AZURE ARRANGES $145 MILLION FINANCING
HSBC Financing to Strengthen the Upper East Side Luxury. Residential Building’s Successful Sales Efforts
Azure, the spacious 34-story luxury residential building at 333 East 91st Street at First Avenue on the Upper East Side, has arranged a new financing facility of $145.1 million from HSBC and its participating lenders.
A joint venture between The Mattone Group and The DeMatteis Organizations, Azure recently welcomed its first residents. The sponsors have also successfully arranged for immediate purchaser end loan financing for up to 80 percent loan to value mortgages from HSBC Mortgage Corp.
“The new loan assures a continuation of the successful sales efforts at Azure,” stated Ilan Bracha, Managing Director at Prudential Douglas Elliman and founder of The Bracha Group. “Buyers recognize Azure’s standout offerings including the quality of construction and finishes, wonderful amenities and amazing views. Furthermore, the ability to move in right away, opportunity to obtain immediate financing, and the lack of high quality new construction inventory on the Upper East Side have been major contributors to the building’s success.”
All residences offer floor-to-ceiling windows, Brazilian Afromosia flooring, Viking stoves and refrigerators as well as Bosch washers and dryers. Azure’s 128 residences range from 600-square-foot studios to 3,000-square-foot 4-bedroom apartments, and two penthouses that combine to over 5,000 square feet of luxury space.
With 6,300-square-feet of amenity space – including a children’s playroom, game room, lounge and event space, private dining facility and catering venue as well as a fitness center and two landscaped roofs – the building draws everyone from single, professional residents to families from rural, suburban and urban areas. There is also a 24-hour concierge and valet service, live-in resident manager, Fresh Direct cold storage facility, and free bicycle storage.
Azure is located amongst world-class public and private educational facilities, museums, restaurants and public parks. Residents have easy access to the Metropolitan Museum of Art, Eli’s Vinegar Factory, 92nd Street Y and Carl Schurz Park.
About The Mattone Group: The Mattone Group, a Queens-based development and construction company headed by Joseph M. Mattone Sr., is responsible for such notable properties as Roosevelt Raceway, a $100 million power retail center; the $28 million Pathmark shopping center in Southeast Queens; and the $80 million Jamaica Center. Mr. Mattone owns and manages over 30 properties totaling more than 2 million square feet.
About The DeMatteis Organizations: The DeMatteis Organizations is a family-owned group of companies with a 90-year track record in the real estate industry. Led by brothers Richard and Scott DeMatteis, The DeMatteis Organizations has participated in a wide variety of large-scale projects. Its diverse capabilities include development, property management, general contracting, construction management, interior construction and renovation. From luxury high-rise apartments and multifamily housing to many of the area’s most advanced office developments (EAB Plaza) and civic projects (Frank Sinatra High School for the Performing Arts and United States Mission to the United Nations), DeMatteis has also developed a number of signature international projects.