In 1983, the Otis Elevator Factory finally closed its doors.With the loss of jobs in the city itself, Yonkers became primarily a residential city, and some neighborhoods, such as Crestwood and Park Hill, became popular with wealthy New Yorkers who wished to live outside Manhattan without giving up urban conveniences.
Major shopping areas are located in Getty Square, on South Broadway, at the Cross County Shopping Center and Westchester's Ridge Hill, and along Central Park Avenue, informally called "Central Ave" by area residents, a name it takes officially a few miles north in White Plains.
The land on which the city is built was once part of a 24,000-acre (97-square-kilometer) land grant called Colen Donck that ran from the current Manhattan-Bronx border at Marble Hill northwards for 12 miles (19 km), and from the Hudson River eastwards to the Bronx River.
Van der Donck built a saw mill near where the Nepperhan Creek met the Hudson; the Nepperhan is now also known as the Saw Mill River. His wife, Mary Doughty, was taken captive and ransomed later.
Near the site of van der Donck's mill is Philipse Manor Hall, a Colonial-era manor house which today serves as a museum and archive, offering many glimpses into life before the American Revolution.
Yonkers was also the headquarters of the Waring Hat Company, at the time the nation's largest hat manufacturer.
World War II saw the city's factories manufacture such items as tents and blankets in the Alexander Smith and Sons Carpet Factory and tanks in the Otis Elevator factory.The original structure (later enlarged) was built around 1682 by Frederick Philipse and his wife Margaret Hardenbroeck.Frederick was a wealthy Dutchman who by the time of his death had amassed an enormous estate, which encompassed the entire modern City of Yonkers, as well as several other Hudson River towns.For its first two hundred years, Yonkers was a small farming town with an active industrial waterfront.Yonkers's later growth rested largely on developing industry.The downtown area also houses significant local businesses and non-profits, and serves as a major retail hub for Yonkers and the northwest Bronx.