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City and county officials cut ribbon at Yonkers luxury building

$100 million Ginsburg Development project lauded by officials but criticized by Yonkers residents who said rent is too expensive

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City and county officials cut the ribbon to signify the opening of the River Tides at Greystone: a new luxury rental building with views of the Hudson River.

$100 million project is Ginsburg Development Companies' third major luxury rental development to open in Westchester County in less than a year.

"We are always moving forward, and that is what matters most,” said Yonkers Mayor Mike Spano. “We are taking our city in the right direction."

The rental building features 330 luxury units. Monthly rents start from $1,925 for a studio, $2,425 for a one bedroom, and $2,995 for a two bedroom.

Folks in the neighborhood say those rents are too expensive, though, and they’d like to see more affordable housing be built.

"I think it’s important to have a certain amount of balance to accommodate other people who are not in the high-income bracket," said Jack Chavesta of Yonkers.

County Executive Rob Astorino says while building affordable housing is an expensive investment, the county is working on it, and he says it’s needed.

"They need a lot of partners including government, tax credit, to make the numbers work,” said Astorino. “This, a higher end (building) is easier for him because in the market they can draw people from all over the New York City area."

The county has been sued by the federal government for its lack of affordable housing and is now being monitored by the government concerning that issue.

The developers' next project is breaking ground to build luxury apartments in Peekskill.



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