Ginsburg breaks ground on more luxury rentals in Yonkers

By John Golden

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Developer Martin Ginsburg was joined by Yonkers city officials on Tuesday to break ground on 1177@Greystone, a $21 million, 55-unit luxury rental apartment building being built by Ginsburg Development Cos. in the city’s Greystone neighborhood on its Warburton Avenue riverfront.

The three-story apartment building at 1177 Warburton Ave. will replace four vacant, deteriorating houses that formerly stood on the site. It is one block north of River Tides at Greystone, the Ginsburg company’s $100 million, 330-unit luxury rental complex at 1105-1135 Warburton Ave.

A company spokesperson said that 10-story, twin-towered building is nearing completion after about two years of construction.  Leasing at River Tides is scheduled to begin in January.

At 1177@Greystyone, one-bedroom apartments will range in size from 680 to 965 square feet with monthly rents starting at $1,895. Two-bedroom units will range from 1,105 to 1,245 square feet with monthly rents starting at $2,795 and a line of three-bedroom apartments at 1,245 square feet will start at $3,295. Occupancy is scheduled to begin in September 2017.

The Valhalla-based developer said residents of 1177@Greystone will have their own gym and club room and access to amenities at River Tides at Greystone, including the fitness center, spa, yoga studio, pool and sundeck and a private path to the Greystone Metro-North Railroad station.

Ginsburg in remarks at the groundbreaking ceremony said his company, which he founded in 1964, has built more than 700 condominiums in the Greystone neighborhood in addition to the 385 rental apartments that will open at River Tides and 1177 Warburton.

Ginsburg launched his company’s GDC Rentals brand in 2014 with the Yonkers waterfront development and two other luxury apartment projects on the Hudson, Riverside at Harbors-at-Haverstraw, which opened in June, and the recently completed, $65 million Harbor Square in Ossining.

A company spokesperson said GDC Rentals in September also will open The Lofts on Saw Mill River, a 66-unit, nearly $39 million apartment complex in Hastings-on-Hudson.

Yonkers Mayor Mike Spano called 1177@Greystone “yet another shining example” of revitalization efforts on the city waterfront. “Developers like Ginsburg have the vision to repurpose deteriorating properties into resort-style homes and reclaim our beautiful Hudson River views,” he said.

 

Fro left, Yonkers City Council Minority Leader Michael Sabatino; Wilson Kimball, Yonkers commissioner of planning and development; Deputy Mayor Steve Levy; Martin Ginsburg, founder and principal of Ginsburg Development Cos.; state Sen. Andrea Stewart-Cousins, and Irene Ginsburg stand at the site of the future 1177@Greystone Luxury Rentals in Yonkers. Photo credit: John Vecchiolla From left, Yonkers City Council Minority Leader Michael Sabatino; Wilson Kimball, Yonkers commissioner of planning and development; Deputy Mayor Steve Levy; Martin Ginsburg, founder and principal of Ginsburg Development Cos.; state Sen. Andrea Stewart-Cousins, and Irene Ginsburg stand at the site of the future 1177@Greystone Luxury Rentals in Yonkers. Photo credit: John Vecchiolla

 

 

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About the author

John Golden
The Business Journal’s senior writer, John Golden directs news coverage of the county and Hudson Valley region as Westchester bureau chief. He was an award-winning upstate columnist and feature writer before joining the Business Journal in 2007. He is the author of “Northern Drift: Sketches on the New York Frontier,” a collection of his regional journalism.

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