YONKERS, N.Y. — Ginsburg Development Cos. (GDC) has begun construction on the $100 million River Tides at Greystone, a 330-unit luxury apartment complex. The apartment complex is one of the largest residential developments to be built in Yonkers in recent years.
Located a short walk from the Greystone Metro-North station, the complex will include Manhattan-style finishes and amenities as well as views of the Hudson River and the Palisades.
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,” says Martin Ginsburg, principal of GDC.
Designed in a contemporary architecture with expansive exterior corner walls of glass, the 10-story River Tides at Greystone will feature a mix of studio, one-, two- and three-bedroom units, many with views of the Hudson. Amenities include full concierge service, two-story lobby, club lounge, fitness and wellness center with available personal trainers, yoga classes and spa treatments, and a resort-style swimming pool and deck with cabana seating, seven barbeque stations, playground and outdoor fire pit. The apartments will feature stainless steel appliances, European-style cabinetry, stone countertops, bay windows and terraces.
Located in a residential neighborhood near Untermyer Park, River Tides at Greystone will have a direct walkway to the Greystone Metro-North station, which is 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,” says Ginsburg. “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.”
The building is schedule for completion in the fall of 2016.
GDC has owned the site in the Greystone section of Yonkers since the 1970s, a neighborhood where the firm previously built more than 600 rental and condo units.
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,” says Yonkers Mayor Mike Spano. “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, the complex is expected to create more than 300 construction jobs over a period of two years.
— Haisten Willis