The Azure is an attractive, 34-story apartment building at 331 East 91st Street, which also has the address of 1765 First Avenue in Yorkville.

It is part of a mixed-use project that includes a 520-seat Middle School 114 that was built by the city s Educational Construction Fund.

As the city retained ownership of the land, the condop tower has 128 units ranging from 600 square-foot studios to four-bedroom terraced residences at over 3,000 square-feet. 

The building was completed in 2010.

The DeMatteis Organization and the Mattone Group were the developers and James Davidson of SCLE Architects was the designer of the tower.

BOTTOM LINE

The Azure is a very handsome apartment tower with good views that is not far from Asphalt Green, a non-profit community recreation center on 5.5 acres with an Olympic-size pool, and Carl Schurz Park.  It is part of a mixed-use project that includes the East Side Middle School 114, which is convenient for some residents with children. 

DESCRIPTION

The building has some balconies and a 30-car garage and uses air-rights from four adjacent low-rise residential buildings on the avenue. As part of the city's inclusionary housing program it has provided about 10,000 square feet of affordable housing.  The apartment tower rises over a low-rise base.

The school has a red-brick facade on 91st Street and has planters and benches in front of it on 91st Street and recreational playgrounds on 92nd Street.

AMENITIES

The Azure’s lobby has an original glass art wall by Weil Studio and 24-hour concierge service by Stellar Concierge.

It also has a rooftop terrace, a residents' lounge and dining room, a children's playroom, a fitness center, valet service, a garage, Fresh Direct cold storage facility, bicycle storage, personal storage and two landscaped roof terraces with direct elevator access.

The building is also pet-friendly.

APARTMENTS

The vast majority of the apartments have two or more bedrooms. 

The interior of each home includes rich Brazilian Afromosia flooring and ample closet space. Kitchens feature CaesarStone counters, custom made European cabinetry that extends to the ceiling, extra wide sinks, Viking stoves and refrigerators, and Bosch dishwashers. Master baths include brushed nickel Kallista fixtures, double sinks, oversized shower stalls and Italian marble floors, walls and countertops.

One of the nicest layouts is 6G, which has an enclosed kitchen on one side of the foyer and a dining room on the other side.  It also has a 27-foot-long living room and a bedroom with a large walk-in closet.

A studio on the fifth floor has a very long foyer with an enclosed kitchen.

A four-bedroom unit on the 31^st floor has a very large foyer that leads to a very large living and dining room area with a small balcony.  It also has a master bedroom with an enormous walk-in closet.

Apartment B on floors 8 through 20 is a two-bedroom unit with an open kitchen near the entrance foyer that leads to a 24-foot-long living/dining area.

HISTORY

On May 30, 2008, a construction crane at the site collapsed, slamming into an apartment building across the street at 354 East 91st Street. Two persons, including the crane operator, were killed and one person seriously injured in the incident, which occurred a day after a stop-work order for the site was rescinded.

The lenders for the Azure converted their $145 million construction loan into a shareholder loan, according to an article at crains.com on October 13, 2010 by Amanda Fung. The switch allowed operations and maintenance of the 128-unit building to continue and permitted the developers to continue selling units. As each unit is sold, the loan was paid down.

The crains.com article indicated that with their "rare fresh funding" from HSBC and four other financial institutions, the developers were 'on track to sell the 93 apartments left" at that time.

In the article, Douglas MacLaury, senior vice president at The Mattone Group, said that “a year ago this would have been difficult to achieve,” adding that “this indicates that credit is beginning to flow back into real estate and is a testimony to the confidence lenders have in the building.”

"To help move sales along," the article continued, "the developers arranged with HSBC Mortgage Corp. to provide homebuyers with financing for up to 80% of the sale price. The move was necessary under tightened Fannie Mae and Freddie Mac guidelines, which requires at least 50% of units in new developments to be sold before guaranteeing mortgages. In fact, five of the seven buyers who recently bought apartments at the Azure took advantage of the HSBC financing, according to Mr. MacLaury."

The Educational Construction Fund was created in 1966 and it best known for its mixed-use developments such as the office-building/Norman Thomas High School on the southeast corner of Park Avenue and 34th Street and the apartment building/Robert F. Kennedy School on 88th Street between Park and Lexington Avenues.

James Smart, executive director of the fund, told the community board that the new school replaced P.S. 151 that had been vacant on the site since 2000 and that the project  permitted the creation of a $40-million, "modern, 21st Century school at no capital or expense outlay for the city." It is known as the East Side Middle School and it had been operating in cramped quarters at P.S. 158 and its student enrollment had been about 200 students.