GDC Acquires Stratus on Hudson in Yonkers for Nearly $40M
Real Estate In-Depth | April 2020
YONKERS—Ginsburg Development Companies has added to its portfolio of multifamily properties in the Greystone section of Yonkers with the recent purchase of the Stratus on Hudson, a 74-unit luxury rental building located at 1077 Warburton Ave.
GDC purchased the property in Northwest Yonkers from Stamford, CT developer Randy Salvatore’s RMS Companies who completed the building last year.
A report in the Westchester County Business Journal stated the sale price of the property was $39.5 million.
“GDC has a lot of history in the Greystone area going back to the 1960s and have built six projects in this community. Our River Tides and 1177@Greystone luxury rental buildings are recent additions to the Greystone neighborhood, which has become a premier residential neighborhood in Westchester County. Randy Salvatore built a building that meets the high-quality brand standards of GDC Rentals, so it was a natural fit for our portfolio,” said GDC Principal Martin Ginsburg.
The CBRE team of Jeffrey Dunne, Gene Pride, Jeremy Neuer, David Gavin, Steven Bardsley and Eric Apfel represented the owner, RMS Companies, in the sale to Ginsburg Development Companies.
Stratus on Hudson features a rooftop sun deck with lounge seating, an outdoor bar, wide screen television, and views of the Hudson River looking up and down the river toward the New York City skyline. Other amenities include a club lounge party room with billiards, a fitness center, indoor garage parking and a location that offers a three-minute walk to the Greystone Metro-North station.
GDC will offer Stratus residents access to The Spa at River Tides and other programming offered at the larger 330-unit full-service building.
The apartments at Stratus feature 9’6” ceilings with eight-foot panoramic windows with many river views; LVT plank flooring with herringbone pattern carpeting in bedrooms; designer kitchens with stainless steel appliances, high gloss grey and white cabinets and quartz countertops; large walk-in closets; a washer and dryer in every unit and spa-inspired bathrooms with glass shower enclosures.
“With the addition of Stratus, GDC now offers a variety of lifestyle choices in Greystone from our large full-service River Tides building with a swimming pool, to the midsize Stratus with a spectacular roof deck, to our small boutique building 1177 @Greystone with a dramatic sunset deck. Each property in its own distinct way delivers on GDC’s brand promise of “Come home to vacation,” added Ginsburg.
Stratus marks the 10th property owned by various GDC entities and managed by GDC Rentals. In addition to Stratus, River Tides and 1177, the properties include The Lofts on Saw Mill River in Hastings-on-Hudson, The Metro in GDC’s City Square complex in White Plains, Harbor Square in Ossining, Fort Hill Apartments in Peekskill, The Landing on Mohegan Lake, and Parkside and Riverside on the Hudson River in Haverstraw.