Ginsburg Devopment Plans “City Square” Development, to Renovate White Plains Financial Center

WPCNR MAIN STREET JOURNAL. From Ginsburg Development Companies. (Edited) April 11, 2018:

Martin Ginsburg, founder and principal of Ginsburg Development Companies, LLC (GDC), today announced the acquisition of The Westchester Financial Center, a 571,000-square-foot landmark office complex located on a square block between Main Street and Martine Avenue across from the White Plains Metro-North train station.

The property was purchased by entities affiliated with principals of GDC and Robert Martin Company, LLC (RMC), the original developer of the property.

The Westchester Financial Center in downtown White Plains is being renovated and renamed as City Square
The Westchester Financial Center in downtown White Plains is being renovated and renamed as City Square

“I have always admired this important gateway complex and so we are thrilled to be working with Robert Martin Company and its founder Bob Weinberg on this exciting project that will reinvent these iconic buildings as a key component of the new 24 hour live-work-play environment envisioned by the City of White Plains at its gateway and train station,” said Ginsburg. “Given its strategic location, we are confident that City Square will be Westchester County’s premier business address,” he added.

The new ownership plans to bring this landmark property up to the highest contemporary standards as a mixed-use development comprised of offices, retail shops, restaurants and residences.

Rebranded City Square, the redevelopment project will look to create a synergy with the new City of White Plains Transit District Strategic Plan to transform this Main Street gateway into a new pedestrian friendly district.

50 Main Street, a 15-story, 309,000-square-foot Class A office building will be renovated with a new lobby and an entire floor of amenities, including a fitness center, yoga studio, game room, lounge, and business center. The café will be renovated and expanded to have indoor and outdoor dining. The lobby will be extended, and new art and sculpture displays will be added to enliven the interiors.

The main feature of the complex is a unique two-acre central court which will feature a variety of attractions including a ¼ mile (2,000- step) “walk-around” which will go past landscaped areas, a water feature, sculptures, and different types of gathering places, including an outdoor lounge and sun deck.

The garage will also be upgraded with new lighting and signage. 1-11 Martine Avenue, a 14-story, 262,000-square-foot Class A office building will be converted into a mix of luxury residential apartments and office space, each with its own new lobby and elevator banks.

Westchester Financial Center was built in the mid-1980s by Robert Martin Company as a three-building complex and was sold by RMC in 1997.

The third building, The Metro, a 124-unit luxury apartment building was purchased separately by GDC in 2017. The complex occupies a full city block, bordered by Main Street, Martine Avenue, Bank Street and South Lexington Avenue.

“I have always admired this important gateway complex and so we are thrilled to be working with Robert Martin Company and its founder Bob Weinberg on this exciting project that will reinvent these iconic buildings as a key component of the new 24 hour live-work-play environment envisioned by the City of White Plains at its gateway and train station,” said Ginsburg. “Given its strategic location, we are confident that City Square will be Westchester County’s premier business address,” he added.

“Projects such as City Square align with the goals of the White Plains Transit District Strategic Plan, including activating the street with retail and restaurants, new residential units, improved pedestrian experience, placemaking, and proximity to mass transit. I am pleased to see it moving forward,” said White Plains Mayor Tom Roach.

“We look forward to working with Martin Ginsburg and the real estate and business communities to add to the positive momentum that has been driving recent demand in the downtown office market.  The tenants and office brokers are all very excited about what’s going to be happening at 50 Main and 1-11 Martine. It’s going to be very special,” said Robert Martin Principal Robert Weinberg.

In addition to the significant physical improvements to the property, GDC will market and manage City Square with the high standards that have historically exemplified the company over its more than 50-year history.

“We look forward to working with Martin Ginsburg and the real estate and business communities to add to the positive momentum that has been driving recent demand in the downtown office market.  The tenants and office brokers are all very excited about what’s going to be happening at 50 Main and 1-11 Martine. It’s going to be very special,” said Robert Martin Principal Robert Weinberg.

 

City Square is just a block away from the White Plains Metro-North Station, which just began a $94 million restoration and offers 35-minute express service to Grand Central Station. It is also easily accessible to I-287 and Bronx River Parkway and a short walk to Federal and County courthouses, Galleria mall and the White Plains Transportation Center.

 

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Greenburgh Cable Television Interviews Holocaust Survivor.

WPCNR The Feiner Report. From Greenburgh Town Supervisio Paul Feiner. April 11, 2018:

Tomorrow is Yom Hashoah—Holocaust Day of Remembrance to remember of the victims of the Holocaust.  We must never forget the stories of the victims of the Holocaust. And must try harder to avoid repeating the horrors that took place during the years the Nazi’s were in power.

In recognition of Yom Hashoah  our cable TV access channels will air 4 interviews with holocaust survivors.

We just produced a fascinating interview with Kurt Rothschild, a resident of Ardsley—a great story of a young boy fleeing from Nazi Germany, and returning to liberate Europe with the US Army.  Kurt lost his mother, father, sister, and many relatives to the Nazi horror.

On a good note Hannah & Kurt will be married 70 years this May. A great love story and an enduring one What a positive story. You can watch the interview with Hugh McAuley  on your computer by  clicking on to the following link:

And Kurt Rothschild http://greenburghpublicaccess.com/veterans-living-history/04102018-1741

Other interviews that we feature on Yom Hashoah can be viewed below:

Holocaust Program link, features three different interviews: http://greenburghpublicaccess.com/holocaust-living-history/04102018-1868
The Holocaust & Human Rights Education Center and the Westchester Jewish Council are proud to present the Annual Westchester Countywide Yom Hashoah Holocaust Commemoration this Thursday, April 12th from 12noon – 1pm at the Garden of Remembrance in White Plains, 148 Martine Avenue

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Sound Off on Con Ed/NYSEG Performance April 24 at County Center

WPCNR THE POWER STORY. From the City of White Plains, NY,USA. April 9, 2018:

The New York State Public Service Commission is sponsoring a series of public statement hearings regarding the March 2018 winter storms and resulting power outages.

A public hearing will be held in White Plains on Tuesday, April 24th at 6:00 PM at the Westchester County Center, Little Theater Auditorium, 198 Central Avenue. 

Additional Westchester hearings will be held on:
Monday, April 23rd – 2:00 PM – Larchmont Public Library
Monday, April 23rd – 6:00 PM – Somers Middle School
Tuesday, April 24th – 2:00 PM – Pound Ridge Town Hall

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Westchester First Quarter Real Estate Sales Soft Compared to Last Year

 

WPCNR REALTY REALITY. from the Hudson Valley Gateway Realtors Association. April 10, 2018 (Edited)

Westchester sales of a single family residential home were 1,034 in the first three months of 2018, a decrease of 5.6% over the first quarter of 2017.

For the quarter  the median sale price for a single-family residence in Westchester rose 2.2% to $613,250 from $600,000 in first quarter, 2017.

Westchester County, the most populous of the counties in the region, experienced an overall drop of 2.3% in residential sales. This seemed to be more in keeping with activity in the region at large.

 Co-op sales in Westchester however continue to be resilient and, in fact, increased by1.1%.

Sales of residential housing during the first quarter of 2018 in the lower Hudson Valley market served by the Hudson Gateway Multiple Listing Service, while still strong when compared to the last several years, were flat to somewhat lower as compared to the first quarter of 2017.

As Inventory Goes Down, the Prices go up, up, up.

Prices continued to strengthen in all four counties in the region while the days on market was down, indication that the continuing erosion in inventories is negatively affecting sales activity while putting upward pressure on prices.

Inventory of a single-family residence was down 7.3% in Westchester, 12% in Rockland, 21.5% in Putnam and 17.1% in Orange County as compared to the first quarter of 2017.

Putnam County, which is the least populous of the counties in the region, actually had an overall increase of 7.2% in residential sales as well as the largest percentage increase in price (9.4%) for a single-family home. This translates to a median price of $323,750 as compared to $296,000 for the first quarter of 2017.
Rockland County experienced the largest decrease in residential sales in the region with a drop of 13.7%, the only double-digit change in the region. Median sale price of a single-family residence in Rockland rose 2.4% to $435,000, the second highest median price in the region.

In Orange County, sales of a single-family residence dropped a minuscule .5% while single family home sale prices rose to a median of $240,000 a 4.3% increase from the previous year. The median sale price of a single-family home in Orange County at the end of the first quarter of 2009 was $310,000 which likely explains why Orange County is now experiencing some of the larger percentage gains in price.

Hudson Gateway Association of Realtors Analysis:
First quarter sales for the region were largely the result of transactions which were negotiated in the last quarter of 2017, a period of uncertainty given that the Federal Tax Reform bill was actively being negotiated in Congress with no clear picture as to how the bill would affect real estate. This uncertainty could be a contributing factor, along with low inventory, to the flat sales numbers in most of the region in the first quarter. Another possible dark cloud on the horizon is an increasingly volatile stock market.

However, with mortgage rates remaining attractive, unemployment low, and economic development activity high in the region, the prospects for another healthy year for real estate sales in the region remain bright.

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