Azure - One of the Upper East Side's latest luxury residential developments at 333 East 91st Street

Azure, one of the Upper East Side's (UES) latest luxury residential developments located at 333 East 91st St. at First Ave., was developed in joint effort by family-run development firm, DeMatteis Organizations, and the Queens-based development and construction company, The Mattone Group. Designed by SLCE Architects, Azure features spacious studios, one, two, three, four and five-bedroom homes as well as full floor combination homes. The building recently released the Tower Residences featuring corner homes with floor-to-ceiling windows and dramatic river and city views. "We've received great feedback from both brokers and buyers at Azure as the value is more significant when compared to other new luxury buildings in this highly sought-after UES neighborhood," said Karen Mansour, executive vice president at Prudential Douglas Elliman, the exclusive sales and marketing firm on the project. With outstanding features, Azure provides its residents with 6,300 s/f of amenity space including two landscaped rooftop terraces, a resident's lounge with a large flat screen television, a children's playroom complete with toys and books and a fitness center. The building also has a full-service valet and 24-hour concierge, live-in resident manager, Fresh Direct approved with refrigerated storage, individual storage units, and free bicycle storage. "Azure's impeccable space and amenities are a huge lure for all families looking to settle on the Upper East Side," said Doug MacLaury, senior vice president of the Mattone Group, co-developer of Azure. Surrounded by a flourishing family-friendly neighborhood, Azure is located within short walking distance to the most well established schools in New York City including Dalton School, Hunter College Elementary School, Loyola School and Ramaz to name a few. Azure is also conveniently located to the intellectual landmarks and accommodating facilities of the Upper East Side: Gracie Mansion, Cooper-Hewitt National Design Museum, Metropolitan Museum of Art, Carl Schurz Park, Asphalt Green and the 92nd Street Y. The Educational Construction Fund, a public-benefit corporation created by the state legislature to develop combined-occupancy structures, owns the land at the Azure. In exchange for bonus air rights that allowed for increased height at the building and other tax incentives eventually passed on to the purchaser, the Azure development team agreed to build a new location for MS 114 (East Side Middle) - one of the best middle schools in the city - at no cost to taxpayers. Azure has a 421a 10-year tax abatement with an additional 10 years of tax benefits. No building in New York City has this substantial economic benefit. Furthermore, Azure purchasers pay no mortgage tax, generating savings of an additional 1.925% of their mortgage account. "We believe Azure owners are the beneficiaries of the best ground-lease currently in effect in New York City," said Lior Aldad of Aldad & Associates, an attorney specializing in land leases. "In exchange for modestly higher maintenance charges, this lease assures buyers the right to purchase the land, 20 years of tax benefits, the ability to deduct 41 percent of cond-op maintenance fees and purchase prices that are extremely attractive for large Upper East Side luxury residences." As further recognition of the attractive terms of the Azure land lease, Wells Fargo, Chase, HSBC and Investors Savings Bank (ISB) are preferred mortgage lenders at Azure, providing the full range of mortgage products for immediate financing.