Yonkers is experiencing the biggest building boom in its history with $2.5 billion in commercial and residential projects under construction.

Wilson Kimball, the planning commissioner, says the city is definitely open for business.

“It takes many years for these projects to come together, and now we're finally seeing cranes in the air,” says Kimball.

The epicenter of the boom is along the downtown waterfront where 1,000 new rentals are in various stages of development.

The new units are not cheap. At “The Moderna” – a new Water Grant Street building – studio apartments are going for $2,000 a month. A two-bedroom apartment is more than $3,300 a month.

City officials are not hiding the fact that these new buildings are primarily targeted at high-earning millennials and empty-nesters who have the cash.

They say all of the new buildings along the waterfront have set aside 10 percent of their apartments for lower income residents.