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

We don't live far from it...we're on third though. I'm not gonna lie- 1st and 91 feels pretty different from 3rd and 91 or even 2nd and 91. It feels a bit isolated...there isn't much on 1st and 91st...if you go down 10 or even 5 blocks there's a lot more. Public housing is on 93rd and 1st but I did some research and it's for senior citizens only...don't know if that changes people's opinions on it but I just thought I'd put that out there. The further you go up on 1st the more isolated it feels...York starts at 92nd I believe so at Azure at least there's York ave which makes it feel less isolated. Anyway, bottom line: nice apartments, nice building, location isn't horrible but it could be better.

Location location location

Sponsors of Azure wish to thank the following preffered lenders and loan officers for providing acquisition financing to the over 60% sold purchasers at Azure. They stand ready to be of assistance to additional purchasers at Azure. Financing for up to 80% loan to value: 20 year tax benefits: Fixed rate loans up to 30 years and variable rate ARMs available: No mortgage recording tax – saving 1.925%: Maintenance is 45% tax deductible: No flip tax and no board approval for renting or resale

WELLS FARGO HOME MORTGAGE: Adam W. Turkewitz, CMPS, Private Mortgage Banker, 212.805.1172
CHASE: David Ginsburg, Senior Loan Officer, 516.770.6719
HSBC: Jeffrey A. Loyd, Retail Mortgage Lending Consultant, 212.243.0373
CITIBANK, David Welling, Senior Mortgage Consultant, 917.327.3365, NMLS # 722657
PNC MORTGAGE Michael Pierce, Senior Loan Officer, 212.220.9394

local amenities (Asphalt Green sports club, Ballet Academy East, Champion Tennis Club, 92nd St Y, Diller Quaile & Mary Ann Hall Music Schools, Art Farm, NYC Public Library with Childrens Programs, Carl Schurz Park, Top Public & Private Schools, etc etc) makes this a great building for families whose top priority is space. Additional amenities include Zabar's East (aka Vinegar Factory) a half block away and a wide selection of high quality, ethnically diverse restaurants for futher real time updates on the neighborhood folow us on facebook

dont forget the transfer station that is coming! going to be a great addition to the area.....200-300 trucks daily? but only 6days a week..

Azure update 8/18/2012
Apartment 14B, a 1,198 SF 2BR, 2 Bath Residence closed 8/16/2012. All 2BR B line apartments have now been sold between the 8th and 20th Floor. The lowest floor B Line residence currently available for sale is Apartment 21B, priced at $1,470,000. This corner, split two bedroom apartment is one of only 4 homes on the 21st floor of Azure’s tower and features 10’ ceilings, floor-to-ceiling windows, and open views - including a partial view of the East River. This home boasts Rich Brazilian Afromosia flooring throughout its 1,205sf and an open kitchen with Blue Lagos Caesearstone countertops and appliances by Viking and Bosch. This home also features an en suite marble master bathroom complete with dual vanities and a second windowed bathroom with a deep Zuma soaking tub

Azure Update 8/18/2012
The Sponsors of Azure wish to thank the following Attorneys who have assisted purchasers in their acquisition of their new homes. We look forward to additional closings with them this fall. Joy Basking Sponsors Attorney, Gianluigi Esposito Esq., Harvey Goldstein Esq., Steven Matz, Esq., Gordon I. Remer, Esq., Jerry Feeney Esq., Larry Lazar, Esq. , John R. Firestone Esq., Alexander W. Seligson, Esq., Eden E. Pinkas, Esq., Michael Liss, Esq., Tina Palazzo Fairweather, Esq., Daniel S. Roshco, P.C, Robert H. Schlosser, Esq., Nicholas Bowers, Esq., Preston Lechins, Esq. , Marissa Olsen, Esq., Gary Wachtel Esq., Alan Perlowitz, Esq., Lior Aldad, Esq., Michael Liss, Esq., Drew Shulte, Esq., Steven Matz, Esq., Robert S. Frankel, Esq., Bruce Cohen, Esq., Lisa L. Aguilera del Puerto, Esq., Elliott D. Hefler, Esq., Bill Masson, Esq., Tracy Almazan, Esq., Anna Gerzon, Esq., Keith Shuman, Esq.

Sure, spread the blame for putting people in homes with noxious stenches and fumes coming shortly and forever.

Lawyers are always good to blame for malodorous problems.

Hey alan, do you hate the Azure? It really seems you hate the Azure. You keep telling us you hate the Azure. Oh no, the Azure.

Azure update 9/15/2012 Apartment 25B, a 2BR, 2 Bath Residence closed 9/13/2012 This corner, split two bedroom apartment is one of only 4 homes on the 25th floor of Azure%u2019s tower and features 10%u2019 ceilings, floor-to-ceiling windows, and open views - including a partial view of the East River. This home boasts Rich Brazilian Afromosia flooring throughout its 1,205sf and an open kitchen with Blue Lagos Caesearstone countertops and appliances by Viking and Bosch. This home also features an en suite marble master bathroom complete with dual vanities and a second windowed bathroom with a deep Zuma soaking tub.

Azure update 9/15/2012 The Sponsors of Azure would like to thank the following Brokerages for their co brokerage assistance in completing sales transactions at Azure resulting in the building now being over 60% sold: Prudential Douglas Elliman, Corcoran, Halstead, Netmore Realty, City Connections Realty, Spencer Realty, Town Residential, Citi Habitats, Brown Harris Stevens, CORE, Gumley Haft Kleier, Ardor, Charles Rutenberg Realty, Level Group, The Hollingsworth Group, Amerimax Capital, LLC, Sothebys International Realty

Azure update 9/15/2012 Residence 7C is the Largest Remaining 2 Bedroom at Azure for under 1.4 million dollars . The Residence is 1,441 SF and has 2 Baths,
Floor-to-Ceiling Windows, An Expansive Living Room, Open Windowed Kitchen, Over 9 Foot Ceilings, Brazilian Afromosia Hardwood Floors and an Oversized Walk-in-Closet in Master Bedroom. The Unsurpassed Amenities include, Roof Top Terraces, Resident’s Lounge, Dining area, Children’s Playroom, Game Room | State-of-the-Art Fitness Center
Common Bicycle Storage | Private Valet Services

mattonegroup
thanks for the update
second and third posts reek of De Wallen Amsterdam. Howse working from a street level office with a big red curtin? Congrats on the dual career, oldest profession and the second oldest.

Looks like spring tide has indeed lifted all boats, as Azure got some activity back in spring. by the looks of the in contract list here we are back to normal, ie. no activity.

firecrackah firecrackah sis boom ba

Hi Marco - can you give us an update on the trash dump?

Hi Marco - can you give us an update on the trash dump?

Our reporter JButton will be on the scene with his associate,Belly.
Pictures at 11.

Azure update 9/21/2012 Apartment 15B, a 2BR, 2 Bath Residence has closed This corner, split two bedroom apartment is one of only 4 homes on the 15th floor of Azure. This tower residence and features 9%u2019 ceilings, floor-to-ceiling windows, and open views - including a partial view of the East River. This home boasts Rich Brazilian Afromosia flooring throughout its 1,205sf and an open kitchen with Blue Lagos Caesearstone countertops and appliances by Viking and Bosch. This home also features an en suite marble master bathroom complete with dual vanities and a second windowed bathroom with a deep Zuma soaking tub.

Apartment 6E the 1BR 1 Bath 1,203 sf listed at $999,000 is the last 1 BR located at Azure, a brand new, full-service luxury building, this HUGE one bedroom home with a windowed home office offers an expansive layout and high ceilings (10’6). The open kitchen features pristine blue lagos caesarstone countertops and appliances by Viking and Bosch.The oversized master can easily accomodate a king-sized bed and features a walk-in closet. The marble bathroom is beautifully finished with Kallista brushed nickel fixtures and features a glass-enclosed shower and a separate Kholer soaking tub. Each home comes equipt with Bosch stackable washer and dryer units. Amenity space includes two Roof Top Terraces, a Resident’s Lounge, Dining Area, Children’s Playroom, Game Room, and a state-of-the-art Fitness Center

Azure update 9/24/2012 Apartment 5G CLOSED TODAY This spacious, south facing, 1,006 sq ft one bedroom home features 9’6 ceilings, floor-to-ceiling windows, and rich Brazilian Afromosia flooring throughout. The open kitchen features beautiful caesarstone countertops and appliances by Viking and Bosch. The addition of a guest bathroom off of the entrance allows for the convenience of a full marble en suite bathroom in the master bedroom. Each home at Azure comes with Bosch stackable washer and dryer units.

Apartment 19CD is currently the lowest floor 3,000 sf home for sale at Azure. It is a marvelous 4 bedroom/4 and 1 half bath plus balcony residence faces South, East and West. This residence is abundant in style and sophistication with the most breath-taking city and river views in Manhattan, thanks to floor-to-ceiling windows. At nearly 3,000 square feet, this spacious corner unit features a gourmet kitchen with Caesarstone countertops, Viking and Bosch appliances, and marble bathrooms with Kohler fixtures. The master bedroom with en-suite bath is a comfortable retreat after a long day. Multiple walk-in closets, Brazilian Afromosia flooring, sweeping ceilings and a stackable washer/dryer are other highlights. This intimate full-service high-rise has thousands of square feet of amenity space for residents, including two rooftop terraces, children’s playroom, private lounge with kitchen, game room and a fitness center. Financing is readily available.***Please note that the amount listed for Maintenance/CC includes all real estate taxes and is 45% tax deductible*** At Azure, more than 6,300 square feet of amenity space are dedicated to recreation and leisure for residents of all ages, including: 2 Roof Top Terraces, a Resident’s Lounge, Dining Area, Children’s Playroom, Game Room, and a state-of-the-art Fitness Center. Azure is a brand new luxury cooperative development with Condominium By-laws. There are no subletting restrictions, flip taxes, or financing restrictions.

For more information>> Follow us on Twitter: @AzureUES Facebook: Www.facebook.com/AzureInNYC Visit us at: www.azureny.com

The Smell of Success, truly. [Apologies if someone already said that. Or if, um, EVERYONE already said that.]

EXCEEDING EXPECTATIONS ON THE UPPER EAST SIDE. OVER 60% SOLD. Announcing Azure’s Autumn Special Limited Release 8 Homes for 8 Weeks. 1,203 sq. ft. 1 Bedroom from $849,000; 1,441 sq. ft. 2 Bedroom from $1,195,000; 1,810 sq. ft. 3 Bedroom from $1,795,000, 2,573 sq. ft. 4 Bedroom from $3,579,000 CALL SALES OFFICE FOR DETAILS

Are you still paying buyers' brokers 5%?

I think the sales team really deserves applause.
Difficult location, difficult circumstances, difficult financial times yet, they have continued to close units in a beautiful building. I know a few peeps who have bought in the Azure and are collectivly pleased with their purchase. It's not for the RE-sophisticado but, for avarage folks it could be a win.

Now, now falcogold1, keep a civil tongue in your mouth. Damning with faint praise is just not done.

I have to admit, every time I drive or walk by, I look up and wonder. Does really seem to be a beautiful building. Those prices are certainly tempting when comparing to other quality new/newer construction. Just that damn neighborhood! Oh, and the land lease thing...

"EXCEEDING EXPECTATIONS"

It could be argued that the key to happiness is limited expectations.

Azure Update 10/17/2012
Residence 15C is NOW UNDER CONTRACT. The next available C line apartment is 21C. This sun flooded two bedroom home features 10’ ceilings, floor-to-ceiling windows, a glass enclosed balcony, and stunning East River views from every room. The oversized kitchen, complete with caesarstone countertops and appliances by Viking and Bosch, opens to the expansive living room with corner windows. The master bedroom boasts an oversized walk-in closet and a marble en suite bathroom with dual vanities. Each home at Azure comes equipt with Bosch stackable washer and dryer units. The building’s 6,300 sq.ft. of amenity space includes two Roof Top Terraces, a Resident’s Lounge, Dining Area, Children’s Playroom, Game Room, and a state-of-the-art Fitness Center. Pet-Friendly building.***Please note that the amount listed for Maintenance/CC includes all real estate taxes and is 45% tax deductible*** THERE ARE SPECIAL REAL ESTATE TAX BENEFITS ON AZURE RESIDENCES TILL 2030

"***Please note that the amount listed for Maintenance/CC includes all real estate taxes and is 45% tax deductible*** THERE ARE SPECIAL REAL ESTATE TAX BENEFITS ON AZURE RESIDENCES TILL 2030 "

Hmmm, let's see, anyone paying these prices won't be able to benefit from this due to AMT and/or it won't matter after Romney is elected because we'll all be maxed out at $17k in deductions.

Might want to reconsider putting that in BOLD LETTERS!!!!

The Special Real Estate Tax Benefits on Azure Residence Till 2030 include the following. After the expiration of the building’s 421-a tax benefits in year 2020 Azure residences are the beneficiaries of knowing their monthly carry cost for real estate taxes in the form of a PILOT (Payment in Lieu of Taxes) and ground rent till 2030. In the event the Azure property is reassessed for taxes during this period, which may not be an unlikely event due to the anticipated city’s requirements for new revenue and the completion of the second avenue subway in 2016, The Co-op will pay the new tax assessment by the city but receive a dollar for dollar credit to the co-ops ground rent payable to the Educational Construction Fund. How does Azure differentiate itself from other current and currently under construction new condominiums on the Upper East Side? 1. Azure was one of the last new construction buildings in NYC to benefit from the old 421-a tax regulations. Azure is therefore a full free market building. There are no low income residence at Azure. The 421-a low income housing required residences were constructed on 59th street in Manhattan and in the Bronx in compliance with the then existing law. 2. Recently some new construction buildings are choosing to not take advantage of the new 421-a tax benefits. They have chosen to not use the new 421-a benefits to avoid having low income residences in their buildings. These building therefore have very high tax liabilities in year 1 of operation. 3. Other new construction buildings that have their 10 year 421-a benefits expiring by 2010 will be subject to full taxes at that time. Their residence will have no certainly of their tax exposure over time and no protection to mitigate these potentially greatly increased taxes. For further information about the Azure real estate tax benefits I encourage potential purchasers to visit the Azure Sales office. Potential purchasers should speak with their financial advisors and the real estate brokers and compare the benefits of ownership over time at Azure to other new construction condominiums on the Upper East Side. Details of these real estate tax benefits are also found in the sponsors offering pan.

Residence 7AD closed today. This 2,597sf residence was a Customized Unit. It combined two rare corner terraced apartments into a stunning 4 bedroom, 3.5 bathroom home complete with a stunning 1807 square foot private terrace. The oversized living room and great room feature corner windows with south, east and west exposure and are joined at opposite ends of a spacious open kitchen featuring pristine blue lagos caesarstone countertops and appliances by Viking and Bosch. The master bedroom boasts an oversized walk-in closet and a marble en suite bathroom with dual vanities. Each home at Azure comes equipped with Bosch stackable washer and dryer units. The building’s 6,300 square feet of amenity space includes two Roof Top Terraces, a Resident’s Lounge, Dining Area, Children’s Playroom, Game Room, and a state-of-the-art Fitness Center. Azure is a brand new luxury cooperative development with Condominium By-laws. The next two lowest prices 4BR residences are residence 22AB2 a 2,573 sf 4BR, 4Bath customized unit with dramatic Northwestern views listed for $3,579,000 and residence 19cd a 4BR, 4.5 Bath customized residence facing East, West and South with panoramic city and east river views listed for $3,995,000.

omg. and i'm not an omg type person. you really need to, at the very least, write something that people might read. your huge redundant posts are yawn-inducing and only someone already totally inclined to buy at this mediocre location would do so, particularly at these prices. you may have been able to sell 60-something percent over a hugely long time period (probably to foreigners, but I must confess that's supposition on my part as I haven't been paying much attention to closed sales), but the product still sucks at this price point.

>omg. and i'm not an omg type person.

be fair aboutready, you do frequently say "absofuckingloutely", and you do seem to have a friend who is a FMLAOz-er, so, being an OMG person isn't so much of a stretch of our imagination.

Additionally, your negative comments about foreigners, remember where you came from ... the Aroma in Tacoma isn't quite New York. (http://blog.thenewstribune.com/getout/2011/12/12/the-science-behind-tacomas-aroma/)

Nice building, terrible sales presentation. You would think that with all the challenges this building has, that they would have the sales presentation buttoned up. Not quite.

Lazy agents didn't even properly introduce themselves. One agent referred to my wife as "mama." no wonder they're still selling apts.

The apts are not kept clean - far from it.

Agent told me he had a firm, quqlified offer and that if I could beat it the apt was mine but if not, apt would be in contract the following day. That was a month ago. Hey bud - if you're gonna give me the hard sell you better not be bul$h!tt!ng.

Doormen were very chatty and offered some info about #of rentals in the building and # of people who moved in that was quite different than what agents claimed.

so what is the word on renters and how many ppl moved in?

FAMED OLD MASTERS DEALER OTTO NAUMAN BUYS BRAND NEW 4BR APARTMENT AI AZURE
Art dealer Otto Naumann has spent decades staring at very old paint in his gallery on East 80th Street (he is the man to call if you are in the market for a 17th century Dutch masterpiece), but he was far less enthusiastic about staring at it on the walls of his townhouse on east 78th Street. Townhouse ownership can be a drag, Mr. Naumann told The Observer when we reached him on the phone this morning. He could not be happier to call a brand new four-bedroom co-op at 333 East 91st Street home.
I do not even know what day garbage is collected on East 91st Street, exclaimed Mr. Naumann with delight. I no longer have to lug bags of garbage to the curb every week. Nor did he have to worry about the roof, the boiler, the plumbing, or anything else. Although he had taken his snow shovel along to clear off the colossal 1,800-square-foot terrace at his new apartment. I only have a tiny tool chest now. I sent all our tools to our house in Nantucket said the exultant home buyer.
Mr. Naumann and wife Heidi Shafranek bought the Yorkville sponsor unit condop for $3.58 million from developer 1765 First Associates LLC. for a little over the $3.57 million ask (a frequent fixture at art auctions, Mr. Naumann apparently has few reservations about stepping up in a competitive bidding situation he once lamented losing a bidding war over a Rembrandt to casino mogul Steve Wynn. And while it may not be a rare Rembrandt, who wants to risk losing out on an airy, 2,597-square-foot spread with one of the few terraces in the building? Especially one that comes with a huge living room, east and west exposures and a pristine blue lagos caesarstone countertops, according to the listing, held by Prudential Douglas Elliman brokers Ammanda Espinal and David Greczek.
We have moved three times in six years and I think this is the best move I have ever made, said Mr. Naumann, recounting a very unfortunate experience with a condo project at 219 East 67th Street, followed by the headache-inducing townhouse on East 78th (he had hoped to move his gallery there, but found it unfeasible). In the years that followed, the house itself also became unfeasible. He realized that he and his wife were essentially been living on two floors of the building. He realized it had been six months since he had entered the library and three since he had visited the parlor. But how did his art collection look in such a modern spread? The old art looks gorgeous in the new space, Mr. Naumann said happily. We just can not put drawings near the windows, but there is a corridor and we have packed it with drawings
kvelsey@observer.com FYI: http://observer.com/2012/11/famed-dealer/

Um,oh,uh, WTF?!

He paid over ask in the purchase of a sponsor unit because..........

"...because the sky is blue...
It turns me on,
Because..."

Otto don't need to know what day of the week garbage is drug on that particular street. He'll smell and hear it 365 days a year.

Read the Book, Buy the Condo
By JIM RENDON
Published: November 16, 2012
See the article in the NY Times about Authors that have launched their publications at Azure
http://www.nytimes.com/2012/11/18/realestate/selling-books-while-selling-buildings.html

Free wine and cheese + bored Manhattan mommies = NOTHING.

Residence 21A, a 1,391 Square Foot 2 Bedroom 2 Bath with 10 foot ceilings and an East facing Balcony with East River and cityscape views, listed at $1,900,000 has a signed contract.

This is the sound of one hand clapping

Neighborhood Update 11222012
Azure’s close proximity to the best public and private educational opportunities of the Upper East Side, the great neighborhood recreational facilities and the pending completion of the second avenue subway have all been important contributors to the success of this Public Private Development. The Azure Development has been an economic development catalyst for creating a New Educational, Residential and Recreational destination of the UES. The new educational facilities that are being developed in the Azure neighborhood include the following:

MS 114 and Azure, was the first project that The NYC Educational Construction Fund, ECF, proposed since it completed its original construction program in the 1980's. The Fund was created by the New York State Legislature in 1967 and since that time has constructed projects that added over 18,000 school seats, 4,500 units of housing and 1.2 million square feet of office space in New York City.

The DeMatteis/Mattone group was chosen to develop this project in 2005 which includes a 60,000 square foot 530 seat middle school located at 331 East 91s street, MS114, and a 32 story 240,000 gross square foot 128 unit luxury residential tower, The Azure, located at 333 East 91s street.

The $230,000,000 project is now over 60% sold. The remaining residential units are located in the high tower portion of the building above the 21st floor. They are Intelligently Priced and include oversized 2, 3 and 4 Bedroom residences with panoramic cityscape and East River views. Evidencing the nature of the building, over sixteen of the 3,000 square foot 4 Bedroom Residences have been sold to date.

ECF, as a financing and development vehicle of the New York City Department of Education, provides funds for combined occupancy structures including school facilities in New York City. The Fund builds combined-occupancy structures on City-owned land conveyed to the Fund by the City of New York. The school facility portion of the mixed-use project is financed via the issue of tax exempt bonds with a term of up to forty years. ECF uses ground rents, lease payments and/or tax equivalency payments from the non-school portion of projects to finance construction of its school facilities. Future revenues from the non-school portion(s) of the development are used to pay the debt service of the school facility .ECF-issued tax exempt bonds are backed by the credit of the City of New York

The DeMatteis/Mattone development team was honored to be chosen to develop the first project because of the expertise of The DeMatteis Organizations who developed two projects under the old ECF program. John Caiazzo of the DeMatteis Organizations was also a former Director of ECF and very knowledgeable in the combined occupancy projects.

The original 80,000 square foot Archdiocese parochial school located at 321 East 91st Street was leased by the Department of Education for use by, Yorkville Community School PS 151 after the MS114 School went into construction. The Archdiocese facility has been completely renovated by the NYC department of education including a new play space on the roof. This project will include the first public school to provide classes in foreign languages to its young student body starting in kindergarten.

Sacred Heart acquired 406 East 91st street from Verizon for $23,000,000 in 2008 and commenced construction after the completion of MS 114. The new 50,000 square foot athletic facility that will include a full sized gymnasium. It is anticipated that this facility will be available for use by others in the UES community. The Facility is anticipated to complete in 2013-beginning 2014.

Trevor Day School acquired 312 East 95th street for $26,000,000 to develop a new educational facility for it 800 students. Construction of its new 100,000 square foot 14 story facility commenced in March of 2012. http://www.trevor.org/newfacilities completion is anticipated in 2014.

Several new children’s educational and recreational retail facilities have opened on 91st Street between 1st York Ave after MS 114 began construction.International Preschools of NYC is opening a new preschool in 2013 on 86th street between 1st and Second Ave.

Spence School has acquired 416 East 90th street, the existing Hertz Car Rental building, for $26,000,000 with the plan that this will be the future location of its athletic facilities.

The Educational Construction Fund has new pending plans for the development of an additional three schools and over 600 residential units throughout Manhattan. One of these new educational and residential projects is to be located in the Azure neighborhood in the next few years.

Just as at the Azure, these new projects will continue the use of the ECF financing structure. They will include a long term ground lease of the land under the residential buildings. This will result in lower cash prices for purchase of units. There will be a 421a tax benefits program and extended tax benefits beyond 10 years. These new ECF deals will also have the latest in consumer protections that will benefit purchasers in these residential projects.

Azure was the first ECF program in 20 years; 250 East 57th Street is the second project. That project includes two new high schools and a 59 story residential building. The NYC residential real estate community will be accepting the ECF deal structure more frequently in the upcoming years.

The real estate values of the 91st and 1st Avenue neighborhood are being positively impacted by the hundreds of millions of dollars invested in these above listed new educational facilities. These major institutional investments in conjunction with pending completion of the 2nd avenue subway are positively impacting the existing and future values of residential units at Azure. This is evidenced by the increasing appraisal values and increasing prices of residential and commercial units being sold at Azure.

The existing neighborhood recreational benefits of Asphalt Green, Carl Schulz Park and the 92nd Street Y along with the recent openings of several new restaurants and family oriented retail establishments along 1st and Second Avenues are creating the one of most sought after requirements of new residential building purchasers, a modern neighborhood lifestyle supported by with the best of educational, recreational, entertainment and transportation facilities.

O.K., applause all around.
It's Thanksgiving.

Well that's enough manure to grow anything.

It's Thanksgiving and they are still required to post that manure.

Clap-on -- clap-off!

Mattone, are there any discounts available for Streeteasy readers?

No discounts for anyone.

It's just one month away from Christmas Eve, when Mattone will be drecking the halls
with bowls of holly.

Neighborhood update 11/25/2012
I wanted to let you know that I am a plaintiff in a new federal lawsuit against the 91st Street Marine Transfer Station. Assembly Member Micah Kellner, Asphalt Green, and other plaintiffs joined me in filing this suit yesterday against the U.S. Army Corps of Engineers.

I believe strongly that the Army Corps didn’t adequately examine alternative sites or mitigation options, particularly given that the proposed site is within flood Zone A, and the MTS should not be built at this location.

For further details and the full text of our press release, please see below.

Sincerely,
Jessica Lappin

November 20, 2012
FOR IMMEDIATE RELEASE
Councilmember Lappin, Assembly Member Kellner File Federal Lawsuit to Block Construction Permit for Proposed East 91st Street Marine Transfer Station

US Army Corps of Engineers Violated Federal Environmental Statutes in Issuing Its Final Permit

Marine Transfer Station to be located in “Flood Zone A”

Asphalt Green Files Suit to Protect NYC’s Children - Construction of New Garbage Dump Threatens Health and Safety of Over 31,000 Children
New York, NY – Assembly Member Micah Z. Kellner (D-Upper East Side/Yorkville/Roosevelt Island) and City Councilmember Jessica Lappin (D-Upper East Side) – along with community leaders – filed a federal lawsuit against the U.S. Army Corps of Engineers to stop the City from moving forward with construction of the East 91st Street Marine Transfer Station (MTS).

Lappin and Kellner’s lawsuit – filed in the United States District Court’s Southern District – further alleges that the U.S. Army Corps of Engineers violated the requirements of the Federal Clean Water Act in granting the New York City Department of Sanitation the final permit necessary to begin construction on the East 91st Street Marine Transfer Station.

Building a new transfer station would require the Department of Sanitation to perform dredging and other construction work in the East River, including the discharge of dredged material into the East River. Therefore, the 1972 Clean Water Act (section 404) requires a permit before construction may proceed on the site. On July 20, 2012, the Army Corps of Engineers granted a permit for the Department of Sanitation to begin construction.

Last month, Superstorm Sandy showed the New York area what the new reality of frequent extreme weather looks like. The proposed East 91st Street Marine Transfer Station would be located in flood zone “A” and would face the highest risk of flooding from any hurricane that makes landfall in New York City. When Superstorm Sandy hit on October 29th, the area around the proposed Marine Transfer Station flooded, doing damage to the AsphaltGreen facilities adjacent to the site with waters reaching as far as First Avenue.
In light of these developments, Councilmember Lappin, Assembly Member Kellner and the other plaintiffs are suing to get an updated Environmental Impact Statement (EIS) from both New York City and the U.S. Army Corps of Engineers in order to reassess whether a permit for building the Marine Transfer Station is appropriate.

Kellner and Lappin’s lawsuit contends that the July permit was granted improperly and is inconsistent with the requirements and guidelines of the Clean Water Act. Among them:
• The Army Corps needed to consider a reasonable alternative to the construction it approved that would have less of an adverse impact on the aquatic ecosystem. It did not consider any reasonable alternative sites.
• An adequate and thorough environmental review needed to take place. However, as Kellner and Lappin’s lawsuit contends, the environmental review was limited in scope and only focused on the initial construction of a Marine Transfer Station at the site, not on the environmental impact of operating such a site for many years into the future
• Even without such a sufficient environmental review, the Army Corps concluded that the project would not degrade the quality of the waters around the project. Significant degradation would include adverse effects on fish, life stages of fish, physical and chemical characteristics of the aquatic ecosystem such as the substrate, and threatened or endangered species. The Army Corps’ determination that there would be no substantial adverse impacts did not take into account the unique habitat that exists at the East 91st Street site as a result of the site’s rocky substrate and irregular bottom topography, which is attractive to winter flounder. The Army Corps did not acknowledge or consider that the dredging needed for the East 91st Street site, and the dredging proposed at the two mitigation sites, would destroy this topography and adversely affect the population of winter flounder and other species that now thrive there.
• The Clean Water Act required the Department of Sanitation to create an acceptable plan to avoid or minimize adverse impacts on waters. Kellner and Lappin’s lawsuit contends that the plan submitted by the Department of Sanitation and accepted by the Army Corps fails to comply with this important requirement in several material respects. Among them are as follows:
1. The mitigation plan failed to acknowledge, and failed to provide mitigation for, important impacts on fish and fish habitat of construction and operation of the proposed East 91st Street transfer station;
2. The National Marine Fisheries Service’s Habitat Conservation Division criticized the use of the Bush Terminal in Brooklyn as a mitigation site because of its history of contamination. The Department of Sanitation’s only response to this concern was the assertion that contaminated soils would be isolated by a fabric barrier, the effectiveness of which is unsubstantiated;
3. The mere creation of new open water in an amount equal to the amount of open water eliminated by the East 91st Street garbage station will not mitigate the loss of population and loss of unique habitat of fish and wildlife;
4. The mitigation plan does not contain or account for any required standards of performance or monitoring.
By failing to require the City to take appropriate steps to mitigate unavoidable adverse impacts, and by accepting an inadequate mitigation plan, the Army Corps of Engineers has acted arbitrarily and capriciously and in violation of the Clean Water Act.

Additionally, The Army Corps is prohibited from issuing a permit if it “determines that it would be contrary to the public interest.” In making this determination, the Army Corps is required to consider, among other things, conservation, economics, aesthetics, general environmental concerns, wetlands, historic properties, fish and wildlife, flood hazards, land use, recreation, safety, and the “needs and welfare of the people.”

Lappin and Kellner further assert that the Army Corps disregard the Clean Water Act’s implementing regulations by not fully considering all of the effects of construction and operation of the new Marine Transfer Station.

“The U.S. Army Corps of Engineers violated the Clean Water Act when the permit was approved,” said Assembly Member Kellner. “Our community’s concerns have never been considered in a fair and impartial manner. A garbage dump does not belong in the middle of this residential community. Accordingly, we had no choice but to go to the court – again.”

“In light of the devastation of Hurricane Sandy,” Assembly Member Kellner added, “now is not the time for the Army Corps of Engineers to be cutting corners in its permitting process, given that the Marine Transfer Station site is located in the middle of Flood Zone A.”

“This federal lawsuit, which has been in the works for months, is our next step in the fight against the 91st St MTS,” said Councilmember Jessica Lappin. “In granting the permit, the Army Corps failed to consider reasonable alternatives, failed to provide a proper mitigation plan and failed to perform an adequate environmental review. These are just three more reasons why a marine transfer station should not be built at this location.”

Assembly Member Kellner and Council Member Lappin serve as the lead plaintiffs in the suit. The other plaintiffs are: Asphalt Green, Inc.; The Gracie Point Community Council (brought by its president, George Morin); George Morin (individually); Thomas Newman; Norman Flaster; Lea Flaster; One Gracie Square Corp; and Andrew Lachman.

The defendants named in the lawsuit are: the United States Army Corps of Engineers; Colonel Paul E. Owen, Commander of the Army Corps of Engineers, New York District; the City of New York; and the New York City Department of Sanitation.

Last week, City Comptroller John Liu’s office rejected the initial city contract for technical reasons. The Comptroller’s office is now waiting on additional documentation to be resubmitted by the Department of Sanitation.

The Marine Transfer Station will be ten stories high and located right next to Asphalt Green’s facilities, used by 56,151 people every year. Additionally, the site is located within a block of two New York City Public Housing complexes.

QUOTES:

U.S. Representative Carolyn Maloney: “In the last few weeks, New Yorkers have had the unfortunate experience of living through the terrible destruction of a hurricane. Just imagine what that would have been like for residents of Yorkville if, in addition to everything else, their streets and buildings were flooded with the garbage from the marine transfer station. It makes no sense to build an enormous facility for processing garbage in the heart of a Zone A hurricane flood zone. I am proud to be joining in this lawsuit; I think it is imperative to protect our communities from poor planning.”

State Senator Liz Krueger: “The City's bizarre insistence on opening a Marine Transfer Station here is a mistake that will create a dizzying array of health and safety problems -- from the adjacent waterway and ecosystems, to the playgrounds and surrounding residential neighborhoods," said New York State Senator Liz Krueger (D-Manhattan). "I applaud Assemblymember Kellner's and Councilmember Lappin's continued efforts to stop this bad idea from becoming a reality."

Assembly Member Dan Quart: I support Assembly Member Kellner and Councilmember Lappin in their lawsuit. The City of New York has a responsibility to the community to ensure that this proposed transfer station be thoroughly studied before any decisions are made. I applaud Assembly Member Kellner and Councilmember Lappin for protecting our community by insisting on a comprehensive environmental study before any decisions are made.

City Councilman Daniel R. Garodnick: "A garbage dump should never be sited in a residential neighborhood, and Hurricane Sandy illustrates why it would be particularly perilous to put one on a flood-prone bank of the East River," said Council Member Dan Garodnick. "The City has been rushing to complete this transfer station, and if it slowed down and did more due diligence, it would be clear that this site makes even less sense than we initially thought."

Carol Tweedy, Executive Director, Asphalt Green: “The construction and operation of a garbage dump next to Asphalt Green threatens the health and safety of the 31,000 children from around the city of New York who use this facility to play sports, learn to swim and participate in other healthy activities. And in light of the flooding Asphalt Green sustained during Hurricane Sandy, it is simply irresponsible to build a dump in a flood zone A,” said Carol Tweedy, Executive Director, Asphalt Green. “As a non-profit organization dedicated to health and well-being, Asphalt Green is filing this lawsuit to protect the youth of our community. The many public schools we serve every day, including those in some of the most underserved communities, and the thousands of New Yorkers who come to us seeking to live a healthier, more fit life deserve better. We and this community have been fighting this terrible idea for almost a decade, and now we have no recourse left but to take action in the courts to protect our children and this incredible facility.”

This becomes third lawsuit filed in federal court that is currentlty outstanding.

running scared ... but fear not, FEMA will help the Azure.

Mattonegroup Motto:
If you can't dazel them with brillance
Befuddle them with Bullshit
Lots and lots of Bullshit
In fact...I'm going to award the Mattonegroup with an honorary SE degree!

I award you a B.S.,M.S.,PhD
(BullShit, More Shit, Piled higher and Deeper)

I'm still upset there are no discounts for streeteasy readers, or at last high volume readers.

Building Sales Update 12062012
Azure is now over 65% sold
Residence 21C, a 1,391 Square Foot 2 Bedroom 2 Bath with east facing balcony closed December 5th. This residence has dramatic East River and cityscape views. It has 10’ ceilings. Residence 7C, a 1,441 Square Foot 2 Bedroom 2 Bath has a signed contract.

mattonegroup:
huntersburg would like a discount.

Building Sales Update 12102012
Residence 22D , a 1,499 Square Foot 2 Bedroom 2 Bath unit has a signed contract.

There are currently two, 2 Bedroom and one 3 Bedroom residences available on the 21st floor. These premium residences with 10’ ceilings and Panoramic East River and Cityscape views are located in the High Tower portion of Azure. This portion of the building includes residences on the 21st to 34th floor Penthouses. There remain a select number of opportunities to build custom 3,000 Square Foot AB and CD 4 Bedroom 4 bath residences. There are currently only three floors where full floor 6,000 Square Foot residences can be created.

All this negativity would be solved if you would just discount appropriately for special Streeteasy readers.

While I occasionally peer at this thread, I find the rather sophomoric discourse from most posters of zero value (other, than presumably, to themselves). Clearly individuals who have 4,000-5,000 posts on Streeteasy have more significant issues than to need to post about a building they don't seem to have any connection to.

That said, I thought a little factual commentary might be of use to those looking at the Azure. Full disclosure here, my family and I bought a CD combination in the tower last year and we moved in over the summer of 2011.

I shan't comment on sales and pricing activity as you can glean that from Streeteasy and ACRIS. Suffice it to say but sales activity has been (and based on the traffic I see in the lobby) remains good. A few months ago my apartment was appraised for a refi and the new appraised value was up 7% from my purchase just 15 months before. In the low return environment that we all live in today, that's a good return even before factoring in the leverage from having a mortgage.

Now on the neighborhood. I see the occasional comment noting that the building is in an "okay" area, but "it ain't Carnegie Hill" (I can almost hear an audible sniff when that comment is made). Yes, it's Yorkville, and if you're a New York neighborhood snob that will be an problem for you. However it's a great neighborhood. First off, the public housing complex a block away on 92nd St, known as the Stanley Isaac's Houses. They're a non issue. They are very quiet reflecting the fact that they are one of NYCHA's housing complexes reserved just for senior citizens. The area is a nice and diverse neighborhood. Lots of old row houses around here that are almost entirely populated by twenty-something's just starting out in NYC. So there's a younger vibe here than you'd get in the a few blocks up in Carnegie Hill. There's a good and diverse restaurant scene around here. Nothing that's going to earn three MIchelin stars, but very good French at Cafe d'Alsace, good Mexican at Mole, good sushi at Poke and a very diverse collection of cheap eats. In terms of food shopping, having Eli Zabar's Vinegar Factory just a half block away is a guilty (and expensive) pleasure. For you more pedestrian food needs, C-Town is two blocks away and is your typical Manhattan grocery store. And of course there's always Fresh Direct (and they have cold storage at the front desk if you're away when they arrive.) 86th Street is one of those Manhattan commercial thoroughfares that has everything from Barnes and Noble to Best Buy to Shake Shack. Now for those of you with families, this is a great area. Head west along 91st St, and you're casual 15 minute stroll from Central Park (and the nicer north end of the park which is not overrun by packs of tourists), and enroute at 91st/Lex you'll stumble across the 92nd Y which is a tremendous resource is you have kids. Head east on 91st and you're a half a block away from the Art Farm, which has wonderful programs for kids and next to it is Elite Gymnastics which is a great venue for kids with any interest in gymnastics. At the end of the block is Asphalt Green, with the largest swimming pool in Manhattan and a huge sports field. And five minutes from there is Shurz Park, which I think is the prettiest park in Manhattan and the home of Gracie Mansion.

Transportation is great if you drive as we're a block away from the FDR. The Lex Ave subway is at 86th so that's about a 10-15 minute walk, but in a few years the Second Ave subway will be a huge add to the area.

But let's not forget the building. It's a great building with a great vibe. The staff are very friendly. Lots of families are living here given the great facilities for kids. The playroom and gameroom are Godsends on those bad weather days. The apartments are very nicely constructed with good quality finishes, high ceilings and floor to ceiling windows. Most importantly, if you need a big apartment (my family and I are in a 4 bedroom, 3,000 sq ft apt) then you can't beat the offering and value here. Find a new, apartment building of this quality with floor plans of this size UES.

And, yes, it's a ground lease. So what. I lived in London where most of the city's buildings are on leased land. I view the lease as an opportunity. Yes, it adds some complexity, but if someone would rather not look at the building because they can't be bothered to deal with a lease---that's great for those of us who are. 75 year lease with a purchase option or a 50 year renew option which would push the lease out to 125 years. Some would suggest that in year 45 (with 30 years left on the lease) it may start becoming difficult to finance a purchase. Okay. But 45 years from now, if I'm still alive and mentally aware, I'll probably be more worried about who was going to next change my Depends undergarment. The lease is so long, you basically own here..

Net net, great building, great staff, great vibe, good neighborhood. I'm very happy we bought here.

Building Sales Update 12202012
Residence 9A, a 1,818 Square Foot 3 Bedroom and 3 Bath unit has a sign contract.
The next available 1,818 SF 3 Br 3 Bath residence is on the 21st floor. It is priced at $2,275,000 which equals $1,251 per square foot. COMPARE the price, price per square foot and quality of construction for a high floor, new construction luxury residence with great views on the Upper East Side.

compare with all other land-lease buildings and report back to me--not that i'd consider buying in a land-lease bldg.

compare

>not that i'd consider buying in a land-lease bldg.

... unless you had a DISCOUNT!

Building Sale Update 12202012
Residence 22D a 1,499 square foot 2 Bedroom 2 Bath unit closed today at price of $1,994,000. This equals $1,330 per square foot for quality New Construction on a High Tower Floor. The next available south facing D residence is 23D.
Please note this week an existing homeowner at Azure went to contract to sell his two bedroom 2 Bath unit. The sale contract price shows an appreciation in the value of his unit since the time he purchased. Upon the completion of this sale the Azure resident has decided to purchase a larger 3 Bedroom 3 Bath residence at Azure.
The remaining inventory of Thirty Eight 2, 3 and 4 Bedroom residences at Azure are predominately located between the 21st and 34th floors. This is the best inventory of existing new construction, intelligently priced residences on the Upper East Side. These residences provide a great opportunity to own a home in a building that has an established welcoming identity. These family sized units have the potential for appreciation as the last 35% of the building is sold in 2013 and the 2nd avenue subway is completed in 2016. Supporting this fact is the list of residents that have recently refinanced and had their increased appraisal values of their documented.

>This equals $1,330 per square foot for quality New Construction on a High Tower Floor.

Is that high or low?

Low with the sumptuous amenities

To determine ifs $1,330 per square foot for a new construction 10’ ceiling 2 BR 2 Bath is a good value on the 22nd floor of Azure, compare Azure on street easy with the following high quality new construction residential developments currently for sale in the UES market: 135 East 79th street, 200 East 79th street, 141 East 88th Street. All data below is found on street easy

Azure 19 Active listings average 1,537 PSF Total monthly varies per units but ranges $1.75 to $2.14 PSF per month.
Azure 2BR prices start at $1,380,000 for our 1,205 sf 2BR 2 Bath on the 21st Floor. This equals $1,145 PSF. Total monthly is $2,630 or $1.75 PSF per month
Azure 3BR prices start at $2,295,000 for our 1,818 sf 3BR 3 Bath on the 22nd Floor. This equals $1,262 PSF. Total monthly is $3,276b or $2.18 PSF per month
Azure 4BR prices start at $4,350,000 for our 2,952 sf 4BR 4.5 Bath on the 24th Floor. This equals $1,474 PSF. Total monthly is $3,963 or 2.14 PSF per month

135 East 79th Street active listings average 3,086 PSF. Total monthly carry varies per unit but ranges from 2.41 to 2.57 PSF per month. Apartment 7E 4BR is currently listed at $8,450,000 for a 3,057 sf 4BR unit. This equals $1,759 PSF. The total monthly is $7,379 or $2.41 PSF per month.

200 East 79th Street active listings average is $2,020 PSF. Total monthly carry varies per unit but ranges from $2.28 to $3.26 PSF per month. The majority of these units have recently been put under contract. Apartment 16-A, a 3,021 sf 4BR is listed at $8,100,000 the Total monthly is $9,860 or $3.26 PSF per month.

141 East 88th Street active listings average is $1,835 PSF. Total monthly carry is 1.93 PSF per month. Apartment 6A is listed at $6,265,000 for a 3,212 sf 4BR unit. This equals $1,950 PSF. The Total monthly is $6,188 or $1.93 PSF per month.

Compare price, price per square foot, monthly carry, monthly carry per sf, building amenities, views, ceiling height, neighborhood amenities, views and value. Compare the feeling of community in the building compare the pricing trends of the building and compare the potential of asset appreciation over time.

you're seriously comparing....91st and 1st avenue

with 79th & lex
with 79th & 3rd
and 88th & lex?

never mind the differences between the buildings.

91st and 1st is a c- location.

the others are b+ to a-

Location location location

Columbiacounty to rescue the large group of wealthy Manhattanites who don't know how to read a map.

91st and 1st is faster to get to Columbia County, via the Taconic.

ah...the sheriff of huntersburg. who are you rescuing?

I have my eye on you.

are there gun safety laws in huntersborg?

Odd question to ask. What are you planning?

How you can compare 135 East 79 and 200 East 79 to Azure. You must be wacky!

streetview to the rescue of the large group of wealthy Manhattanites who don't know how to read a map.

wealthy people don't buy at 91st and 1st.

well there you go. Only poor people can afford $1330psf and therefore need protection from our government officials in Columbia County.

how is the health care in huntersberg?

I'm doing well, thank you for asking.

oh...

too bad.

awwww

bad health care.

no gun safety.

oh well.

http://www.columbiacountysheriff.us/pistolpermits.html

couldn't find a you tube?

Does the Columbia County Sherriff produce YouTube videos?

i didn't realize that you were a novice.

perhaps you should switch to huntersbergnovice.

Oh, here we go:
http://www.youtube.com/watch?v=WmL7XSBsE2k

you tube....you are.

Yes, I understand.

http://streeteasy.com/nyc/talk/discussion/9958-thread-removal-with-neither-explanation-nor-obvious-reason

Let me add some thoughts to the one dimensional regurgitation of the old real estate adage "location location location" followed soon after by other comments suggesting that comparisons of one building to another are whacky.

Real estate (at least when you are a serious buyer, as opposed to a rather pointless pontificator) is an intensely personal evaluation. "Location location location" is really just one dimension of a three dimensional process. Location is considered with one's personal needs (and financial situation) and those two ultimately drive the price/value proposition of a property. At the end of the day, every property as a clearing price, which is the intersection of the location, the buyer's needs, and the ultimate value of the property based on those two issues.

So from a one dimensional perspective, I'd love to have bought Sandy Weil's penthouse at 15 CPW ---- but gosh darn it, I just didn't have $88 million lying around.

But when my family and I looked at the Azure (and as I've disclosed before, we moved in during the summer of 2011), we looked at location, and our needs and the value offered by the price of the building. In terms of our needs, we decided to move to the UES largely to be closer to our daughter's school (to my point about personal needs driving real estate decisions, I was a happy denizen downtown on the Soho/TriBeCa border....but my needs changed post marriage and children!)

So, the location at the Azure works perfectly for us. It's got the proximity to the school we want to be close to. It has tremendous resources for children in the area (92nd St. Y/The Art Farm/Asphalt Green/Carl Shurz Park, etc. etc.) For the grown up in me, there's good food choices nearby that range from very good, to very cheap. There's a nice diversity here with a lot of younger professionals living in the brownstones around here (as opposed to the Chanel suit/lap dog crowd up on Carnegie Hill).

The building itself is great. A very good group of people live here and there's a real international flavor with a lot of Europeans living in the building.

So, when I triangulated the "location location location" with my needs as a family to be on the UES and get a large apartment for good value, the Azure ticked the boxes -- particularly when other new construction on the UES is going for a lot more (sorry, I didn't want to pay $3,000 a sq ft for 135 E 79th).

I've lived here for well over a year. My family and I have a beautiful 3,000 sq ft apartment and have never regretted our purchase. And, it's been a good financial decision as my apartment's value has improved very nicely based on my recent appraisals done for a refinancing.

I won't make declarative comments per se as my views about real estate and any particular building are very much driven by my needs. So I will simply reiterate, one person's informed opinion, that the Azure is a great building to live in if your needs for an apartment are similar to mine.

Sohojohn, value of location becomes clear in downturn. Azure reminds me of circa 05/06 Hells Kitchen new developments that were selling like hotcakes but come 09 there was no floor.

And as Jbuttocks knows, you definitley don't want to live in a building without floors.

Button. I think the value of a location is no more clear in a downturn or an upturn. Ultimately, value is a continuum, and where you end up on that continuum (i.e., when you buy or sell) is largely a function of life events (moves, new jobs, family changes etc.) And various points on that continuum can be excessive. Hence, the post real estate crash values of '08-'09 are no more "accurate" to drive thinking about value today than were the bubble values of the mid 2000s. We had a huge bubble and that drove divergent real estate values from the trend. Post the crash, we had the opposite.

While one can debate the merits of another major downturn happening (very unlikely, I believe), I think if one looks at just the recent downturn as a basis to think about value, then one will remain a renter.

But, in terms of the relative sustainability of a Hells Kitchen vs. the UES/Azure vicinity (which I gather is your point), I think the UES/Azure would do better in a downturn -- and I think your "no bottom" comment is a bit of a hyperbole. Phoenix, Stockton and Las Vegas were closer to "no bottom" markets in the crash than anywhere in Manhattan.

While I could go on, I would point to one substantial difference between HK and UES -- schools. Schools are one of the most significant reasons that people move. That was the one of the principal considerations in my personal move to the Azure, and I can tell you a lot of families in the Azure live here because the building is close to the schools their children go to (Brearly, Chapin, Dalton, Lycee Francais, Escola Italiana etc.). You don't need to spend too much time on Google to see the list of private schools up here. Hells Kitchen has nothing like that.

One final point, specific to the Azure. You noted that a lot of new developments in Hells Kitchen that sold in the mid 00s were hit hard in the downturn. Well, isn't that rather an irrelevancy for the Azure? The Azure didn't sell in the bubble, it was being build then. It came on the market post-bubble and has been selling at post, not-pre, bubble prices. And it is being purchased by a very rare breed today, those who have good enough financial situations and good enough credit to get financing. In other words, people with financial wherewithal to do better in a downturn that many who were buying in Hells Kitchen at the peak of easy credit and the real estate bubble.

Eventually, only time will tell. But owning in new construction in Manhattan is a pretty safe bet if you've been buying in the post crash era, as long as you're a longer term owner and not looking to flip. Unless we end up in a deflationary environment (highly unlikely), given that Manhattan has finite space and is one of the truly global cities in the world that attracts a lot of foreign buyers, I'm happy owning here.

An additional building that should be included in the comparison of Azure’s remaining 38 high tower 2, 3 and 4 bedroom residences is Cielo located at 450 East 83rd street. Apt 25B at Cielo a 1,920 sf 3 BR is currently listed on street easy for $3,295,000 or $1,716 psf. The 421 tax benefit expires in 2017. Azure’s residence 22A is a 1,818 sf, 3 BR is listed at $2,295,000 or 1,251 psf. The 421 tax benefits at Azure expire in 2020.

However Azure differentiates itself from all other new construction buildings not build under the Educational Construction Fund Program (ECF). There are additional tax benefits at Azure till 2030. At any time during 2020 to 2030, if the Azure condop is reassessed for taxes resulting in higher tax liabilities the taxes will be paid by the condop but there will be a dollar for dollar credit against the ground rent owned the Educational Construction Fund. This unique benefit at Azure provides purchasers the certainty of knowing their tax and ground rent liability for an additional ten years till 2030. In the ever increasing tax environment of NYC this is a substantial economic value that can be calculated for each resident at Azure.

One additional benefit to the Azure 333 E91st street location is the assurance that values will increase when the Second Avenue subway is completed, now scheduled for 2016. In NYC statistically most purchasers reside in their homes on average for a minimum of 7 years. The new construction buildings located near the Lexington Ave. subway line transportation system are currently more fully valued in the open market. Azure has the higher likelihood of substantial appreciation over time due to the pending easier access to mass transit subway system. PS currently there is an express bus that goes down 2nd Ave.

apples/apples

is the cielo a land-lease?