GDC Breaks Ground on $35M Project in Hastings

John Jordan | May 2015

From left, Hastings-on-Hudson Village Mayor Peter Swiderski, GDC Founder and Principal Martin Ginsburg and Westchester County Executive Robert Astorino
From left, Hastings-on-Hudson Village Mayor Peter Swiderski, GDC Founder and Principal Martin Ginsburg and Westchester County Executive Robert Astorino

HASTINGS-ON-HUDSON—Ginsburg Development Companies, which recently began construction on major rental housing projects in Yonkers and Ossining, broke ground on May 7 on its $34.9-million The Lofts on Saw Mill River development here.

The project, situated on a 7.45-acre site on Saw Mill River Road (Route 9A), will feature 66 loft-style rental apartments in three buildings. Two three-story buildings will each include 27 units and one, two-story building will feature 12 affordable workforce housing units. The 12 affordable units will count towards the affordable units mandated by the county’s affordable housing settlement with the federal government.

Among those on hand for the groundbreaking ceremony included Westchester County Executive Robert Astorino, Ginsburg Development Cos. Principal Martin Ginsburg and Village of Hastings-on-Hudson Mayor Peter Swiderski.

GDC received $679,780 in financial incentives for The Lofts from the Westchester County Industrial Development Agency. The project also received $1,166,000 in financial support from Westchester County for land acquisition and infrastructure costs. The project is expected to create 100 construction jobs over an 18-month period, GDC officials stated.

Monthly rentals for the market rate apartments will range from $2,900 for a large one-bedroom unit to $5,000 for the largest 3-bedroom unit. Monthly rents for the affordable units will 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% area median income (AMI) and nine for households up to 60% AMI. The first residential occupancy is expected in summer 2016.

As part of the project, GDC has dedicated 1.8 acres of “Great Lawn” to the village and will create a 10-space parking lot and pedestrian bridge to the South County Trailway, which runs by the property, for public use. The site is a former industrial parking lot that GDC has owned since 2005.

Last year, GDC began construction of Harbor Square, a 188-unit luxury rental development on the Ossining waterfront, and River Tides at Greystone, a 330-unit luxury rental complex overlooking the Hudson River in Yonkers. In Rockland County, GDC will open next month Riverside at Harbors-at-Haverstraw, a 106-unit luxury rental building on the Hudson River shoreline.

“There is a strong and growing demand for luxury rental properties, from singles and young couples who are not yet ready to buy a home to Manhattan commuters to empty nesters,” Ginsburg said. “By offering an unmatched level of design and resident services, we are clearly positioned to be the leading developer of luxury rentals north of New York City.”

GDC, which for years had been a developer of predominantly condominium developments in the area, recently launched GDC Rentals, a luxury rental housing development company.

John Jordan
Editor, Real Estate In-Depth