Ginsburg Development Acquires NY Office Complex
- Apr 13, 2018
Ginsburg Development Cos. has acquired The Westchester Financial Center, a landmark office complex in White Plains, N.Y. The property was purchased by entities affiliated with principals of GDC and Robert Martin Co., the original asset developer.
Westchester Financial Center was built in 1986 by Robert Martin Co. as a three-building complex, then sold it in 1997. In 2017, GDC purchased the third building, known as The Metro, a 124-unit luxury apartment building. The complex comprises a full city block and is across the street from the White Plains Metro-North Station, which just began a $94 million restoration. The property is within close proximity to Interstate 287, the Bronx River Parkway, Galleria mall and the White Plains Transportation Center.
Ginsburg plans to convert the complex into a mixed-use development that will offer office, retail, restaurants and residences, rebranding it as City Square. One of the buildings, located at 50 Main St., will be renovated to include a new lobby with art and sculpture displays. Additionally, the property will also feature a floor of amenities such as a fitness center, game room, business center, yoga studio and lounge, within its 309,000 square feet. The 15-story, Class A office asset will also have its cafe upgraded and expanded to offer indoor and outdoor dining.
The complex’s main feature will be a two-acre central court, which will include a quarter mile walk-around that will surround landscaped areas, sculptures, an outdoor lounge, water feature and sun deck. The garage will also receive new lighting and signage. The 262,000-square-foot property at 1-11 Martine Ave. will be converted into a mix of luxury apartments and office space across its 14 floors. GDC will market and manage City Square.
“I have always admired this important gateway complex and so we are thrilled to be working with Robert Martin Co. 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 Martin Ginsburg, founder & principal of Ginsburg Development Cos., in a prepared statement.
Image courtesy of Ginsburg Development Cos.