Azure Proves Condo Sales Are Still Hot in NYC

Azure Proves Condo Sales Are Still Hot in NYC
NEW YORK, NY - Azure, 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.

Azure is a new luxury residential building at 333 East 91st Street on the Upper East Side. Developed by The Mattone Group and The DeMatteis Organizations and designed by SCLE Architects, Azure provides 6,300 square feet of amenity space including a children's playroom, game room, lounge and event space 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. All residences offer floor-to-ceiling windows, Brazilian Afromosia flooring, Viking stoves and refrigerators, and Bosch washers and dryers. The building is located amongst world-class public and private educational facilities, museums and public parks. The Bracha Group at Prudential Douglas Elliman is the exclusive sales and marketing firm for Azure.
Source: Azure

More Stories

Get The Newsletter

Get The Newsletter

The latest multifamily industry news delivered to your inbox.