Continuing its push in the region”™s luxury-rentals market, Ginsburg Development Cos. this spring has begun construction of The Lofts on Saw Mill River, a 66-unit apartment complex on Route 9A in Hastings-on-Hudson.
The Valhalla-based developer held a groundbreaking ceremony Thursday for the $34.9 million development on a former industrial parking lot that had been part of the former Ciba-Geigy pharmaceuticals campus on Saw Mill River Road in Greenburgh. The complex will include two three-story, 27-unit buildings and a two-story building with 12 affordable workforce housing units, a Ginsburg spokesman said. The first residents are expected to move into the contemporary-style lofts next summer.
- An artist’s rendering of The Lofts on Saw Mill River.
Three of the affordable units will be available to households earning up to 50 percent of the area median income and nine will be reserved for households earning up to 60 percent of the area median income. The affordable units will rent at $874 per month for a studio and up to $1,484 monthly for a three-bedroom apartment.
For market-rate apartments, the developer said monthly rentals will range from $2,900 for a 950-square-foot one-bedroom unit to $5,000 for a 1,656-square-foot three-bedroom unit.
The Ginsburg company will create a 10-space public parking lot on the property and a pedestrian bridge over the Saw Mill River to Westchester County”™s nearby South County Trailway.
Westchester County has agreed to provide the developer approximately $1.2 million toward land acquisition and infrastructure costs. The county Industrial Development Agency has approved sales and mortgage tax exemptions for the project that total $679,780. The project will create 100 construction jobs over 18 months and three full-time permanent jobs when completed.
The Hastings-on-Hudson construction is the fourth residential project revived by developer Martin Ginsburg on sites where his company initially planned luxury condominium developments. Those planned developments came to a halt in the financial crisis of 2007 and 2008, and Ginsburg in recent years has shifted his company”™s focus from condos to upscale apartment buildings.
Ginsburg last year began construction of the long-delayed Harbor Square, a $65 million, 188-unit apartment development on the Ossining riverfront. In Yonkers, the company last fall broke ground on River Tides at Greystone, a $100 million, 330-unit apartment complex on Warburton Avenue.
In Rockland County, Ginsburg Development in June will open Riverside, a 106-unit luxury apartment building at Harbors at Haverstraw, a Ginsburg townhouse and condo community where development also stalled in the financial crisis several years ago.
