Sale of Troubled Binghamton Apartment Complex Expected Next Week

A massive housing complex in Binghamton is expected to have a new owner in a few days, clearing the way for a long-awaited renovation project.

Vesta Corporation of Connecticut is preparing to purchase the 256-unit Town & Country Apartments on the city's North Side.

Vesta's Joshua Greenblatt told WNBF News that the transaction likely will be finalized next week.

Greenblatt said Vesta has been working with city and state officials on the acquisition of the property, which is located east of Chenango Street near the Binghamton Plaza.

Greenblatt said his company "fully understands" the living conditions that have existed at Town & Country in recent years with concerns about crime and structural problems in the buildings.

City officials in 2019 announced that a Boston developer planned to buy and renovate the complex but that plan fell through.

Vesta Management Corporation assumed management of the property two months ago.

Greenblatt said the company has been working to secure vacant apartments in preparation for the start of renovation work. He said construction could start as soon as December 1.

The project calls for converting the buildings to a more energy-efficient heating and air conditioning system. Roofs and windows are to be replaced. New fixtures and appliances are to be installed in each apartment.

The 22-building complex was known as "Countrytowne Apartments" when it opened in 1964. Advertising described the apartments as "a pleasant new place to live with units that featured a "luxurious look."

In recent years, the property has become dilapidated and crime-ridden. Six weeks ago, a man who was in his apartment was killed by a gunshot that was fired from a parking lot outside his building.

Greenblatt said Vesta will work to improve safety and security in the complex. Video cameras will be installed to assist police with investigations into incidents that may occur.

Several dozen Town & Country apartments are now vacant ahead of the renovation project. Greenblatt said the job will be done building-by-building. It's expected to take more than two years to complete.

Greenblatt said "we're excited to get started." He said the company wants to "create a sense of community" at a "well-maintained property."

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Contact WNBF News reporter Bob Joseph: bob@wnbf.com. For breaking news and updates on developing stories, follow @BinghamtonNow on Twitter.