GDC breaks ground on $34.9 million The Lofts on Saw Mill River; Receives $679,780 in financial incentives from the Westchester County IDA

Building upon the recent launch of its new GDC Rentals brand of apartment living, Ginsburg Development Companies (GDC) began construction of The Lofts on Saw Mill River, a $34.9 million development in the village of Hastings-on-Hudson. Located on a 7.45-acre site on Saw Mill River Rd. (Rte. 9A), The Lofts will feature 66 loft-style rental apartments in three buildings. Two three-story buildings will each include 27 units and one two-story building will include 12 affordable workforce housing units. The 12 affordable units will count towards the affordable units mandated by the county's affordable housing settlement with the federal government. Monthly rentals for the market rate apartments will range from $2,900 for a large one-bedroom unit (950 s/f) to $5,000 for the largest 3-bedroom unit (1,656 s/f). The affordable units will range from $874 for a studio to $1,484 for a three-bedroom unit. Of the 12 affordable units, three will be available for households earning up to 50% area median income (AMI) and nine for households up to 60% AMI. First residential occupancy is expected in summer 2016. As part of the project, GDC has dedicated 1.8 acres of "Great Lawn" to the Village and will create for the public a 10-space parking lot and pedestrian bridge to the South County Trailway, which runs by the property. The site is a former industrial parking lot that GDC has owned since 2005. Speaking at the groundbreaking ceremony attended by county and village officials, Martin Ginsburg, principal of GDC, said, "The Lofts on Saw Mill River will bring unique contemporary loft-style rental apartments to Westchester County as well as affordable workforce housing. We are also pleased to dedicate open space to the village with public access to the South County Trailway. As with all GDC developments, enhancing the neighborhoods where we build is an important component of our company mission." "Westchester County is delighted to have provided GDC with incentives and financial support to make this exciting new development, which will create high quality rental apartments and construction jobs, a reality," said Westchester county executive Robert Astorino. GDC received $679,780 in financial incentives for The Lofts from the Westchester County Industrial Development Agency (IDA). The project also received $1,166,000 in financial support from the County for land acquisition and infrastructure. The project is expected to create 100 construction jobs over an 18-month period. "The Village is very excited about The Lofts on Saw Mill River because it represents the opportunity for high quality rental apartments plus the 12 units of much-needed affordable housing. Ginsburg Development Companies has a reputation for building outstanding developments and we're confident that they will deliver on these new rental apartments as well as the affordable units," said Hastings-on-Hudson Village Mayor Peter Swiderski. The Lofts is GDC's fourth new luxury rental development to recently break ground that offers contemporary design and condo-quality finishes. Last year, GDC began construction of Harbor Square, a 188-unit luxury rental development on the Ossining waterfront, and River Tides at Greystone, a 330-unit luxury rental complex overlooking the Hudson in Yonkers. In Rockland, GDC will open next month Riverside at Harbors-at-Haverstraw, a 106-unit luxury rental building on the Hudson River. "There is a strong and growing demand for luxury rental properties, from singles and young couples who are not yet ready to buy a home to Manhattan commuters to empty nesters. By offering an unmatched level of design and resident services, we are clearly positioned to be the leading developer of luxury rentals north of New York City," said Mr. Ginsburg.