Question Details

Michael, Home Buyer in New York, NY

E. 91st &1st in Manhattan (The Azure) thinking of buying a 4 bedroom w/ balcony

Asked by Michael, New York, NY Sun Jul 20, 2008

Anyone have advice regarding the developer, the neighborhood, etc.
The pricing is fantastic, floor plans and square footage both excellent, finishes are equal to everything else going on the upper east side and midtown, just not sure of the location, etc.

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Sorry, about you talking about the building that had a CRANE COLLAPSE this June, during its construction??!! This crane was defective, and the accident KILLED 3 people and DAMAGED and DESTROYED several apartment of the building across the street.

Pricing would be good considering what happened. But construction on this building has seemed slow-to-non-existent since the summer. Pehaps it's going to be scrapped. Oh well.
0 votes Thank Flag Link Sun Sep 21, 2008
From another website: 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.
0 votes Thank Flag Link Mon Jul 21, 2008
Talk with the local residence of that community who can provide answers and addtional details Real estate professionals per code of ethics can’t make comments http://www.homes-for-sale-dallas.com http://www.lynn911.com
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Sun Jul 20, 2008
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