Westchester and Fairfield Business Journal 070620

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TRUSTED JOURNALISM AT YOUR FINGERTIPS

JULY 6, 2020 VOL. 56, No. 27

westfaironline.com

SWEET ENDEAVOR SEE STORY ON PAGE 10

Ellen Sledge, owner of Penny Lick Ice Cream. Photo courtesy Penny Lick Ice Cream.

INSIDE

Change-up pitch GINSBURG INTRODUCES RENTALS INTO HAVERSTRAW PROJECT

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BY PETER KATZ pkatz@westfairinc.com

TWB IN THELoan SWIMDecision Banner Ad 6” w x 1.5” h 3-24-20 PAGE

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BEYOND BIZ

IN THE ZONE

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eveloper Martin Ginsburg sees a better market for rentals than condominiums, at least right now, in Haverstraw and has decided to offer rentals in his project The Waterfront at Harbors.

Part of Valhalla-based Ginsburg Development Cos.’ larger Harbors-atHaverstraw community, the 40-units in The Waterfront at Harbors originally were going to be marketed as condos starting at around $400,000 and running into the $600,000s. When a ribbon cutting took place last September, it appeared as

GREENWICH ENTREPRENEUR SAYS TIME IS RIGHT TO INVEST IN OZs

if there would be a strong market for the units. Now, however, the condo market in Rockland County has softened somewhat and Ginsburg has decided to offer the apartments as rentals starting at $4,150 a month. In addition to a full complement of premium appliances and luxury finishes, the apart» GINSBURG

YOUR COMMUNITY LENDER… HERE TO HELP (914) 368-9919

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BY KEVIN ZIMMERMAN kzimmerman@westfairinc.com

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emember Opportunity Zones? As defined by the IRS, a Qualified Opportunity Zone — created by the Tax Cuts and Jobs Act of 2017 — is “an economically distressed community where new investments, under certain conditions, may be eligible for preferential tax treatment.” Many of Connecticut’s 72 approved Qualified Opportunity Zones in 27 municipalities, which include 17 in Fairfield County (seven in Bridgeport, five in Stamford, three in Norwalk and one each in Danbury and Stratford), were reportedly gaining traction with investors, mainly from Connecticut and New York, before COVID-19 arrived. Then, like so much else in life, the idea of investing in these zones was pretty much sidelined. The Economic Innovation Group, a think tank based in Washington, D.C., recently surveyed more than 100 investors and other people involved in Qualified Opportunity Zones. It found 52% of respondents saying the » ZONE 6


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