Ginsburg Firm Acquires Downtown White Plains Rental
Real Estate In-Depth | February 8, 2017
WHITE PLAINS—In the residential development firm’s first entry into the Downtown White Plains market, Ginsburg Development Companies has purchased the 124-unit luxury rental apartment building at 25 Martine Ave. here.
The 12-story building, currently known as Halstead White Plains, was purchased by GDC from DSF Group of Boston for $35.25 million. GDC plans to make major renovations to the building and rebrand it with a new name. Avison Young reportedly arranged a $28.64-million acquisition loan for GDC in connection with the purchase. Ginsburg announced the purchase deal on Feb. 7.
The DSF Group, which owns the Halstead New Rochelle, reportedly acquired the Halstead White Plains in 2012 for approximately $34 million.
“We are very pleased to be entering the White Plains rental market which has been experiencing rapid growth in recent years. With its abundance of fine dining and upscale shopping plus quick access to Manhattan via Metro-North, Downtown White Plains has become popular with Millennials as well as empty-nesters. These are the two demographic groups that we have been successfully marketing to at our other luxury rental developments in Westchester,” said GDC Principal and Founder Martin Ginsburg. “The cost of living in New York City has become prohibitive which makes White Plains with its transit-oriented developments more attractive than ever before. We are very bullish on Downtown White Plains,” he added.
GDC is currently completing River Tides at Greystone, a transit-oriented luxury rental in Yonkers. Located in a quiet residential neighborhood on Warburton Avenue near the Hastings-on-Hudson city line, River Tides at Greystone features a mix of studio, one-bedroom, two-bedroom and three-bedroom units, many with river views. The apartments feature stainless steel appliances, Euro-style cabinetry, stone countertops, bay windows and terraces. Monthly rents range from $1,795 for a studio to more than $5,000 for a corner penthouse apartment. Occupancy is scheduled to begin on June 1st. Also in Yonkers, GDC is constructing 1177@Greystone, a new 55-unit luxury rental apartment building located one block north of River Tides in the Greystone neighborhood of Yonkers. The project is scheduled to open this fall.
Last year, GDC completed two major rental projects in Westchester: Harbor Square in Ossining and The Lofts on Saw Mill River in Hastings-on-Hudson.
GDC reported 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.