Azure
March 3rd, 2008
Located at 333 East 91st Street, Azure New York is a high-rise with lofty standards. It stretches 34 floors above the street, which boosts window views past the road and into the Manhattan skyline.
Azure New York is a cooperative, which means that residents don’t own the individual units; rather they own stock in the company which owns the building. And while some may be frightened of the idea of investing in their home, others are glad for the opportunity. Besides, there are many benefits to a Co-op. Residents do not need to have board approval to sell their apartment, and they can sell it or rent it out right away.
Of course, why would anyone want to sell? Living in Azure expands the mind. At least, that’s what the designers had planned when they started putting their ideas to practical use. Builders put in large, full-room windows throughout the living and dining area, with views of the nearby river and the surrounding cityscape. Hardwood floors are spread throughout the rooms, combining practical design with beautiful elegance. The master bath adds exuberance to the unit with its spacious, glass-walled shower and deep soaking tub, surrounded by attractive graphite oak vanities and white marble flooring. Units also come equipped with a washer and dryer.
Although living in a nice home with nice décor is, well, nice, it can’t make the place feel like home. For with a home comes a community, and Azure offers that as well. It has a rooftop terrace for late-night conversation, a children’s playroom for the kids on those rainy days, and a fitness center for adults on those rainy days. Residents also have a chance to sign up with Stellar Concierge, a full-service personalized assistant. For an extra fee, Azure residents can get personal training, a private chef, hard-to-get concert tickets and reservations, and nutritional counseling, just to name a few services.
Azure offers residents another type of community as well, that of its Upper East Side neighbors. Developers plan to build a new gifted-and-talented middle school right beside the development as part of their agreement to develop the land. And there are a number of other schools scattered around the region. Down the road, residents will be able to buy fresh fruit from an outdoor market. This family-friendly area also has the 92nd Street Y, with activities for the whole family, not to mention the Carl Schurz Park, that’s just two blocks away. Also nearby is Asphalt Green, a recreation center with a large ball field and an indoor pool.
Prices for Azure New York are very reasonable for this side of town, with an average price of $1,000/square foot. The development has everything from studios to five-bedroom units, some with outdoor terraces, large kitchens with pantries and a large foyer. Square footage for the units varies from just over 600sf to more than 3000sf. Actual price range is $605,000-$5.5 million. As of February 2008, 15% of the units were sold.
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April 1st, 2008 at 7:56 pm
This building has a lot of positives. Gifted & talented middle school entrance is on 92nd St, while Azure entrance is on 91st St. All finishes, including subtleties like HVAC units and flooring, are top of the line — developer went for quality over gimmicks (e.g. bathroom vanities with actually space on the countertops, high end appliances, dramatic windows, high 9′6″-10′ ceilings). Factoring the $500 psf pricing differential versus other new construction (e.g. Brompton with its low 8′6″ ceilings & Laurel with its somewhat equivalent location & lesser views on First Ave 12 blocks south, although it does have that cool triathon training pool), Azure is an unbelievable value. Unlike other new construction projects, Azure is not charging for combinations (compare $200K at Laurel), which coupled with the 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. From a location standpoint, the draw is living in a neighborhood community that is in advanced stages of gentrification, with a higher slope of appreciation (one could argue) than more established neighborhoods. Population trends and anecdotal evidence would indicate the UES is running out of space, meaning expansion is eastward and northward. Given the new 421A requirements being introduced for all construction that has not laid a foundation by June 08 — notably the enforced inclusion of mixed income housing on the residential site, rather than in distant boroughs — this may be one of the last 421A “bargains,” especially in this competitive part of the city. Yes, the co-op format requires a bit of understanding for most buyers, but the closing cost math is favorable (approx 4% vs 6% given the avoidance of an onerous 1.925% mortgage recording tax) and the cpsf more than compensates. I would assume the geographic interdependence of the school and the condop would mitigate the city’s inclination to raise land lease rates precipitously upon renewal in 26 years. Azure feels like the real estate anomaly in NYC.