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Binghamton Developer Buys West Side Land for Micro-Apartments

By Bob Joseph
From WNBF News Radio 1290

Binghamton Developer Buys West Side Land for Micro-Apartments

A 36-unit residential building being planned for Binghamton's West Side could feature the city's tiniest apartments.

City council has approved the sale of four properties to Charles Ackerman, who hopes to build the micro-apartment complex.

The Binghamton man said he wants to provide "ultra-low income" apartments for those who are homeless.

Ackerman said the three-story building he envisions would have 150-square-foot apartments. He said the structure would be constructed using modular units that would be lifted into place by a crane.

The project would be located on four parcels between 35 and 41 Charlotte Street. The city-owned land has been vacant for several years. The selling price for the property was set at $7,000.

Ackerman said he will be working to obtain state approval for a building that will have such small apartments. He said there are similar-sized units elsewhere in New York.

The developer said he plans to finance the project himself. Last August, he estimated it would cost $1.4 million. He doesn't have a revised cost estimate but he noted construction costs have continued to increase since last summer.

Ackerman said the project "is going to require a very healthy PILOT" - a payment-in-lieu-of taxes agreement - if it's to become a reality.

If the project clears all of the local and state hurdles, Ackerman believes construction could start in the next 18 to 24 months.

The city could take possession of the parcels if construction on the complex doesn't begin within five years.

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