The 10-story building will feature a mix of studio, one-bedroom, two-bedroom, and three-bedroom units. He said monthly rents will range from $2,000 for studios to $5,000. When completed, the building will have a walkway that will go directly to the Greystone Metro North railroad station.

“We are taking luxury rentals to a new level of elegance and resort-style living,” Ginsburg said. “We anticipate a broad market for the apartments at River Tides, from singles and young couples who are not yet ready to purchase a home, to New York City rail commuters, to empty nesters who want a truly exciting residence where they can live in a resort-like environment all year long."

Among the planned amenities at the property will include full concierge service, a two-story lobby, a club lounge, fitness and wellness center with available personal trainers, yoga classes and spa treatments, resort-style swimming pool and deck with cabana seating, seven barbeque stations, playground and outdoor fire pit lounge.

Yonkers Mayor Spano says that the city is seeing a comeback in commercial development activity of late and the River Tides at Greystone is just one of a number of major developments in the pipeline.

“The City of Yonkers is delighted that Martin Ginsburg's commitment to invest in our city has never wavered and today we welcome the beginning of River Tides, a project that will certainly establish Greystone as one of the premier apartment neighborhoods in Westchester," the mayor said.

The project, which is expected to create 300 construction jobs, has been granted incentives from the Yonkers Industrial Development Agency valued at $3.7 million in mortgage recording tax and sales tax exemptions.