The 124-unit luxury apartment tower in White Plains that was recently scooped up by Ginsburg Development Cos. has a new name: “The Metro.”
Ginsburg Development Cos. principal and founder Martin Ginsburg announced the new name for the 12-story 34 S. Lexington Ave. building at a ceremony in its lobby on March 20, accompanied by White Plains Mayor Thomas Roach.
About a month after his company announced the $35.25 million transaction for the building, Ginsburg said he was happy to finally arrive in White Plains, which he called the county’s commercial hub.
“A lot of stuff is going on here and we weren’t part of it, so this was an opportunity for us to get in and maybe start doing some business in White Plains,” Ginsburg said.
Ginsburg bought the building from DSF Group, a Boston-area real estate investment firm that purchased the property in 2013 for $34 million. The firm converted the building from extended-stay corporate apartments to luxury rentals shortly after its purchase. The address was formerly known as Halstead White Plains Metro North.
Roach said he was happy to welcome Ginsburg and his company to the city.
“What really feels the best is when you have someone like Mr. Ginsburg, no one knows residential real estate in Westchester County better than he does, make a statement in the newspaper that he is bullish on White Plains,” Roach said. “That made my day, it made several days for me.”
Ginsburg told the Business Journal that while the building was recently renovated by DSF Group, his firm will be making a few improvements and introducing Ginsburg Development Cos. resident programs.
The purchase in White Plains adds to a portfolio that had already been quickly expanding. In November, Ginsburg Development Cos. held a topping off ceremony for its $100 million River Tides at Greystone luxury apartment project in Yonkers. The group also recently opened the $65 million, 118-unit Harbor Square apartment building in Ossining, and the $35 million, 66-unit The Lofts on Saw Mill River apartment complex in Hastings-on-Hudson. The group broke ground last August on the $21 million 1177@Greystone luxury apartment development, also on Warburton Avenue.