Overview

Description

Avison Young has been engaged by Ownership to offer for sale 50 Front Street (the “Property), a 122-unit luxury apartment building in Binghamton, New York. The 5-story building is situated along the picturesque Chenango River in the CBD and is comprised of 169,589 total square feet situated on 3.86± acres improved with 120 garage parking spaces and 134 surface parking spaces. Of the 11,200 SF of rentable commercial space, 6,438 SF is leased to Morgan Stanley for $20/SF (2% annual increases) until 2030. The owner is in negotiations with a tenant for the remaining 4,726 SF space.

Binghamton - New York

Highlights

• New construction, top-of-market luxury asset
• +10.5% trade-out rate for new leases and a waitlist for unit vacancies
• Credit-tenant Morgan Stanley with in-place lease through 2029
• Limited competitive product types in the area and high barriers to entry
• Tax PILOT through 2046 reduces tax burden
• Next to New York’s Empire State Trail (Americas longest multi-use state trail)

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