Boscov’s, a department store that has been in downtown Binghamton for decades, will sign a new 10-year lease agreement with the city.
The department store rents its Court St. building from Binghamton. In addition to the agreement, $10 million will be spent on upgrades and repairs to the building, which was built in the late 1800s.
Elected officials gathered Monday to announce the new lease agreement and renovation plans. Binghamton Mayor Jared Kraham called Boscov’s a “commercial anchor” for the city’s downtown for years.
“Boscov’s attracts hundreds of thousands of visitors each year, driving jobs, driving a lot of sales, tax revenue, and support for other retail and dining activity throughout the rest of downtown,” Kraham said. “It is an irreplaceable asset and one of the few remaining downtown department stores in America.”
The renovation includes upgrades to the building’s electrical system, elevators, and heating and cooling systems. Boscov’s has been in Binghamton since 1984.
“People come here and are really just nostalgic for stores like this. We're very, very lucky that we have it here,” Assemblywoman Donna Lupardo said. “I also want to tell you how happy I am to see the city, the county and the state, all coming together to collaborate on saving this historic property.”
$3.5 million in funding for the renovations will come from the American Rescue Plan Act, as well as a $5 million grant from the state.
In addition to those investments, Boscov’s will spend $1.5 million on other upgrades to the store.