Yonkers Industrial Development Agency votes preliminary approval of incentives for two projects

Yonkers, NY The Yonkers Industrial Development Agency (YIDA) has voted preliminary approval of financial incentives for two planned developments representing a total private investment of approximately $162 million in private investment.

Urban Builders Collaborative is planning to build a $159.4 million multifamily residential, mixed-use building on an assemblage of three lots at 325, 335 and 337 South Bdwy. The project will feature 185 affordable studio, one-bedroom, two-bedroom and three-bedroom apartments.

Urban Builders is requesting sales tax exemption $4,324,227 and mortgage tax exemption of $1,106,700 and a 33-year real property tax exemption. The project is expected to create 300 construction jobs with work to begin December 2025. The site consists of a city parking lot, a vacant commercial building and a one-story commercial building.

Gontar Management is requesting a sales tax exemption of $88, 235 to commence a $2.6 million demolition of a site to prepare it for potential future redevelopment. The site is located on three separate parcels at 3 Prospect St., 52 South Bdwy. and 47 South Bdwy. The company’s redevelopment plan would feature a mix of market-rate and affordable units with street-level retail along South Bdwy.

Gontar Management LLC was founded in 1999 with a focus on affordable housing. The company grew from one small building in Queens, NY to over 16 properties in Westchester County that encompass over 150,000 s/f of residential and commercial space.

Urban Builders has developed 2,000 multifamily residential apartments with development costs over $1 billion throughout New York City, New Jersey and Westchester County.