Officials say the fire started in a second-floor apartment at around 11 a.m. Tuesday morning at 530 McLean Ave.
The building had a total of nine apartments and between 25 to 30 people inhabiting it.
The Yonkers Fire Department Deputy fire chief says the fire took around an hour to extinguish the flames in the below freezing temperatures.
"The weather is a factor, it's very cold. We lucked out where there were no hydrants that froze," said Deputy Chief Joesph Citrone.
Neighbors stood on their porches watching the situation unfold, including Vincent Cuomo, who was alerted by his fiancé who smelled the smoke.
"It is freezing cold. I couldn't imagine a worse situation," said Cuomo.
Officials with the City of Yonkers confirmed that both the Yonkers Police Department's Medical Evaluation Transport Unit and the Yonkers Office of Emergency Management were on scene.
The Red Cross is also working alongside the Yonkers Office of Emergency Management to help the victims with a reception center located at The Yonkers Police Athletic League.
It is located at 127 North Broadway in Yonkers.
"At that reception center, we're providing lunch, as well as care items such as toiletries, blankets, children's toys..." said an American Red Cross official.
Everyone escaped the building safely.