GDC Breaks Ground on Peekskill Gateway Townhomes Project
Real Estate In-Depth | September 2017
PEEKSKILL—Ginsburg Development Companies Principal Martin Ginsburg joined with Peekskill Mayor Frank Catalina and other state, county and city officials and dignitaries on September 14 for a groundbreaking ceremony to mark the start of construction of Gateway Townhomes here.
Located at 700 Main St., at the gateway to the city from Route 9, Gateway Townhomes will feature 16 rowhouse townhome-style condominiums with a selection of triplex two- and three-bedroom homes ranging in size from 1,649 square feet to 1,915 square feet. The first floor of each townhome will feature an entrance hall, home office/guest room and a two-car garage. The second floor will consist of the living and dining rooms with a large eat-in kitchen, with the top floor featuring two or three bedrooms.
Fourteen of the townhomes will be sold at market rate prices, starting at $275,000 and two units will be offered as affordable workforce housing for those making up to 80% of the Westchester County Median Income, with a sales price of approximately $240,000.
The City of Peekskill requested that GDC develop the former municipally-owned site as a for-sale homeownership project when GDC began the approval process for its Fort Hill Apartments luxury rental community located nearby.
“We recognized the importance of this site as a gateway to the City of Peekskill and its downtown and was happy to make this neighborhood townhome development part of our holistic commitment and investment in the city,” said Ginsburg. “We are pleased to offer GDC quality townhomes at prices that are very reasonable for new construction condominiums in Westchester County, ideal for both first-time homebuyers and empty-nesters looking to downsize who want to enjoy the convenience of downtown living,” he added.
“Thanks to Ginsburg Development Companies and everyone who has made this project a reality” said Westchester County Executive Robert P. Astorino in a statement. “The continued revitalization of Peekskill and developments like these being built all over Westchester proves over and over again that our county is a top tier location to live, work, go to school, and raise a family.”
“I cannot express my joy and excitement at the commencement of this project. It represents the first new construction in this area of Main Street in over 65 years. We thank Martin Ginsburg and the Ginsburg Development Corp. for staying in Peekskill and accepting this challenging project. He is a true visionary who is changing the face of Peekskill forever and we thank him,” said Peekskill Mayor Frank Catalina.
The townhomes, which are located near downtown restaurants and shops, will share a shuttle bus to the Peekskill Metro-North Station with GDC’s Fort Hill development. Sales are expected to begin in the summer of 2018.