On Wednesday evening, October 9th, the Yonkers Planning Board voted to give final approval to River Club, a $107.5 million, 330-unit luxury rental apartment building to be built by Valhalla-based Ginsburg Development Companies, LLC (GDC) in the Greystone neighborhood of the city.
“GDC has built several successful residential projects in Greystone and we are very excited that our next building will be one of Westchester County’s finest luxury rental apartment buildings,” says GDC Principal Martin Ginsburg.
The 10-story project located adjacent to the Greystone Metro-North train station will feature spacious one and two bedroom units, many with balconies and spectacular views of the Hudson River and Palisades. Building amenities will include a clubroom, fitness center, swimming pool and 24-hour concierge service.
River Club is one of three luxury rental apartment buildings along the Hudson River in GDC’s development pipeline. The others are Harbor Square, a 188-unit project in Ossining and Riverside, a 106-unit project to be built at GDC’s Harbor’s at Haverstraw community in Rockland County.
“At GDC we have a strong company focus on building along the Hudson River adjacent to public transportation. River Club will offer resort style living just steps from the train station and a 30-minute commute to Grand Central,” said Ginsburg.
GDC has a 50-year history of building award winning residential projects in Westchester County and the region. The company plans to break ground on the project later this year.
The Yonkers Industrial Development Agency has given final approval for a tax benefit package to help incent GDC’s $107.5 million River Club luxury rental project. To be constructed overlooking the Hudson River and Palisades at the Greystone Train Station, groundbreaking is expected in the fall.
The project, comprising two 10-story towers, will receive $1.7 million in sales tax exemptions, $1.935 million in mortgage recording tax exemptions and a ten-year partial property tax exemption.
GDC has worked closely with the Yonkers Industrial Development Agency and the City of Yonkers to structure this win-win package. It will create hundreds of construction jobs and put this long vacant parcel back on the tax rolls as one of Yonkers’ finest residential buildings.
River Club will feature resort quality amenities including a swimming pool and fitness center and many units will offer spectacular river views.
You can read about this YIDA action at the Westchester County Business Journal HERE.