Ginsburg Development Cos. has bought Stratus on Hudson, a 74-unit luxury rental building at 1077 Warburton Ave. in the Greystone neighborhood of northwest Yonkers, from the Stamford-headquartered RMS Cos. for $39.5 million.
The building, which was completed last year, will become the 10th property owned by various Ginsburg Development entities and managed by GDC Rentals. Prior to its development, the site had been the source of nearly two decades of unsuccessful construction plans, with Yonkers Mayor Mike Spano referring to the property as “the hole in the ground.”
GDC Principal Martin Ginsburg said that Stratus residents will have access to The Spa at River Tides and other programming offered at the larger 330-unit full-service building in the Greystone neighborhood. He also praised RMS Cos. owner Randy Salvatore for creating a “building that meets the high-quality brand standards of GDC Rentals, so it was a natural fit for our portfolio.”
Salvatore told the Business Journal that he was not planning to sell the property.
“Honestly, we were not really marketing it,” he said. “We got approached by GDC. They have synergies because they’ve got the other buildings next door. So, I think it makes long-term sense for them.”
Stratus on Hudson was RMS Cos.’s first Westchester development, and Salvatore added the company was looking for “other development projects, both in Yonkers and all the surrounding communities” as well as in Northern New Jersey and the Boston area.