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YONKERS, NY-An affiliate of GDC Properties Inc. takes a net lease of the Tower at Greystone, a 15-story residential apartment building here. A source familiar with the deal says the transaction is valued at somewhere between $17 million to $18 million. Sonnenblick-Goldman arranged the deal. GDC officials had no comment on the value.

Greystone is a 15-story building located at 1020 Warburton Ave. and contains 65 apartments, a multi-level garage with 118 parking spaces and 3,613 sf of commercial space. Sonnenblick-Goldman managing director David S. Schaiman along with Alex Hernandez, senior associate, and Peter Hopkins, analyst, represented building owner Carlyle Construction Co. of New York City.

The property, built in 1989, is located in northwest Yonkers and features a pool and exercise facility. GDC is an affiliate of Ginsburg Development LLC of Hawthorne, NY–a developer of residential communities in Westchester County and other New York suburban counties.

“A federal law involving REMICS (real estate mortgage investment conduit), which prohibits the refinancing and/or sale of the property, added to the complexity of this deal,” says Schaiman. “Yet, despite this challenge, we were able to arrange a transaction through a triple net lease agreement that was agreeable to all parties.”

GDC recently received all the necessary approvals from the City of Yonkers to move forward on its River Club project along the city’s waterfront. An Article 78 proceeding has been filed by some affected neighbors of the project, according to a GDC spokesman. He says the company is confident it will prevail in the court proceeding so that construction can begin in the spring of 2005 on the 428-unit luxury apartment building. Sam Ginsburg, a principal of GDC, says Greystone will complement other holdings in the firm’s residential portfolio.

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