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Upper East Side’s Azure Reveals Retail Component

NEW YORK CITY—Co-developers The DeMatteis Organizations and the Mattone Group have revealed the retail space available at Azure, a luxury development on the Upper East Side. The space consists of a 4,717-sq.-ft. ground-floor retail space with an additional 3,174 sq. ft. of lower level space.

This retail space is at the base of Azure, a 34-story, 128-unit residential building that occupies the northwest corner of East 91st Street. Featuring 98 ft. of frontage on First Avenue, with ceiling heights of up to 13 ft., the newly constructed facility can be divided into three stores to satisfy retail demand in the neighborhood.

The co-developers have selected Massey Knakal, a diversified real estate company, to oversee the location’s leasing and marketing efforts.

Retail leasing activity has been strong in the area, a result of increased occupancy at Azure and rental conversions of several properties nearby. There has also been an influx of demand from families whose children attend the newly completed 530-student MS 114 and PS 151, also located on East 91st Street. Meanwhile, retailers are also drawn by the nearby Second Avenue subway, slated for completion in 2016.

Azure's The property’s 1,006-sq.-ft. one-bedrooms with home offices start at $775,000; 1,198-sq.-ft. two-bedrooms start at $1.292 million; 1,810-sq.-ft. three-bedrooms start at $1.899 million and a 3,005-sq.-ft. four-bedroom home starts at $3.71 million.

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