Yonkers IDA Grants Preliminary Approval of Incentives for Two Redevelopment Projects

YONKERS—The Yonkers Industrial Development Agency reported that it had granted preliminary approval of financial incentives for two planned developments representing a total private investment of approximately $162 million in private investment at its session on Oct. 29. 

The largest project is being proposed by Urban Builders Collaborative of New York City, which 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 Broadway, Yonkers. 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 in December 2025. The site currently consists of a city parking lot, a vacant commercial building and a 1-story commercial building. 

The company has successfully developed 2,000 multifamily residential apartments with development costs of more than $1 billion throughout New York City, New Jersey and Westchester County. 

Gontar Management of Yonkers 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 Street, 52 South Broadway and 47 South Broadway. The company’s redevelopment plan would feature a mix of market-rate and affordable units with street-level retail along South Broadway. 

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