Second GDC Rentals Development to Open in Less Than 3 Months
HASTINGS-ON-HUDON, NY (September 26, 2016) – Ginsburg Development Companies continues to expand its GDC Rentals brand in Westchester County with the grand opening of The Lofts on Saw Mill River, a $34.9-million luxury rental development in the Village of Hastings-on-Hudson.
County and Village officials joined with GDC executives today for a ribbon-cutting ceremony at the new development located at 419 Saw Mill River Road (Route 9A). The Lofts at Saw Mill River features 66 loft-style rental apartments in three buildings. Two 3-story buildings each include 27 units and one 2-story building includes 12 affordable workforce housing units. The 12 affordable units count towards the affordable units mandated by the County’s affordable housing settlement with the federal government.
Monthly rentals for the market rate apartments range from $2,900 for a large one-bedroom unit (950 SF) to $5,000 for the largest 3-bedroom unit (1,656 SF). The affordable units range from $874 for a studio to $1,484 for a three-bedroom unit. Of the 12 affordable units, three will be available for households earning up to 50 percent area median income (AMI) and nine for households up to 60 percent AMI.
“Today’s grand opening of The Lofts on Saw Mill River completes a journey that began more than a decade ago when we first acquired this site. What was once a former industrial parking lot has now been transformed into an attractive community of contemporary loft-style rental apartments as well as much-needed affordable workforce housing,” said Martin Ginsburg, Principal of GDC. “We are particularly pleased to dedicate to the Village beautiful open space for the public to enjoy,” he added. GDC has dedicated 1.8 acres of “Great Lawn” to the Village and created for the public a pedestrian bridge to the South County Trailway, which runs by the property.
“The financial incentives provided to Ginsburg Development Companies by the Westchester IDA helped make this wonderful project a reality. In addition to creating construction jobs, The Lofts at Saw Mill River is adding to the vitality of Westchester’s economy with high quality rental apartments including affordable units,” said Westchester County Executive Robert P. Astorino.
GDC received financial incentives for the development from the Westchester County Industrial Development Agency (IDA). The project also received financial support from the County for land acquisition and infrastructure.
“Ginsburg’s high-quality developments are always an asset to a community – and Hastings will benefit both from the addition of these new high-end rentals as well as the provision of a dozen units at affordable rates,” said Hastings-on-Hudson Village Mayor Peter Swiderski.
The Lofts at Saw Mill River is GDC’s second new luxury rental development to open in less than three months. In July, GDC opened Harbor Square, a 188-unit luxury rental development on the Ossining waterfront. Harbor Square is already more than 50 percent leased. GDC is nearing completion of River Tides at Greystone, a 330-unit luxury rental complex overlooking the Hudson River in Yonkers. River Tides at Greystone is scheduled to begin leasing in January 2017. Earlier this month, GDC broke ground on [email protected], a new 55-unit luxury rental apartment building located on Warburton Avenue in Yonkers, one block north of River Tides at Greystone.
“The demand of luxury rentals in the Westchester market continues to grow with millennials as well as empty-nesters looking to live in a community with resort-style amenities and services as well as easy access to mass transit. The level of high quality finishes and design featured in our apartments is unlike anything being offered in the region’s rental market,” said Mr. Ginsburg.