Iconic Binghamton, New York Restaurant Property To Be Auctioned

It's truly the end of an era as the former Spot Restaurant property, located at 1062 Front Street in Binghamton, is set to be auctioned.

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The Spot Restaurant was a staple food joint in the Binghamton area for over 50 years until its sudden closure in October of 2023. Whether the property will be acquired and turned into another longstanding restaurant or turned into something completely different remains to be seen.

The auction will take place at the restaurant premises on Friday, March 15, 2024, at 3:00 pm., and will offer potential buyers the opportunity to acquire a 2.2-acre commercial property complete with a single-family home.

The property boasts over 250 feet of road frontage and is located in the Town of Chenango, with additional road frontage on Prescott Road. The paved area provides parking for over 100 vehicles and even includes an existing lease for a Tesla vehicle charging station.

The restaurant building itself features an all-steel frame on a full concrete foundation, with a spacious floor spanning approximately 5,000 square feet. The basement, previously used for storage and as a bakery area, offers an additional 5,000 square feet of space.

The auction also includes a single-story, single-family home located at 27 Prescott Road, complete with a detached garage. The home is currently occupied and livable, except for some kitchen work that is needed.

Interested buyers have the option to bid on the parcels individually or in combination. The properties will be sold "as-is" and "where-is," with no contingencies. Any necessary inspections or tests must be conducted at the buyer's expense before the auction. The sale requires a 10% buyer's premium on the final bid of each parcel, in addition to a 15% down payment on the day of the auction. The remaining balance must be settled within approximately 30-45 days at the closing.

Open house viewings of the properties are available on Friday, March 8, from 4:00 pm to 5:30 pm, and on Sunday, March 10, from 2:00 pm to 3:30 pm. On the day of the auction, interested buyers can register from 1:30 pm until the end of the auction.