The first market-rate housing development in the City of Binghamton in over 3 decades is nearly complete and has already welcomed its first residents.
Mayor Rich David joined developer Marc Newman last week for a tour of 50 Front Street.
The upscale community offers luxury living with rents on available apartments ranging from $1,500 to $2,800 per month.
Newman says despite some initial skepticism in our area about those price points, people have shown great interest in the high-end apartments and their amenities.
Those include state-of-the-art security, intelligent home features which allow residents to control basic functions from their phones and underground secure parking.
Newman says, “I think this is the catalyst for a lot more to come because there is need. Our position was not so much build it and they will come, but our position is build it the right way, give them a great project, the people that they deserve, and they will come. And they are.”
Mayor David says, “Marc Newman and his team were among the urban pioneers, the first people to take the risk. It’s easy when there have been a lot of projects that have demonstrated their success, developers and others see that this is a great investment and want to follow suit. It’s very hard to find that person to take the first risk.”
Residents began moving in on April 1st and Newman says the building, which has 112 units, is more than half full, with the more expensive spaces going first.
Other features include a secure package locker room, 24-hour gym, keyless doors, and even a dog washroom.
50 Front is pet-friendly.
Newman says the $30 million project is 98 percent complete with work continuing on his favorite feature, a community private club with outdoor deck and full kitchen that residents can reserve for events.
Tours of the model apartment are available Monday through Saturday.
More information at 50FrontAPTS.com