on the then market conditions with an unknown private landowner. I believe the Azure's tax abatement is 25 years, which means there are no(or nominal) taxes until year 20 and then 20% incremental increases until year 24 . The land lease is at least 50 years and is a lease with the City of New York (The Board of Ed owns the land). Nationally, ownership turnover rates are approximately 7.6 years so it's hard to make the argument that a new owner (or the next or the next or the next) have to worry about or even factor in the land lease while enjoying(and selling to the next owner) the benefits of the tax abatement.

i agree that prices need to be adjusted, just not the reasons you cite. The reality is that my nabe isn't ready for prices like these yet; the comps simply don't support the prices. What is also interesting is if this building was one block east, on York Avenue, it would have sold out already - you go figure the fickleness of the buyer! Also, 3 years isn't a fair figure to cite for marketing. A little crane collapse and 2 deaths put the whole thing on hold for over a year.

And, finally, i have to pose the question: what sales staff ever addresses negatives? I mean, shoot, if I was the developer and paying the tour guides, I sure wouldn't want them to address the warts.

Well Ubbatubba, you need to check your facts. Here they are: Azure has a 421a tax abatement (not a 421g) which means that, YES, the taxes will be phased in 20% of actual every two years and they will be at full taxes in just 10 years. (Just like at the Forum) Azure does have some sort of additional tax benefit in years 11-20 that somehow caps increases in those years, but there is certainly no abatement past year 10. (Perhaps the sales staff can clear this up). Currently, Azure's unabated maintenance is about $3 a square foot for most of the apartments which is significantly higher than the Forum so your argument doesn't hold.

Yes it is true that most buyers hold their home for around 7-8 years, but that is my point. It will be at virtual full taxes at that point and will compare very poorly against other non land lease homes in the area.

While it is also true that having the land lease with the city is a very good thing, as in all land lease buildings, the land is still reappraised periodically and the land lease payments will be raised accordingly. I'm not sure how soon that will happen at this property but they all have this provision.

Finally, I agree with you that that sales staffs aren't likely to address negatives when they are true. My point is that by ignoring the negatives they are essentially admitting that they are valid. Otherwise they would point out that they weren't true and would explain why.

These are spacious, well built apartments in a growing neighborhood with great potential. However, if they truly hope to sell them they need to reduce prices by significant amounts to offset the risks and negatives associated with the building. On this, I think we can all agree.

last go around on the dance floor with you Star! You are correct regarding the 421a and I'm not even sure of the additional benefits beyond that unless you have some info on the 421 program that I'm unaware of(presumably it would have to be tied to the fact that the land is city owned). I don't agree however on the blanket statement that all land leases have periodic reappraisal and commensurate land lease paymnet increases. I've been involved in a couple of these kinds of deals and I've never seen such a clause, indeed it would pretty much gut any benfits of a long term lease and leave the property far too prone to market fluctutations. The reappraisals typically occur towards the end of the agreement and as I failed to note in the previous post, having the city as your bartering partner may, for one of the rarer moments, be a benefit to the shareholders (who, as you know, are also voters).

I'm afraid Star is right Ubbatubba. All land leases that I have seen have re-appraisals of the underlying land at some future point. The difference, of course, lies in when the first re-apprisal occurs and how frequently they happen thereafter. I don't know the situation at Azure so perhaps the sales staff can enlighten us, though more likley, they will enlighten us by their silence.

The reason re-appraisals occur is that no land holder is going to lock in his rent for 50, 75 or 99 years without a recourse to allow for periods of inflation. Every land lease that I've seen either has this provision or they have absolute increases in lease rent at certain future dates. Some have both. Again, not sure of the situation at Azure but it is something to ask about if you are thinking about buying.

Buyer Testimonial
“With a young Family and two active careers we were looking for a state of the art residence with as much space and amenities as possible in which to live and entertain. We chose the Azure due to the quality of construction and the willingness of the developer to create a perfect home” - Azure Buyer

there ya have it

“With a young Family and two active careers we were looking for a state of the art residence with as little long term value as possible. The most amenities as possible in which to live and entertain. We chose the Azure due to the quality of construction and the willingness of the developer to create a perfect home and a recent head and neck injury that has made decision making unreliable” - Azure Buyer

Excelsior!

If your gonna hang it out there, I'm gonna slap it.

Other recent Family Friendly improvements to the Azure neighborhood include the following:
1)The opening of NYC Elite on 91st between First and York. NYC Elite is a child friendly gymnasium providing classes and instruction in gymnastic activities to several hundred neighborhood children.
2) The opening of NYC Middle School 114. The State of the Art Facility is the number 2 ranked School in all of NYC. Acceptance into the school is by competitive application.
3) The opening of PS 151 and Yorkville Community Center located at 323 East 91st street between First and Second avenues. This School and Community Center is housed in a renovated Historic Landmark Building.
4) Construction of the entrance to the New Second Avenue Subway is underway with Construction completion anticipated in 2016. An entrance to the subway is to be completed on the SE corner of 94th and Second, three blocks from Azure.
5) The acquisition of the Verizon Building located between First and York by St Mary’s Private School. This location will house the school’s new athletic facilities.
6) The acquisition of a development site on 95th street located between First and Second Avenues, by Trevor Day Private School. This location, when built is intended to consolidate their existing Upper East Side Facilities
7) 5,000 sf of new retail tenants are slated for occupancy in 2011 at 1765 First Ave, the corner of 91st and First.

Azure Facts
Apt 14D
Size 1,487 square feet
2BR 2.5 Bath 86sf Balcony
Customized floor plan
Closed November, 2010
Closing Contract Price $1,639,283
Contract Price Per Square Feet $1,192
Maintenance including common area charges and taxes with 421 benefits $ 1.47 per square foot per month.

lsender, I didn't say there no increases in the land lease, only that re-appraisals happen towards the end of the agreements. In fact, I totally agree that no lease is set without incrases, negotiated in advance, at pre-set periods of the land lease agreements.

But, in the spirit of true transparency, and now that it appears that the financial partner of the project has joined the discussion, could the Mattone Group please enlighten us as to the terms and conditions of the land lease? It can't make any sense to have this issue debated and a bad light paid and false rumors spreading a shadow on a building that has such great potential to bring new neighbors to my corner of the nabe.

What do you say Mattone?

And, pray tell developer friends, who are the new retail tenants slated to move in? Please no more Rite Aids, Duane Reades or NuPharmacy stores - we've got enough band aids thank you very much.

Additional Details of the maintenance charges at Azure
1) Total maintenance charges are 41% tax deductible
2) Azure is a debt free condop. Note the condop located at 215 east 96th street One Carnegie Hill has $20,000,000 in debt.
3) No flip tax
4) No mortgage recording tax
5) No board approval required for sale or lease
6) From years 11 – 20 Azure has the unique tax benefit as follows: If the tax assessment of the building increases during this period resulting in a higher tax, the maintenance charges will be credited by the same amount. This benefit over time can be very beneficial to the residences of Azure. No other building in New York has this benefit.
7) The land lease term is for an initial term of 75 years with the right to extend the lease for an additional 50 years for a total of 125 years. The coop has the right to acquire the land at fair market value in the 75th year.
8) The landlord of the Azure is the Educational Construction Fund. This is a special purpose public benefit corporation controlled by the City of New York
9) The first reappraisal of the land lease conducted by independent appraisal is completed in 30 years.
10) Note that in the event the land lease increases in the 30th year, the residential building will have increased more than the associated increase in the land lease. This is based upon the appraisal relationship of land value that is tied to residential building value.
11) An individual after tax analysis of maintenance charges over 30 years is available at the Azure Sales Office
12) Note this land lease has been approved by The NYS Attorney General in the approval of Offering Plan.
13) HSBC Mortgage Corp. and Safra Bank have provided financing with appraisals confirming contract values.

Mattone: kudos for getting out there. Seems there is alot of anger directed at your sales team which may be just displaced anger or something worth an honest review on your part. I watched the building get built, and felt the crane collapse. Now please get real and re-appraise your price points.

And, finally, please please bring in some good retail (can you go on the record and name them yet?)

We respond to any reasonable offer from a qualified purchaser. Prices are individually negotiated. It is all a question of the supply and demand of high quality new construction residential units with great views that are available in the Upper East Side Yorkville Submarket over time. Supply as you know of larger 3,000 sf 4br units in this submarket is very scarce. I will soon give you an update on our recent sales activity for these most popular units. We also have spacious 1,810 3br units as well as our 1,487sf down to out 1,198 sf 2br units. The burn off of existing supply of units in the new construction luxury tower buildings along 86th street over the last 3 quarters has resulted in an increase in our sales traffic. This has resulted in several new offers and new contracts having been sent out for signature. Azure is well positioned on price, given they very high price alternatives in the neighborhood. We always intended to satisfy the building demand for luxury residential units in the Yorkville neighborhood at a resonable price and also to provide the neighborhood with a new state of the art middle school. MS 114. Note I follow very carefully the comp prices of other projects as do the bank appraisers.
1) Select a unit from our web site www.azureny.com.
2) Come visit the unit. Note we have recently reduced our inventory of several our lowest priced units due to recent contracts having been sent out for signature thanksgiving weekend. Only 3 studios are now left.
3) Speak with our sales staff. They are good people working hard that are there to help.
4) I am around many times during the week. Ask for me I will say hello.
5) Speak with HSBC Mortgage Corp.
6) Call our lending officer Angelo Dejoy at 212 378 0591 cell 212 472 0181 Email angelo.f.dejoy@us.hsbc.com He can prequalify you for how much you can borrow to support your offering price.
7) Our sales staff can introduce you to a selection of independent lawyers that have represented several of our recent purchasers. Being experts in ground leases across NYC they can assist you in answering any questions you have regarding the offering plan, the ground lease or the maintenance charges.
8) not yet on retail stores we are trying to make a good mix of tenants that will add to the neighborhood.

Star 8360 ....I know who you are:)

Mattone: whether I agree with your strategy or your market accument is irrelevant; I give you real credit for making a sincere effort to address the mob. As a neighbor, I wish you good luck and ultimate success.

Thanks much. My intent is to provide the facts and be of assistance to prospective buyers. Please note the following:
The DeMatteis Organization is a family owned group of companies with a 90 year track record in the real estate industry. Now in its third generation and led by brothers Richard and Scott DeMatteis. The DeMatteis Organization is a fully integrated real estate development company covering general contracting, construction management, interior construction and renovation, and has been responsible for hundreds of millions of square feet of residential and commercial real estate and public projects.
The Mattone Family is a Queens-based development and construction company headed by Mr. Joseph M. Mattone Sr. , responsible for notable properties such as Roosevelt Raceway a $100,000,000 power retail center. $28,000,000 Pathmark Center in South East Queens. The $80,000,000 Jamaica Center. Mr. Mattone owns and manages properties totaling over 2,000,000 square feet.
These two substantial companies came together for the development of The Azure and MS 114. Initially we competed for the development of this site through a Request For Proposals (RFP) issued by The Educational Construction Fund and The City of New York. At the time the RFP was issued over 6 years ago we competed against the other primary development companies of NYC. After the award we took the project through 2 years of zoning approvals, subsequent completion of construction, Effectiveness Approval with the Attorney General of the Sate of NY and most recently the moving in of our first families after substantial customization of floor plans was complete. We look forward to the continued success of this development and its positive impact on the local community.

This has been a public service announcement,

um, nice plug, but utterly unnecessary. we pretty much figured you weren't bert from bensonhurst.

mattonegroup, excellent response and your details on the land lease is exactly what the public needs to see. While I still believe that your homes are still too highly priced (especially your 2 and 3 bed units) there is no doubt as to the quality of construction and to the future promise of the neighborhood. The simple issue is that the current sale price has to compensate for the extremely high maintenance (especially after the abatement wears off) among other issues. The problems faced by the Forum will be faced here down the road as they are in all land lease properties. At the right price however, everything sells. It is important for Yorkville that this project succeeds.

After nearly three (3) years, how many individuals are currently living in the Azure as of today, Thursday, December 9, 2010? Are they able to enjoy all of the building's long list of amenities, including a dedicated staff and an attentive managing agent? If not, why not?

Didn't realize Harlem was getting those kind of numbers. :)

so what does that have to do with anything? Who cares if 2 bankers bought? What percentage of the buiilding is sold thats what I want to know?

Or just release the sale prices/units that were sold in bulk -- thank you

So a couple buys a home and you feel it's pertinent to mention it here? Wow! Sales must be really, really slow. Oh, and l agree with brooksvale; when do we get to see the bulk sale pricing? None of them seem to have closed yet. You're basically forced to sell almost all of your homes as 4 beds because few people in their right minds will pay anything near your prices for the 2 & 3 bed units. The problem is there simply isn't a 4 bed market big enough that is willing to buy into a land lease Coop. This is why so many of the apartments sit vacant as we approach a year of completion.

Can someone confirm if there is anyone currently living in the building as of today, Friday, December 10, 2010? If so, on what floors as the lights left on all over the building at night still showcase empty, see-through apartments. Finally, is Stellar Concierge the Managing Agent for the building?

I understand Azure is offering a 5% commission to selling agents for a limited time, up from the already high 4%. If that's true, it will be interesting to see whether this approach works. We have debated vigorously whether brokers working with buyers are swayed much by an extra half-point or so. In this case, the temptation is a near-doubling of the typical buy-side split. That might be too rich for some brokers to resist. On the other hand, if I were a buyer and my agent suddenly suggested we take a look at Azure, I might wonder about his motivation.

Right, there was an ad in December's The Real Deal with a "5% commission!!" headline.

If for $3,600,000 the buyer is getting as good an apartment as a $6,000,000 resale at the usual 3%, or as good as a $4,400,000 apartment at the usual desperate-developer 4%, then the buyer should be happy.

Not that that's the case here, as there's nothing like those numbers at 90th and First.

Does 1mil work for apt 8a or 9a?

i'm thinking you haven't been out much lately.

FOR IMMEDIATE RELEASE

AZURE ANNOUNCES 12 CLOSINGS IN THE LAST 60 DAYS

Building Inventory Reduced By $34.45 Million

New York, December 13, 2010 – Azure (www.azureny.com), the new 128-unit luxury building at 333 East 91st Street on the Upper East Side, has announced 12 closings in the last 60 days. These closings, along with other sold units and additional contracts in place, represent more than $34 million in sales inventory. In addition, 12 new contracts were recently sent out for signature.

“There has been greater demand for larger apartments on the Upper East Side in recent months, especially from people who want to raise their children here and take advantage of the extraordinary educational and recreational activities in the neighborhood. Our ability to combine and customize units and deliver them at a competitive price has been a significant selling point for the building,” stated John Caiazzo, Vice President of The DeMatteis Organizations, a developer of the project along with The Mattone Group.

“Azure offers quality construction, superior amenities, spectacular prices and competitive pricing. Comparable inventory on the Upper East Side has been dramatically reduced over the last three quarters, so from a supply and demand perspective Azure is well positioned to move to over 50 percent sold in early 2011,” stated Douglas MacLaury, Senior Vice President of The Mattone Group.

HSBC Mortgage Corp is providing financing for purchasers at Azure for up to 80 percent loan to value, and several buyers who have recently moved into the building were able to include the cost of customization into their loans from HSBC.

“HSBC has been instrumental to the success of the building to date, since they have addressed the individual financing needs of our purchasers. Other financial institutions will soon join in providing mortgage financing for buyers,” MacLaury added.

HSBC Mortgage Corp. and Safra Bank have provided financing with appraisals confirming contract values at Azure.

Does 1mil work for apt 8 or 9a?

e1to9 call 212 828 4848 ask for ammanda. a units not for 1 mill but a few other units remain in base of building which may be done at plus or minus 1 mill.

mattonegroup: can you please comment on the bulk sale price closings in order to declare the building effective? I have visited the building, my participation in this thread is as a potential buyer and this issue is causing a major hesitation/retreat for myself (& I'm sure many others) from moving forward. Now with more clarity on the abatement, without question this is the 800lb gorilla in the room, please do not just ignore it. Thank you.

you're not seriously doing your due dilligence thru a message board on streeteasy are you brooksvale?

mattonegroup.....3bed for 1mil? what floorplan would that be?

There are no 3 beds at the base, they must be trying to snooker you into an overpriced 2 bed. I was in the building long ago and I remember that the 3 bed line on 8, 9 and possibly even 10 and 11 have terrible brick wall views of the school next door. Every building has dog units and these are some of them.

so no 3beds except the a line?.....not even possible 2bed converted to 3?

of course i am doing due diligence thru streeteasy. Is this my only form of diligence, of course not.

Be sure to visit the building when the children next door at the school are in the enclosed playground just below the apartments.

There is just one 2 bed line in the base and, based on the floor plan, it is absolutely not convertible. Just go to their website. There is but one 3 bed line and the lower floors have terrible views.

Residence 4f contract for 601 sf contract signed Dec 10, 2010 Details of posting on street easy deals in contract to happen this week

As of today, Thursday, December 16, 2010, there still appears to be no one living in the building. However, starting earlier this week, there have been fewer lights left on at night in the empty, see-through apartments.

I had so over looked the joys of being so close to a middle school.
How do you put a value on that?

I've just reviewed the latest closing data and it seems the sponsors of this debacle are finally seeing the light. Though there still aren't that many closings, the price reductions range from 20% to more than 30%. Can't wait to see what the bulk sale buyers got their units for. It's very odd that none of them appear to have closed yet which accounts for why so many apartments are lit at night but have no one living in them.

falcogold1 if you ever went out on the middle school search, you'd truly understand the value. the choices are slim and none 'cept for ESM

esm?

I guess a gun to the head closing is "still a closing" for a borker! FLMAOz....... $3.3MM, well that 75bps move means a couple thousand more dollars can be earned by the SELLERS! I bet the sellers WILL BE ecstatic when she can earn 10% on that $3.3MM/yr gov't guaranteed... that's like $330K/yr... nice........ oh the buyers, they will BE EXACTLY OPPOSITE OF ECSTATIC, dollar for dollar... but you got pistachio walls...

YO FALCO.. .who needs school.

Education makes the wise a little wiser, the dumb fking morons, well they get to be beaten up on a regular schedule 9am to 2:50.

Give me your lunch money.

As I understand it, the East Side Middle School is one of the best in the city and it's great that they now have a state of the art facility. The problem (for Azure) is that it is a selective school which means your kid has to be smart enough to get in. Most kids just aren't, so you may have this great school next door with the constant reminder that your child wasn't smart enough to get into. LOL!

that would truly suck.

Amenities

At Azure, more than 6,300 square feet of amenity space are dedicated to recreation and leisure for residents of all ages. In addition, the full-time front desk offers convenient services for every busy family.

Roof Terraces: Two beautiful, landscaped roof top terraces to enjoy our spectacular vistas or to host a private party.
Resident's Lounge: Includes a large flat screen television, private dining area and adjoining catering kitchen.
Children's Playroom: This colorful and spacious play area designed for fun and recreation comes complete with toys and books.
Game Room: Complete with Wi-Fi accessible work stations, billiards, foosball and a large flat screen television, this area is perfect for entertaining friends.
Fitness Center: Includes state-of-the-art cardio equipment, a ballet bar and an area for stretching and cooling down after your work-out.
Free Bike Storage
“FreshDirect™ Preferred Building” - Onsite cold storage facility
Live-In Resident Manager
Additional storage units in the basement - Available for purchase

Stellar Concierge
24-hour concierge service is provided by Stellar Concierge, a hospitality industry leader.

Concierge services will include:

Special Invitations for Azure Residents
Personal Assistants
Private Chef Services
Catering Services
Personal Training
Nurtritional Counseling
Private Cars and Limousines
Tickets to sporting events, theater and concerts
Restaurant Reservations
Travel Arrangements
Flowers & Gifts

Lobby
With 34 floors of window wall construction, Azure is the elegant choice outside as well as inside. The stunning simplicity of Azure’s double height lobby is enhanced by original glass artwork by Weil Studio, tundra marble floors and a modern fireplace that brings elegance and warmth to the space. The highest level of service is yours with a Full time front and 24-hour concierge services offered at an additional cost through Stellar Concierge. Individual storage spaces are also available.

The Residences
Azure features spacious studios, one, two, three, four and five-bedroom homes, including combination homes that allow families to customize their living space. With at most four homes per floor from the 7th Floor and above, each unit boasts a corner location and expansive views.
Generously planned, Azure homes offer 9’6 to 11 foot ceilings, floor-to-ceiling windows, and rich Brazilian Afromosia flooring throughout.
The kitchens feature beautiful Caesar Stone counter tops and custom made European cabinetry that extends to the height of the ceiling to optimize storage space. Appliances include a Viking, bottom loading refrigerator/freezer, a Viking microwave and stove (both are also convection ovens) and a Bosch dishwasher. Additionally, we provide extra-wide sinks, filtered water for the entire building and garbage disposal systems for every home.
Master bathrooms feature brushed nickel fixtures, oversized shower stalls, and Italian Marble floors, walls and counter tops, in addition to double sinks for 2+ bedroom homes.
Second bathrooms in 2-5 bedroom homes feature Zuma Cut soaking tubs, porcelain walls and floors, and Wenge vanities accented with Caesar Stone counter tops and brushed nickel fixtures.
Powder Rooms feature Avila Porcelain floor tiles and a marble cantilevered sink top.
All of our homes, including studios, offer Bosch washer/dryers.

Customization
Azure is positioned to accommodate purchaser’s needs of customization through the construction division of The DeMatteis Organizations who is the co developer of Azure along with the Mattone Group. To date the following customization has taken place in a variety of units that have closed: Several additional units are in the middle of design, NYC Department of Building approvals, construction and financing of their new residences.
1) This high floor CD 2,698 sf 4 br unit has been customized into a 2 br units with an approximate 1,500 sf great room.
2) The C 1,441 sf 2 bed 2 bath has been customized to modify an oversized walk in closet to become a home office
3) The C 1,441 sf 2 br 2 bath has been customized to modified an oversized walk in closet to become a wine cellar
4) The D 1,487 sf 2 bed 2.5 bath unit has been modified to include a double sized shower.
5) A low floor CD 2,968 sf unit had a terrace added to the apartment. This was accomplished with the cooperation of the Educational Construction Fund, Middle School 114 and the
City of New York. The 8th floor A unit also has had a terrace added to the apartment. This apartment is currently available for sale.
6) The AD 3,005 sf 4 BR has customized the unit to have 5 bed rooms. There are three different alternative locations to add a 5th bedroom or home office.
7) The A 1,800 sf 3 br has added an additional br for a nanny.
8) A high, full floor customized combination unit of approx 6,000 sf has been designed and approved by the NYC Department of Buildings. Interior designers introduced to the buyer by the sponsor have now completed the selection of customized finishes as well.
9) Floor plan designs exist to allow for the creation of customized units that range from 2,500 sf 4 bedrooms to 3,450 sf 5 bedroom to full floor 6,000 sf
10) Double kosher sinks have been customized into several units
11) A special customized handicap feature was added to the bathroom of a unit
12) Customized kitchen appliances have been added to several units.
13) Note HSBC is financing the customizations of units.
14) Note the perceived delays in closing of several units is caused by completion of approvals by the NYC Department of Buildings, (note sponsors complete this task) construction for customization and the completion of the financing, appraisal and legal closing process by HSBC.
15) The Sponsors of Azure stand ready to assist purchasers in the selection of their residences, the customized design, The NYC Department of Building approvals and construction of their residences. We will also provide introductions to the dedicated HSBC loan officer that can assist you in satisfying all your financing needs. Ask the sales staff to set an appointment to discuss your customization needs.

ubbatubba
I am the aficionado of all things middle school.
ESM (East side Middle School) which is in the Azure, and living in the building are unrelated wrt to admittance. You could easily be on that block and end up with you kid at Wagner or Clinton.
I was referring to the absolute joy of coming out of you beautiful overpriced land lease, mostly empty building into a screaming crowd of endocrine fueled insanity. With an absolute promise from the city to find new adolescents every year to take the place of those who mature.
Depends on what you like.

Mattonegroup appears to be copying the entire Azure web site onto this thread, in an attempt to drown out critical discussion of the building. That's a big "Thumbs Down" in my book.

copy pasta

Answer to question of a block of rentals at Azure and the profile of purchasers at Azure.
There is no “block of rentals” at azure all contracts are to individuals. Under the terms of the Azure offering plan, that has been approved by the NYS Attorney General, a purchaser, post closing may advertise their unit for rent or sale. This can be done only after 75% of the units have been sold or 1 year from the effective date in April 2010. At the request of one of our purchasers this condition was waived for hardship reasons. The plan also states there is no flip tax. And that there is no board approval to rent or sell a unit. Hence we are a coop with condo rules a “condop”. All contracts signed and outstanding at Azure are to individual purchasers. As stated above these contracts are in various stages of customization, department of building approvals, HSBC underwriting , appraisals and final closing. The posting of the 19 contracts in April 2010 was done as an informational exchange with street easy clients and represented an accumulation of several contracts over sever months. A similar posting was made over this past month were 12 contacts were sent out for signature Thanks giving week. Please note that HSBC will not provide financing to investors at Azure. They will provide financing of primary residences and foreign nationals or purchasers outside the NY metro area that will use the Azure residence as a second home.
The profile of purchasers, contract signed and contracts out for signature at Azure includes:
Several bankers,
Several doctors, some affiliated with Mt Sinai an NY Hospital
Several lawyers
Internationally renown architect.
International management consultant
Several families with young children
Retired business professionals
Real estate sales broker
Real estate mortgage broker
Real estate developer
Homes purchased for children attending college in NYC
The community of purchasers that is emerging at Azure is engaged in the success of building. Already some friends of initial purchasers are under contract for the purchase of residences at Azure. They are also involved in the neighborhood. Several residents are members of local community organizations. In the future I will post additional testimonials from purchasers

For the first time, tonight, Saturday, December 18, 2010, the northwest corner of almost the entire building is lit up like a Christmas tree from top to bottom showcasing more of the empty, see-through apartments with still no obvious signs of anyone living there.

We live on the 33rd floor of a nearby building, and can attest to the fact that no one lives in the building.

Today, Sunday, December 19, 2010 around 12 noon some children bicycles were placed on the balcony of what seems to be the 9th floor of a southwest corner unit indicating either the first signs of real life in the building or a new storage area for the children's playroom.

As stated previously 15 owner occupants have recently closed and moved into the building. This is further demonstrated on the Street Easy listings of recorded sales. Note that there is a delay in the process of recording of sales at the NYC Department of Finance. Closings at Azure will not immediately be posted. Once recorded at the NYC Department of Finance, Street Easy posts the information. Full management and Concierge Services are available to all owners at Azure. Note RY Management provides the management services at Azure. RY Management manages over 13,000 residential units throughout NYC, including another neighborhood development, Yorkville Towers. Yorkville Towers was developed by The DeMatteis Organizations, Co Developer of Azure with the Mattone Group. Additional closings are scheduled throughout the first quarter of 2011 as purchaser’s unit customization is complete, and they have completed the financing, appraisal and closing process with HSBC. The closing process in the overall real estate mortgage industry and particularly with NYC Money Center Banks can take several months from the time of financing commitment to closing. HSBC has stream lined the closing process for Azure purchasers to make it as efficient as possible.

I am looking at the building right now and I can only count what appears to be one (1) new owner occupant on the 9th floor. What are the floors for the other 14?

JohnJohnJohn...
You, my friend, are examining the situation from the stand point of an individual that that employees clear critical thinking when doing analysis. You're speaking Greek to these people. Their reality is so altered as compared to yours that you could never hope to cross the divide.
Watch from you window as the building fills with happy home owners thrilled with the prospect of over paying and under performing real estate. There out there...they're right here on SE.
Close you eyes and say," I DO BELIEVE!"
That's how Walt Disney did it.

The building appears to be a quality addition to the neighborhood, but the endless doublespeak where a simply yes or no answer would suffice might end up being self-defeating vs. self-serving.

What would be a fair market value for an apartment at the azure? 1000 a square ft? 90? 800? 500? Lots of haters on the board..but at a price everything sells..what is fair?

well its clearly not selling at current asking prices thats clear

When a building is selling at a pace so slow they it will take, say, years to sell out), any buyer is obviously paying above what is the "fair market price" in the sense of a market-clearing price. If the buyer wished to exit after entering they would have to wait years to sell (unless they get lucky fast), or lower the price below the developer's snail's pace sales price. Obviously, the buyer takes the risk that the developer or finance providers will change strategy and move to a market clearing price. In my mind this becomes a sort of vicious anti-sales cycle because of the risk ...but some people do still buy.

Falcogold, I was commenting on your comment that implied that being next to a select middle school was a negative which I strongly disagree. Of course the buyers won't have a green light into ESM. They're not going to send their special spawn there anyway; more like Trevor Day or some other middle tier private school. Considering it could have been something like the Richard Green High School on 88th between First and York, which makes that block feel like a riot ready to happen everyday at 3:30, I think 91st Street really benifits from having this partiucalar middle school.

trying to compare apples to apples, I can roughly rent a nice 3br on the UES at 6.5k to 7.5k or negotiate a 35% discount on their lisiting price on a 3BR, need to put down roughly 50% (if yo uhave the money) and borrow the rest over 15 yrs (30yr mortgage should be prohibited in my opinion) and I end up paying the same given what the monthlies are....of course you get upside exposure to real estate (if any) whe you buy and that sentiment to own something (especially on this island) but you also get the hassles...of course rents can go up ...but only to the extent incomes are going up...based on all this...I would need a very big discount to buy...

Rentorbuy...You're forgetting about the huge maintenance charges for this building that would be about $3 psf without the abatement. This does not work as a rental unless you get a really really good deal. We'll see how the bulk purchasers did once they start closing (if they ever do close). It does appear that recent buyers are getting 30% reductions from the most recent ask prices which makes these homes a lot more acceptable.

Is anyone currently living in the building full-time as of today, Wednesday, December 29, 2010? If so, on which floors?

star8360...I really meant buying as a primary residence or leasing for myself a similar rental unit ..plenty of rentals on the UES and use the deposit to buy a second home for example ?? I fully did the math and this cannot justify a buy even with a 35% discount on the listing price...there is still downward pressure on prices so the old adage that says real estate goes up may not work for the next 5/10 years...If I were to buy today I would simply hope for real estate prices to stay flat so that you are really building equity by paying off your mortgage and you need commmon charges to be contained (difficult given real estate taxes will almost certainly go up and that maintenance are always going up even when the economy is not doing well....someone still needs to explain this to me why??)

I talked to the sponsors. They are delusional! They must think their building in 10 blocks south and 3 blocks west. The prices are 30% too high to start and they aren't really even flexible. My guess is it will take them 2 years to get to 50% full unless they start cutting drastically. The Forum is a great comp to me with their unsellable apts. Low prices and high maintenance has such a limited buying pool!

Johnjohn, I don't think so.

Bracha has bolted Elliman! So does this mean that Azure is being marketed by Keller Williams now?

I am always a little weary about developer, "customization" of newly developed apartments. You'll get a lot owners questioning what was in the offering plan vs. what was provided. The developer is taking the risk that the future condo association once run independently from the sponsor, doesn't come back to them with questions of inferior work.

Are people living in the building full-time now? For about a week, since the beginning of the New Year 2011, I have noticed two (2) different apartments with tv screens aglow at night.

We are living in the building full time now. We know at least 10 units are being occupied. I hope this answers the question once for all.

I am looking at the building right now and can only count lights, arranged on a diagonal down the side of the building, for nine (9) empty see-through apartments with not even the tvs aglow. What is the floor number for your apartment and, if you know, what are the floors numbers for the other occupied apartments? How long have you been living there with or without lights?

JJJ, you know the apartment numbers for the sold units, so just map to the plans and figure it out. There's no reason azureowner1 should tell you.

According to the developer, mattonegroup above: "As stated previously 15 owner occupants have recently closed and moved into the building. This is further demonstrated on the Street Easy listings of recorded sales..." Which is it 10 or 15? Who is in a better position to know/say? Certainly, not me or is it you?

We all know that 10 have closed. If/when the other five are filed with the city, you can check the dates and see whether Mattone was lying three weeks ago when he said 15. Whether 10 or 15, it's slow going.

Meanwhile, you're creeping me out asking a poster for floor number, and I don't even live there. If you really care, do your homework with the plans.

My apologies and thank you for your suggestion, but can you see the building too? If so, you already know, like everyone one else who can, that there are not ten (10) occupied apartments in the building too.

hi John, for obvious reasons I can not tell you my floor number. We moved in more than one month ago. Streeteasy's "recorded sales" list is very accurate. You mentioned that you can not see lights at night. I think it is because there are curtains/shades. Let me give you a tip: just go and count the number of garbage bags in front of Azure on days when Sanitation picks up trash. You should see my beer bottles, soda cans, and pizza boxes (wow, those Seahawks, just wow). I doubt the developer can fake the garbage bags. Good luck with your apartment hunting! I hope you can get a good deal.