Developer Martin Ginsburg has returned to Yonkers with plans to develop a 364-unit luxury apartment complex on a Warburton Avenue site owned by his Valhalla-based company for nearly 40 years.
Ginsburg recently presented his site plan for River Club, a three-building complex at 1105-1135 Warburton Ave., to the Yonkers Planning Board for review.
Ginsburg Development Cos. L.L.C. has owned the 4.6-acre property since 1974. The site is in the northeast section of Yonkers where the developer built four residential waterfront projects in the late 1960s and early 1970s.
City officials in 2001 approved construction of 428 condominiums at the location and four years later approved a redesigned plan for 353 condos. Though Ginsburg has been granted three site-plan extensions since 2007, the condo development “has become economically unfeasible,” attorney Andrew J, Maniglia, a former Ginsburg Development Cos. executive, said in the company”™s project application.
Maniglia said market conditions favor luxury rental apartments that could later be converted and sold as condos.
Ginsburg wants to build two seven-story buildings and a five-story building that would rise over two underground parking levels. Previous River Club plans called for nine-story buildings. The club”™s proposed floor area is approximately 418,800 square feet, a reduction of nearly 124,000 square feet from previously approved plans.
The Ginsburg company”™s most recent luxury residential development in Westchester County, Christie Place in Scarsdale, was completed in 2008.
Ginsburg did not return a call for comment on the Yonkers project.
