Developer Scraps Plan for Court Street Redevelopment Project
A Binghamton businessman's dream of building an office and apartment complex downtown is over.
Mark Yonaty has given up on developing a project on the southeast corner of Court and State streets.
Yonaty originally planned a multistory structure where the O'Neil and Ross buildings once stood. The site has been vacant for nearly 15 years.
In December 2021, Yonaty told city officials that he expected Visions Federal Credit Union would be an anchor tenant in a scaled-down project.
Things didn't turn out the way Yonaty had hoped. Speaking on WNBF Radio Tuesday, he said "it's a bit of a heartbreaker for me." He said he considers the spot to be "the best and busiest intersection in downtown Binghamton."
Yonaty said Visions reevaluated its business operations in the aftermath of the pandemic and "they decided it wasn't in their best interest" to occupy the planned building.
When Yonaty acquired the property from the city for $75,000, the agreement called for the project to be substantially complete by the end of this year.
With the clock ticking, Yonaty said it didn't seem possible "to make this happen" without a committed anchor tenant.
Contact WNBF News reporter Bob Joseph: firstname.lastname@example.org or (607) 545-2250. For breaking news and updates on developing stories, follow @BinghamtonNow on Twitter.
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