The freshly minted Broome County Land Bank is set to complete its first deal. The land bank has accepted a proposal to turn a vacant hotel in Downtown Binghamton into apartment buildings.
The aged hotel on the banks of the Chenango River was acquired by the land bank through tax foreclosure in 2011. The six-story building has been empty ever since, but that all might be changing soon.
Vestal-based Newman Development Group LLC wants to buy the property and develop it into a mixed-use residential and commercial space.