Binghamton, NY – Mayor Jared M. Kraham on Monday joined New York State Assemblywoman Donna Lupardo, Broome County Executive Jason Garnar and Boscov’s Chairman and CEO Jim Boscov to announce a 10-year lease extension for Boscov’s in downtown Binghamton and $10 million in upgrades for the historic Court Street building.
Mayor Jared M. Kraham said: “We are keeping Boscov’s in downtown Binghamton for the next decade and facilitating much-needed upgrades to this historic, publicly owned building. By leveraging a significant State grant, we are supporting the future of a major downtown destination that brings visitors from across the region to Binghamton each year. As importantly, we are retaining jobs and critical sales tax revenue. Had we not kept Boscov’s at this location, we would be facing a giant, empty building in downtown Binghamton that would require years of work and millions of dollars in upgrades for a different use. Thanks to Assemblywoman Lupardo, County Executive Garnar and Chairman Reynolds for providing bipartisan support and funding for this project, and to Jim Boscov for his commitment to the City of Binghamton as we write the next chapter of downtown’s flagship retail store.”
Assemblywoman Donna Lupardo said: “Having one of the few remaining downtown department stores in the state, is something very special. I’d like to thank Boscov’s for their ongoing commitment to the City of Binghamton and for their 10-year lease renewal. I am also thrilled that the State, County, and City are working together to help renovate this historic building, located in the heart of the Court Street National Historic District. This building has served the city as a retail anchor since 1900.”
County Executive Jason Garnar said: “This is great news for Downtown Binghamton, and Broome County is proud to partner with Mayor Kraham, Assemblywoman Lupardo, and Boscov’s to renovate this historic building and keep this important anchor store in our community for another decade.”
Broome County Legislature Chairman Dan J. Reynolds said: "Boscov's has been a retail anchor in downtown Binghamton for many years and we're pleased that this partnership will ensure that Boscov's will continue to serve Broome County residents for the next decade. Thank you to Boscov's Chairman and CEO Jim Boscov, Binghamton Mayor Jared Kraham as well as the State and County leaders that worked together on this important project."
Jim Boscov, Chairman and CEO of Boscov’s, said: “I’m grateful to Mayor Kraham, Assemblywoman Lupardo and County Executive Garnar for their support that made this possible. With their help, we can address the infrastructure needs of this magnificent old building. To our store associates and our tremendously loyal customers, we’re excited to formally announce our commitment to being downtown’s most vital long-term community partner.”
The five-story, 240,000-square-foot Boscov’s building at 11 Court St. will undergo $8.5 million in critical building systems upgrades, including electrical, plumbing, HVAC, elevator repairs, structural repairs and clean energy investments.
The work is supported by a $5 million New York State Assembly grant, secured by Assemblywoman Lupardo, $2.5 million from the City of Binghamton and $1 million from Broome County. The funding from the City and the County comes from local American Rescue Plan Act (ARPA) allocations.
Boscov’s will spend an additional $1.5 million on other in-store upgrades, equipment and fixtures.
The retailer has also agreed to a 10-year lease extension with the Binghamton Local Development Corporation (BLDC), which owns the downtown building.
Boscov’s has operated a department store in downtown Binghamton since 1984. The Binghamton store is one of America’s few remaining downtown department stores. The historic building was built in the late 1800s.