Moving on Up: Value Abounds in NYC’s Most Historically Glitzy Neighborhood

The Lucida @ 86th street.  Beautiful new building.Among the developments moving north and east, the Azure at 333 East 91st Street is a sort of hybrid co-op/condo (it’s legally a co-op but has condo rules). With its far east address, on First and 91st, the building might be seen as off the beaten track, but that is not what its co-developers, The DeMatteis Organizations and The Mattone Group, are finding. For one thing, several private schools in the area, Spence, Sacred Heart and Trevor Day, are all building athletic facilities nearby, which will further enhance the neighborhood. And the building is already 75 percent sold, with two-, three- and four-bedroom units on the 21st through 34th floors remaining. The developers built the building so that two two-bedroom apartments can be combined for larger family apartments, and the developer offers to do the combining itself, saving potential buyers many contracting headaches. The building also offers some 6,000 square feet of amenities, including a large dining room with catering facilities that residents can reserve and use for entertaining.

“The area is very popular among families because the neighborhood has the best public and private schools in the city,” says Douglas MacLaury of the Mattone Group, “and because it is near both Carl Schurz and Central Park.” The development even included the building of a public school, M.S. 114, a middle school with 530 seats, and a totally separate entrance, under a program which helps the city to get new and needed schools, and developers to get certain tax breaks.

The completion of the Second Avenue Subway will benefit those who buy into the Azure, and many others. “We predict that by the time the construction is complete, the face of Second Avenue retail will have changed completely, making way for high-end stores, markets and restaurants,” say Albert and Urgo of The Marketing Directors. “This will cause property values on Second Avenue and the nearby streets on the Upper East Side to rise. Plus, the new subway line will create easier access from the Upper East Side to other neighborhoods in the city, making it a great place to live.”