Developer Martin Ginsburg plans to put his company’s GDC Rentals brand, launched last fall, on another multifamily apartment development in the Greystone neighborhood of Yonkers.
An attorney for Valhalla-based Ginsburg Development Cos. is scheduled to appear Tuesday night before the Yonkers Zoning Board of Appeals to seek zoning variances for a three-story, 55-unit luxury apartment building at 1177 Warburton Ave.
The four-parcel site overlooks the Hudson River and is one block north of Ginsburg’s River Tides at Greystone, a $100 million, 10-story, 330-unit apartment complex under construction at 1105-1135 Warburton Ave. directly above the Greystone Metro-North Railroad station. Both apartment complexes would be connected by a private walkway to the commuter station.
River Tides is scheduled to open in fall 2016, while the smaller, $12 million Warburton project is expected to break ground next spring and be completed in 2017.
Four vacant houses stand on the fenced-off site, where a previous owner’s development plans failed in the credit crisis and real estate market crash of 2008. “We believe that this blighted assemblage of four deteriorating homes was hurting the value of the neighborhood,” Ginsburg said in a press release before the Yonkers ZBA meeting. “So we are excited to propose this project to add an attractive, highly desirable building that will enhance the entire neighborhood.”
Ginsburg company officials said the company is requesting “minor” area variances to accommodate bay windows and balconies and a site coverage variance to allow for a landscaped deck and courtyard.
The 1177 Warburton Ave. redevelopment is the sixth GDC Rentals project under construction or in development in Yonkers, Hastings-on-Hudson, Ossining, Peekskill and Haverstraw. Those projects will add nearly 900 apartments and townhomes to the region, half of them in Yonkers, according to the developer.
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