The Yonkers Industrial Development Agency has issued preliminary approval of financial incentives for a new multifamily residential building to be constructed on three adjoining lots located at 325, 335, and 337 South Broadway in Yonkers. The project is being developed by Urban Builders Collaborative, a New York City-based company. When complete, it will yield 185 affordable apartments in studio to three-bedroom configurations.
325, 335, and 337 South Broadway, via Google Maps
The project is projected to cost $159.4 million, and the development team anticipates that it will create approximately 300 construction jobs.
The three adjacent lots are today home to a city parking lot, a vacant commercial building, and a one-story commercial building.
Financial incentives for the project include a sales tax exemption of $4,324,227, a mortgage tax exemption of $1,106,700, and a 33-year real property tax exemption.
Work is set to begin in December 2025.
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