New York building sees rising buyer activity

A luxury residential building in New York's Upper East Side has seen a surge in new residents, fueled in part by the improved New York housing market.

People are buying up units and moving in at a higher rate, said the developers of Azure, a 34-story residential complex on East 91st Street. About 27 new contracts have been signed in the past three months, with more contracts awaiting the signatures of already-qualified buyers, said Douglas Maclaury of development company The Mattone Group. The building features 128 residences, ranging from 600-square foot studios to 3,000-square foot penthouses.

"We are very excited to prime the building for late summer occupancy, as contract signings continue to rise," said broker Ilan Bracha, whose company, The Bracha Group, is managing the sales at Azure. "We saw a big jump in interest these past few months and .... we are expecting an exponential sales increase in the fall."

Manhattan has seen improving condominium sales in recent months amid increasing demand. Year-over-year sales activity doubled in May, according to Radar Logic's most recent report. That could be another sign that New York is becoming a more popular destination to move to.

More News