Boscov’s Lease Extended Into 2018
On his last day on the job Binghamton Mayor Matthew Ryan announced a lease extension through May, 2018 for Boscov's Department Store. The agreement was reached between the Binghamton Local Development Corporation, Broome County Industrial Development Agency and Boscov's.
The new lease agreement includes Boscov's investment of $1,000,000 in renovations including a roof replacement completed this summer. Along with that provision Boscov's will pay base rent of $100,000 plus a three per cent increase each year. Boscov's will also pay the city $25,000 per year for use of the Water Street ramp. Boscov's may terminate the agreement with one year advanced notice.
In addition Boscov's will allocate $30,000 in each year for additional repairs and maintenance. Such projects include improving structural elements, heating, plumbing or electrical fixtures and replacing or repairing floors and walls.
Boscov's is located at 13-24 Court Street in Binghamton. The store opened in 1984 at its current Court Street location.