Millennial lifestyle influences Ginsburg developments
Elected officials, development executives and construction workers gathered to see the American flag unfurl at the new $65 million Harbor Square development in Ossining earlier this month for what is symbolically called a topping-off event.
The nearly complete construction at the 188-room luxury apartment complex will not be the last for the Valhalla-based Ginsburg Development Companies.
Harbor Square, set to start leasing next spring, is one of four mostly luxury-priced housing developments ”” the others being River Tides at Greystone in Yonkers, The Lofts in Hastings-on-Hudson and Riverside in Haverstraw ”” the firm has underway.
The Lofts, at a cost of almost $35 million for 66 units, and River Tides at Greystone, which is a $100 million project with 330 units, are set to open next summer and fall, respectively.
Riverside at Harbors-at-Haverstraw started leasing its 106 apartments in June and is at 50 percent capacity as of Oct. 1. Thirty-two percent of those new residents are considered millennials, between 18 and 34 years old, according to information compiled by the building”™s leasing office.
Martin Ginsburg, the principal and founder of Ginsburg Development, said he has the millennial population in mind for these projects.
Ginsburg said millennials are changing the apartment design perceptions of potential residents in other age brackets.
Some of the components Ginsburg Development has included in these new units include kitchens that open into the living space, stainless steel appliances and an overall cleaner, more contemporary look.
“The millennials”™ tastes start radiating,” Ginsburg said, and “the other market is following that taste; the older people, empty-nesters, are starting to say, ”˜That”™s not so bad.”™”
The empty-nesters, referring to parents who have children in college or living on their own, is another population Ginsburg is hoping will fill these complexes.
Harbor Square units include studio, one- and two-bedroom apartments with rents starting at $1,100 for a studio to $5,400 for a two-bedroom. The Riverside rents for a studio, one- and two-bedroom apartments are between $1,795 for a studio and $3,595 for a two-bedroom.
The rent helps cover amenities, part of what Ginsburg called a “lifestyle approach” to the communities his firm is developing. This approach includes fitness and yoga studios, a spa, swimming pools, close proximity to public transportation and commercial businesses like theaters or restaurants. Ginsburg”™s developments also provide waterfront views of the Hudson River.
“The approach we”™re taking is a lifestyle approach,” Ginsburg said. “If they can afford it, they will hunt it and in some cases they”™re willing to pay a greater part of their income toward the housing.”