Change-up pitch: Ginsburg introduces rentals into Haverstraw project
Developer Martin Ginsburg sees a better market for rentals than condominiums, at least right now, in Haverstraw and has decided to offer rentals in his project The Waterfront at Harbors.
Part of Valhalla-based Ginsburg Development Cos.”™ larger Harbors-at-Haverstraw community, the 40-units in The Waterfront at Harbors originally were going to be marketed as condos starting at around $400,000 and running into the $600,000s.
When a ribbon cutting took place last September, it appeared as if there would be a strong market for the units. Now, however, the condo market in Rockland County has softened somewhat and Ginsburg has decided to offer the apartments as rentals starting at $4,150 a month. In addition to a full complement of premium appliances and luxury finishes, the apartments range in size from 973 to 1,677 square feet and offer Hudson River views from either a patio or balcony.
“It”™s going to be the highest quality rental as far as I know in Rockland County,” Ginsburg told the Business Journal. “There really is nothing comparable in Westchester or Rockland County. There are only eight apartments in a building. It”™s a walkable community. We have a marina, there”™s a lagoon with a kayak launch on it, you cross over a bridge to get to the Admiral”™s Cove where the ferry landing is.”
Ginsburg said he believes the market will include people seeking to leave New York City in the wake of the COVID-19 outbreak because of their new concerns about living in the city”™s dense conditions.
“There is definitely movement out of the city,” Ginsburg said. He said that company executives who live in the suburbs are thinking twice about having their offices and employees located in New York City. He said that he”™s seen that reflected in activity at his other developments, such as in Peekskill.
“We”™re getting people from Manhattan and Brooklyn. There definitely has been a movement,” Ginsburg said. “Obviously we do get Westchester people, we get people from West Point, but there is definitely a sense that we are seeing more activity from New York City and I think they”™re recognizing how crowded their facilities are down there.”
Ginsburg noted that the rental rates for a two- or three-bedroom residence complete with parking at his Haverstraw project may only pay for a studio in some parts of Manhattan.
Ginsburg said that there are now about 500 people living in the Harbors-at-Haverstraw complex. He said that 280 of the units are condos.
“We”™re going to be building 250 additional apartments and a waterfront restaurant on the Admiral”™s Cove site and then we”™re expanding the marina. We”™re adding world-class sculptures there,” Ginsburg said.
Also in the works is the completion of a trail system designed to link his development and the village of West Haverstraw.
Ginsburg said that the interruption in construction as part of the COVID-19 shutdown affected the Haverstraw project along with forcing a halt in activity at his Abbey Inn and Spa in Peekskill. Ginsburg Development Cos. converted the former convent of the Episcopal Sisters of St. Mary”™s into a 42-room inn, restaurant and event facility with views of the Hudson. It”™s next to Ginsburg”™s residential project known as Fort Hill Apartments at the Abbey.
“Westchester has really not been recognized relatively in its proximity to New York. People from New York have not really discovered Westchester,” Ginsburg said. “Some people in New York and Brooklyn have no perception how close Westchester is and even the fact that there is a substantial amount of commercial business up here.”
Ginsburg said others do know what Westchester has to offer and he”™s been getting a lot of attention from New York for his remake of the former Westchester Financial Center in White Plains into City Square with new apartments, renovated office spaces, retail, restaurants and open space.
“Right now I think everybody seems to be catching their breath and seeing just how they may have to reposition themselves,” Ginsburg said while noting that there was a lot of development going on in Yonkers, New Rochelle and White Plains before the pandemic and it”™s picking up again.
“They”™re getting more development now than they”™ve had in the last century. And, it”™s all, I think, healthy for the most part and pretty good quality. Basically, I”™m very positive about the future up here.”
Ginsburg said a major objective he has is to promote Hudson River tourism and it, in turn, can help promote real estate.
“When an area becomes touristy other businesses start going there too because it becomes a pleasant environment,” Ginsburg said. “The Hudson River currently is the only major river in the world that doesn”™t have cruise ships on it.”
He said that the use of electric power on vessels would be an environmental plus and that foreign tourists visiting New York City and looking for excursions would be an excellent market for Hudson River cruises.
“The opportunity is there and I think it will eventually come but the forces are not aligned for that right now,” Ginsburg said.