YONKERS, NY—Developer Martin Ginsburg wasjoined by a host of city officials, including Yonkers MayorMike Spano, on Tuesday to turn the first dirt on hisfirm's more than $100-million River Tides at Greystone apartmentproject here.

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Ginsburg, principal of Ginsburg DevelopmentCompanies of Valhalla, NY, has owned the property thatoverlooks the Hudson River and has an unobstructed view of thePalisades since the 1970s. Noting that he had tried to develop theparcel a number of times over the years, he said the time is nowright for his luxury, 330-unit rental apartment building.

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“What I think we have done here is used all of the experiencethat we have had over the years to really create a masterpiece,”Ginsburg said. “This is going to be the premier residence inWestchester.”

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Over the years, Ginsburg has developed more than 600 units ofhousing in the Greystone neighborhood as well as an office buildingacross from St. John's Hospital at 984 North Broadway.

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The 10-story building will feature a mix of studio, one-bedroom,two-bedroom, and three-bedroom units. He said monthly rents willrange from $2,000 for studios to $5,000. When completed, thebuilding will have a walkway that will go directly to the GreystoneMetro North railroad station.

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“We are taking luxury rentals to a new level of elegance andresort-style living,” Ginsburg said. “We anticipate a broad marketfor the apartments at River Tides, from singles and young coupleswho are not yet ready to purchase a home, to New York City railcommuters, to empty nesters who want a truly exciting residencewhere they can live in a resort-like environment all yearlong."

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Among the planned amenities at the property will include fullconcierge service, a two-story lobby, a club lounge, fitness andwellness center with available personal trainers, yoga classes andspa treatments, resort-style swimming pool and deck with cabanaseating, seven barbeque stations, playground and outdoor fire pitlounge.

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Yonkers Mayor Spano says that the city is seeing a comeback incommercial development activity of late and the River Tides atGreystone is just one of a number of major developments in thepipeline.

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“The City of Yonkers is delighted that Martin Ginsburg'scommitment to invest in our city has never wavered and today wewelcome the beginning of River Tides, a project that will certainlyestablish Greystone as one of the premier apartment neighborhoodsin Westchester," the mayor said.

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The project, which is expected to create 300 construction jobs,has been granted incentives from the Yonkers IndustrialDevelopment Agency valued at $3.7 million in mortgagerecording tax and sales tax exemptions.

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John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.