Ginsburg Debuts Newest Rental Property in Downtown White Plains
John Jordan | March 22, 2017
WHITE PLAINS—Longtime residential development firm Ginsburg Development Companies of Valhalla recently unveiled its most recent addition to its multifamily portfolio—the newly renamed “The Metro” in Downtown White Plains.
GDC Principal Martin Ginsburg took the wraps off his firm’s 124-unit, 12-story asset at 25 Martine Ave. at an event held on March 20th. The firm acquired the property, formerly known as Halstead White Plains, from DSF Group of Boston in February for $35.25 million. GDC has stated that it plans to make major renovations to the building. Avison Young reportedly arranged a $28.64-million acquisition loan for GDC in connection with the purchase.
The DSF Group, which owns the Halstead New Rochelle, reportedly acquired the Halstead White Plains in 2012 for approximately $34 million.
“These are exciting times for downtown White Plains which is undergoing a dynamic transformation with several major residential and retail projects under way. GDC is delighted to be part of the excitement with the debut of The Metro,” said Martin Ginsburg, principal and founder of GDC. “Transit oriented developments, such as The Metro, are a driving force in today’s multi-family market especially with Millennials. With its easy access to Manhattan and vibrant retail and restaurant scene, White Plains has all the ingredients for continued economic growth.”
White Plains Mayor Thomas Roach, the guest speaker at the March 23rd meeting of the Hudson Gateway Association of Realtors’ Commercial Investment Division, said, “We are seeing tremendous investment in our city and Ginsburg Development’s investment in 34 South Lexington Ave. is an important part of that. This property is in the heart of the White Plains Transit District, an area for which we have recently completed extensive study and which we will soon begin to address short and long term improvements.” He added that the Transit District has the potential to be an integral node of the city’s Downtown District and help transform White Plains as a “regional business, retail, and entertainment hub.”
The Metro is GDC’s fourth luxury rental building. Last year, GDC completed Harbor Square, a 188-unit luxury rental located on the Hudson and adjacent to the Ossining train station. Harbor Square features a public park, waterfront promenade and restaurant. The new restaurant at the property is scheduled to open soon.
In Yonkers, GDC is currently completing the construction of River Tides at Greystone, a 330-unit luxury rental in Yonkers overlooking the Hudson River and Palisades. The project features a direct walkway to the nearby Greystone Metro-North train station. GDC is also building 1177@Greystone, a 55-unit luxury rental apartment building located one block north of River Tides with similar easy access to the Greystone train station.
Last year, GDC also completed The Lofts on Saw Mill River in Hastings-on-Hudson.
GDC reports that it will soon begin transforming a former convent property in Peekskill overlooking the Hudson River into a resort-style tourist destination that would feature a spa, inn and restaurant as well as 178 luxury rentals apartments and 20 townhomes. Site work on the project has begun.
Editor, Real Estate In-Depth