Developers announce $2.5 million Binghamton housing development

BINGHAMTON, N.Y. — Developers Syed Ali and Adam Ibrahim have announced a $2.5 million housing project at 73 Court St. in downtown Binghamton.

Binghamton Mayor Richard David and representatives from Tioga State Bank joined Ali and Ibrahim for the Tuesday announcement, according to a news release David’s office released.

The project is a 20,000-square-foot renovation of the building at that location.

Plans call for incorporating 12 apartments with home automation, such as in-unit movie theaters; built-in audio systems; “intuitive” heating, ventilation, and air conditioning; and lighting control.

Renovations will also include exposed brick walls, new hardwood floors, stainless-steel appliances, and granite countertops.

Much of the renovations seek to improve spaces that have been vacant for more than 40 years.

Ali and Ibrahim, who are seeking state and federal sustainable-building grants, are planning green-energy construction, which includes an LED (light-emitting diode) lighting retrofit, solar panels, and a rainwater-harvesting system, David’s office said.

The building’s ground floor will continue to serve a commercial use.

Crews are scheduled to begin renovations in September and finish their work in early 2016.

Both Ali and Ibrahim are recent graduates of Binghamton University. They own Fortress Development Group, a New York City–based firm that manages more than $50 million in real-property assets.

“We believe that Binghamton has enormous potential and is a great investment,” Ali said in David’s news release. “We hope this project will be a beacon for growth and prosperity in the downtown housing market.

Binghamton’s support is helping the developers build a product that will “both redefine of conventional living standards and inspire heavy investment from our affiliates in future projects,” Ibrahim said in the release.

Contact Reinhardt at ereinhardt@cnybj.com