The brand new Upper East Side apartment building Azure boasts the tag line "the color of life," which is an interesting choice of words: It was nearly two years ago when a crane collapse due to a faulty weld killed two construction workers at the 91st Street and First Avenue site. Tonight the building will try to shake off that past with a grand opening party. Its 26th floor model apartments are open (scenes from which can be seen above), and the listings were recently taken over by Elliman spark plug Ilan Bracha from Brown Harris Stevens. As for the prices, that's where things get interesting.
StreetEasy shows 14 active listings with an average asking price of $1,140 per square foot, but that number is inflated by whoppers like a 2,620-square-foot penthouse asking $5,685,900. Go lower and smaller and you'll notice prices dipping below $1,000/sf. In fact, according to the brokers, some units are being offered at $850/sf. The StreetEasy discussion thread on the building has become a bit of a shitshow (the Azure broker posting updates about every signed contract isn't really helping matters), but the building is apparently struggling to hit the 15% sold mark so closings can begin.
Adding intrigue is the building's land lease status. Many buyers are wary of land lease buildings (poor, poor Battery Park City), but the Azure has a response:
Also new at Azure, its restructured land lease with New York City! This means Azure now offers the best Land Lease development in New York! What changed? Azure now has a 75 year lease WITH the option to buy at the end of the lease. If they choose not to buy, the lease is extended an additional 50 years making it an effective 125 year lease! This allows Azure to be delivered WITHOUT an underlying mortgage with common area charges that are 41% tax deductible. Azure also qualifies for the 421a 10 year Tax Abatement! In addition, Azure’s tax payments in years 11-20 will be capped. No other development in the city has this benefit.Confused yet? We sure are. Anyone been inside to check out the units?
· Building: Azure at 333 East 91st Street [StreetEasy]
· Azure [Official Site]
· Azure coverage [Curbed]