Manhattanization of NYC Real Estate

Manhattan is feeling another Manhattanization of itself. In a city where real estate is fiercely competitive, there’s nowhere to go but up. The city is coming up with new ways to build but also develop land in New York City. It’s all part of the New York City Educational Construction Fund (“ECF” of the “Fund”) which aims to build mixed-use real estate projects with residential buildings and new school facilities . Developers build over out-of-date schools and increase the number of seats in the public school system and taxpayers don’t pay a cent.
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At a time when schools are in high demand, The New York Daily News reports that waiting lists for kindergartners are up at zoned public schools in Queens. Principal of Public School/Intermediate School 49, Anthony Lombardi, in Middle village says the poor economy has led parents to pull their kids out of private or parochial schools.

The newly-constructed Middle School 114, accepted more than 530 students into the public school for strong academic performance. The school was revamped with computer labs and new air-conditioning units next door near the Azure residential building. The $46 million facility was built by the Azure developers, the Mattone Group and DeMatteis Organizations, who built mixed-use properties next door.

The Mattone Group and DeMatteis Organizations agreed to build the school and residential building as part of the ECF project. The partners acquired the air rights for the Azure tower for a period of 75 years with an option to purchase the land or renew the lease for an additional 50 years.

As of last month, Azure on E.91st St. is 70 percent sold.

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