WHITE PLAINS, N.Y. - A prominent Westchester developer has made its first mark in White Plains, announcing the purchase of a 124-unit luxury rental building in the heart of downtown.
On Friday, Ginsburg Development Companies (GDC) announced the purchase of the 12-story Halstead White Plains building at 25 Martine Avenue, a quick stroll to the Metro-North train station.
The building, formerly owned by the DSF Group - which has a prominent presence in New Rochelle - was purchased by GDC for $35.25 million. Since the purchase, GDC officials have proclaimed plans to “make major renovations to the building,” with the intention to rename it.
“We are very pleased to be entering the White Plains rental market which has been experiencing rapid growth in recent years. With its abundance of fine dining and upscale shopping plus quick access to Manhattan via Metro-North, downtown White Plains has become popular with millennials as well as empty-nesters,” GDC Principal and Founder Martin Ginsburg said in a statement.
“These are the two demographic groups that we have been successfully marketing to at our other luxury rental developments in Westchester. The cost of living in New York City has become prohibitive which makes White Plains with its transit-oriented developments more attractive than ever before. We are very bullish on Downtown White Plains.”