Ginsburg Development Cos. continues to expand its luxury rental offerings with the opening of The Lofts on Saw Mill River, a 66-unit apartment complex on Route 9A in Hastings-on-Hudson.
The Valhalla-based development company held a grand-opening ceremony on Sept. 26 for the $34.9 million apartment complex on a former industrial parking lot at 419 Saw Mill River Road that developer Martin Ginsburg acquired more than a decade ago.
Targeted toward millennials and empty nesters, the complex includes two three-story, 27-unit buildings and a two-story building with 12 affordable workforce housing units. Construction is complete on the two three-story buildings, while the third building is expected to be completed by the end of the year, Ginsburg said. Ginsburg Development will begin showing The Lofts to the general public in October.
“It’s a tremendous location,” Ginsburg said, noting the development”™s proximity to major highways and the Hastings Metro-North Railroad station, which is roughly two miles away.
The affordable units will range from $874 per month for a studio to $1,484 per month for a three-bedroom unit. The application process for the affordable units closed in June when the Tarrytown-based Housing Action Council held a lottery to select qualified tenants.
Market-rate apartments will rent from between $3,245 for a 950-square-foot one-bedroom unit to $4,995 for a 1,656-square-foot three-bedroom unit.
Hastings Mayor Peter Swiderski said that while upscale rental apartments are “essentially new to the village,” both the market-rate and affordable units are “welcome additions” to the village”™s housing stock.
The project received $679,780 in sales and mortgage tax exemptions from the Westchester County Industrial Development Agency and created 100 construction jobs.
Ginsburg Development also dedicated 1.8 acres of open space to the village that will become a park and include a pedestrian bridge over the Saw Mill River to the nearby South County Trailway.
The Hastings complex is the second rental development by Ginsburg to open in four months. In June, Ginsburg unveiled Harbor Square, the $65 million, 188-unit apartment complex on the Ossining waterfront that a company spokesperson said is more than 50 percent leased. In Yonkers, the company is nearing completion of River Tides at Greystone, a $100 million, 330-unit apartment complex on Warburton Avenue set to begin leasing in spring of 2017. The company broke ground in September on 1177@Greystone, a 55-unit building one block north of River Tides at Greystone.
