YONKERS, NY (October 21, 2014) – Construction of one the largest residential developments to be built in Yonkers in recent years got underway today as City officials joined with executives of Ginsburg Development Companies (GDC) to break ground for River Tides at Greystone, a new $100 million, 330-unit luxury rental complex overlooking the Hudson River.
(Pictured from left to right are Yonkers City Council Minority Leader Michael Sabatino, Council Member Dennis Shepherd, City Council President Liam McLaughlin, Mayor Mike Spano, Developer Martin Ginsburg, New York State Assembly Member Shelley Mayer, Council Member Christopher Johnson, Majority Leader John Larkin and Council Member Mike Breen at the Groundbreaking Ceremony of GDC’s River Tides luxury rental development.)
Located just a short walk from the Greystone Metro-North station, River Tides at Greystone will set a new standard for luxury rental living in Westchester County offering Manhattan-style finishes and amenities as well as breathtaking views of the Hudson River and the Palisades.
The debut of River Tides at Greystone marks the launch of the Ginsburg’s new GDC Rentals brand of luxury rental apartment buildings. “Set against the backdrop of one of the most spectacular views in North America, we are extremely excited to break ground on River Tides, which will become a flagship property of the new GDC Rentals brand,” said Martin Ginsburg, Principal of GDC, which currently has riverfront luxury rental communities under way, Riverside in Haverstraw and Harbor Square in Ossining.
Designed in a stunning contemporary architecture with expansive exterior corner walls of glass, the 10-story River Tides at Greystone will feature a mix of studio, 1-bedroom, 2-bedroom and 3-bedroom units, many with direct views of the Hudson. Luxury amenities include full concierge service, elegant two-story lobby, elegant club lounge; fitness and wellness center with available personal trainers, yoga classes and spa treatments; and a spectacular resort-style swimming pool and deck with cabana seating, seven barbecue stations, playground and outdoor firepit lounge. The apartments will feature stainless steel appliances, Euro-style cabinetry, stone countertops, bay windows and terraces, many with river views.
Located in a quiet residential neighborhood near the picturesque Untermyer Park, River Tides at Greystone will have a direct walkway to the Greystone Metro-North station which is just a 30-minute commute to Grand Central.
“There are absolutely no residential rental buildings in Westchester to compare with what we are offering at River Tides at Greystone,” Mr. Ginsburg said. “We are taking luxury rentals to a new level of elegance and resort-style living. We anticipate a broad market for the apartments at River Tides, from singles and young couples who are not yet ready to purchase a home, to New York City rail commuters, to empty nesters who want a truly exciting residence where they can live in a resort-like environment all year long.” First residential occupancy is expected in Fall 2016.
GDC has owned the site in the Greystone section of Yonkers since the 1970’s, a neighborhood where the firm previously built more than 600 rental and condo units. “This is our prime site in the neighborhood. Until now all of the factors didn’t come together to develop it,” said Mr. Ginsburg.
“The City of Yonkers is delighted that Martin Ginsburg’s commitment to invest in our city has never wavered and today we welcome the beginning of River Tides, a project that will certainly establish Greystone as one of the premier apartment neighborhoods in Westchester,” said Yonkers Mayor Mike Spano. “We are particularly pleased that River Tides will have its own walkway to the Greystone Station of Metro-North Railroad, reflecting our commitment to Transit-Oriented-Development.”
River Tides at Greystone is receiving benefits from the Yonkers Industrial Development Agency that include $3.7 million in mortgage recording tax and sales tax exemptions. “The public-private partnership between GDC and our IDA demonstrates the willingness of our city to work with the private sector to stimulate investment in Yonkers,” said Mayor Spano, Yonkers IDA Chairman. “This property, which has been taxed as vacant land for decades, will now become an important addition to the city’s tax base.”
In addition to generating new tax revenue for Yonkers, River Tides at Greystone is expected to create more than 300 construction jobs over a period of two years.
Westchester-based GDC has been the leading builder of luxury townhome condominiums in the northern suburbs of New York City over the last several decades. River Tides at Greystone, along with the ongoing construction of Harbor Square in Ossining and Riverside in Haverstraw, represents a new company focus on building luxury rental apartments.