{"id":1004218929,"date":"2018-04-13T00:45:50","date_gmt":"2018-04-13T08:45:50","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004218929"},"modified":"2022-12-07T23:21:08","modified_gmt":"2022-12-08T07:21:08","slug":"ginsburg-development-acquires-ny-office-complex","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/ginsburg-development-acquires-ny-office-complex\/","title":{"rendered":"Ginsburg Development Acquires NY Office Complex"},"content":{"rendered":"<p>By IvyLee Rosario<\/p>\n<div id=\"attachment_1004219040\" style=\"width: 372px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/City-Square.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004219040\" data-attachment-id=\"1004219040\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/ginsburg-development-acquires-ny-office-complex\/ginsburg-development-companies-city-square\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/City-Square.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;Ginsburg Development Companies&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;The Westchester Financial Center in downtown White Plains is being renovated and renamed as City Square (PRNewsfoto\/Ginsburg Development Companies)&quot;,&quot;created_timestamp&quot;:&quot;1523404800&quot;,&quot;copyright&quot;:&quot;This image must be used within the context of the news release it accompanied. Request permission from issuer for other uses.&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;Ginsburg Development Companies - City-Square&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Ginsburg Development Companies &#8211; City-Square\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;The Westchester Financial Center, White Plains, N.Y.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/City-Square.jpg?w=800\" class=\"wp-image-1004219040 \" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/City-Square.jpg\" alt=\"\" width=\"362\" height=\"281\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/City-Square.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/City-Square.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/City-Square.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 362px) 100vw, 362px\" \/><\/a><p id=\"caption-attachment-1004219040\" class=\"wp-caption-text\">The Westchester Financial Center, White Plains, N.Y.<\/p><\/div>\n<p>Ginsburg Development Cos. has acquired The Westchester Financial Center, a landmark <a href=\"https:\/\/www.commercialsearch.com\/news\/cw-to-lease-manage-westchester-one-in-ny\/\">office complex in White Plains, N.Y.<\/a>\u00a0The property was purchased by entities affiliated with principals of GDC and Robert Martin Co., the original asset developer.<\/p>\n<p>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\u00a0the White Plains Metro-North Station, which just began a\u00a0<span class=\"xn-money\">$94 million<\/span>\u00a0restoration. The property is within close proximity to Interstate 287, the Bronx River Parkway, Galleria mall and the White Plains Transportation Center.<\/p>\n<h2>Conversion plan<\/h2>\n<p>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.<\/p>\n<p>The complex&#8217;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.\u00a0GDC will market and manage\u00a0City Square.<\/p>\n<p><em>&#8220;I have always admired this important gateway complex and so we are thrilled to be working with Robert Martin Co. and its founder\u00a0<span class=\"xn-person\">Bob Weinberg<\/span>\u00a0on 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 c<span class=\"xn-location\">ity of White Plains<\/span>\u00a0at its gateway and train station,&#8221;<\/em> said Martin Ginsburg, founder &amp; principal of Ginsburg Development Cos., in a prepared statement.<\/p>\n<p><em>Image courtesy of\u00a0Ginsburg Development Cos.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The firm purchased the property from Robert Martin Co. and plans to convert it into a mixed-use development that will offer office, retail, restaurants and residential units.<\/p>\n","protected":false},"author":746,"featured_media":1004219040,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21782,21783,21752,1600,21742,10,21747],"tags":[39789,39786],"class_list":["post-1004218929","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-development","category-investment","category-mixed-use","category-new-york","category-latest","category-northeast","category-office","tag-ginsberg-development-companies","tag-martin-ginsburg"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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