BINGHAMTON, N.Y.) — Mayor Richard C. David today joined developers Syed Ali and Adam Ibrahim and representatives from Tioga State Bank to announce a $2.5 million housing project at 73 Court St. in Downtown Binghamton.
“Expanding downtown market-rate housing is a key goal of this administration,” said Mayor David. “This first major project represents a significant step in our community becoming more livable and attractive to young professionals, families and people of all ages. It’s the latest example of large-scale private investment in downtown projects and a shift from student housing to market-rate housing.”
The project is a 20,000 square-foot renovation of the historic downtown building at 73 Court St. The final build will incorporate 12 apartments with state-of-the-art home automation, such as in-unit movie theaters, built-in audio systems and intuitive HVAC and lighting control. Renovations will also include exposed brick walls, new hardwood floors, stainless steel appliances and granite countertops. Much of the renovations will improve spaces that have been vacant for more than 40 years.
Developers, seeking state and federal sustainable building grants, plan green energy construction including a LED lighting retrofit, solar panels and a rainwater harvesting system. The building’s ground floor will continue to serve a commercial use.
Renovations are scheduled to begin in September and be complete in early 2016.
The developers, Syed Ali and Adam Ibrahim, are both recent graduates of Binghamton University. They own Fortress Development Group, a New York City firm that manages more than $50 million in real property assets.
“We believe that Binghamton has enormous potential and is a great investment,” said Ali. “We hope this project will be a beacon for growth and prosperity in the downtown housing market. This is just the first of many great strides toward sustainable urban development for Binghamton and the greater Southern Tier.”
“Mayor David and the City of Binghamton’s support is enabling us to build a product that will both redefine of conventional living standards and inspire heavy investment from our affiliates in future projects,” said Ibrahim.
“Tioga State Bank is pleased to partner on this project which will help with the continued revitalization of downtown Binghamton,” said Robert Fisher, the bank’s president and CEO. “Syed and Adam are visionaries with the ability to see downtown Binghamton’s potential and are also willing to invest their own resources in making this vision a reality. We are pleased to add our support to this project as Tioga State Bank continues our commitment to the City of Binghamton and surrounding local communities.”