Overview

Today’s featured building is actually a cooperative incorporated within a condominium building. This ‘condop’ situation presents itself once in a while when organizations like New York City or the MTA have some long-term interest in the underlying land and won’t sell it. In the case of Azure the City has a public school on the plot of land where the project is being built. The result is a 75-year ground lease between the City and the developers. Among the advantages specific to condop living are lower average prices per square foot and lower closing costs. In case you’re wondering, Middle School 114 will replace the vacant school (PS 158) which is currently in the space. As I understand it, the school will require an entrance exam like other competitive middle and high schools in the city. The school entrance will be around the corner from Azure on the next block over. This should relieve the concern of students hanging around the apartment entrance.

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