Ginsburg Revises River Club Plan in Yonkers

The company is now seeking approval from the Yonkers Planning Board to convert the project from a rental apartment development to condominium use. Company officials say that the original proposal called for 428 rental units. The modified plan, if approved, would involve the development of 353 condominium units. The size of the project under the new plan would be nine stories. The original plan called for a 10-story building.

Martin Ginsburg, a principal of Ginsburg Development, explains that market conditions played a part in the decision to modify the River Club plan. "The strong market for luxury condominiums has allowed us to re-envision River Club as a for-sale project," Ginsburg notes.

Ginsburg, who is president and chief executive officer of the firm, adds that the need to make the condominiums larger, in terms of size and ceiling height, resulted in the reduction of 75 units. However, the building occupies essentially the same footprint as the previously approved rental complex.

One benefit of the new proposal is that it creates a new public view corridor from Warburton Avenue to the Hudson River, company officials say. River Club, which is designed by Perkin Eastman Architects of New York City, will feature studio, one-, two- and three-bedroom units. Prices are expected to range from $300,000 for a 545-sf studio to $1.2 million for a 1,800-sf, three-bedroom unit on a high floor facing the river. In addition, four duplex penthouses will be offered at more than $1.6 million.

GDC officials are hoping to obtain the necessary approvals to allow construction to begin later this year. No development cost for the project has been released. GDC is also developing Kensington Woods in New Rochelle, Ichabod's Landing in Sleepy Hollow, the Harbors at Haverstraw (Rockland County), Marbury Corners in Pelham, Riverbend in Peekskill and the Fairways in Wallkill (Orange County). In Connecticut, the company's active developments include the Greens at Gillette Ridge in Bloomfield, Woodland Hills in Danbury and the Goodwin Estate in Hartford.