NEW YORK, NY - Azure, the new luxury residential building at 333 East 91st Street on the Upper East Side, 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 DeMatteis Organizations has customized 14 units (11 percent of the building) for buyers in Azure, with an expectation of many more to come.
According to Prudential Douglas Elliman's third quarter 2010 Manhattan Market Overview, the median sales price increased for 3-bedroom and 4-bedroom apartments, showing a "skew towards larger apartments" in the borough.
"Our ability to reconfigure units to meet the need for four- and five-bedroom apartments and deliver the completed unit at a very competitive 'all in' sales price is a strong selling point for Azure," stated John Caizzo, Vice President, The DeMatteis Organizations, one of the sponsors of Azure along with The Mattone Group. The DeMatteis Organizations specializes in interior construction and renovation.
In addition, HSBC Mortgage Corp is providing immediate financing for purchasers at Azure for up to 80 percent loan to value. Several buyers that have recently moved in to Azure have included the cost of customization into their loans from HSBC.
"With ceilings from nine and a half feet high to well over 11 feet, spacious layouts, floor-to-ceiling windows and numerous child friendly amenities, Azure is a natural fit for growing families in Manhattan," added Ilan Bracha, Managing Director at Prudential Douglas Elliman and founder of The Bracha Group, the exclusive sales and marketing firm for Azure.
One example of Azure's ability to customize units to fit the needs of its residents is a 4-bedroom, 4-bath, 3,000-square-foot unit on the 10th floor, which was combined from two 2-bedroom apartments. In addition, the front walk-in closet was converted into a home office.
"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 to live and entertain," a recent buyer stated. "We chose Azure due to the quality of construction and the willingness of the development team to work with us in combining units to create a perfect home."
The developers also recently combined two apartments on the 26th floor to create a 4-bedroom, 3,000-square-foot home with a balcony, oversized master bedroom and views from three exposures; and a 4-bedroom, 3,020-square-foot apartment on the 30th floor. This unit can be converted into either five bedrooms or four bedrooms plus a full office.
Azure provides 6,300 square feet of amenity space to its residents, including a children's playroom, game room, lounge and event space and catering venue as well as a fitness center and two landscaped roofs. There is also a 24-hour concierge and valet service, live-in resident manager, Fresh Direct cold storage facility, and free bicycle storage.
The building is located amongst world-class public and private educational facilities, museums, restaurants and public parks. Residents have easy access to the Metropolitan Museum of Art, Eli's Vinegar Factory, 92nd Street Y and Carl Schurz Park.
The Mattone Group, a Queens-based development and construction company headed by Joseph M. Mattone Sr., is responsible for such notable properties as Roosevelt Raceway, a $100 million power retail center; the $28 million Pathmark shopping center in Southeast Queens; and the $80 million Jamaica Center. Mr. Mattone owns and manages over 30 properties totaling more than 2 million square feet.
The DeMatteis Organizations is a family-owned group of companies with a 90-year track record in the real estate industry. Led by brothers Richard and Scott DeMatteis, The DeMatteis Organizations has participated in a wide variety of large-scale projects. Its diverse capabilities include development, property management, general contracting, construction management, interior construction and renovation. From luxury high-rise apartments and multifamily housing to many of the area's most advanced office developments (EAB Plaza) and civic projects (Frank Sinatra High School for the Performing Arts and United States Mission to the United Nations), DeMatteis has also developed a number of signature international projects.
The Bracha Group has been one of the top producers at Prudential Douglas Elliman for the past five years. The Wall Street Journal, lore Magazine and REAL Trends all named them one of the top 50 real estate teams in the country by sales volume. In 2009, Bracha Group was honored with companywide accolades: #1 Team in sales exclusives, #1 Team in gross commissions, and #3 Team in transactions. The Bracha team provides the full scope of residential brokerage and marketing services offering personal attention and customized sales plans for its clients.
Source: Azure