The City of Binghamton has again sold the Regency Hotel.
Westchester-based Alfred Weissman Real Estate purchased the property for $3.6 million in a deal finalized Wednesday. The firm is already busy in the city, reconstructing a former office building at 20 Hawley Street into student housing.
The Weissman group has planned a million dollars in repairs to the Regency, which they will rename The Binghamton Riverwalk. Renovations are underway on the guest rooms and the upstairs halls, according to the firm, which plans to begin updating the lobbies on Jan. 1.
The sale falls about $1 million short of the remaining balance that the city owes for a HUD loan on the property, but Mayor Matt Ryan says he is pleased with the deal. He believes the Weissman group will be a stable owner for the troubled property and their plans will help revitalize the city’s downtown.
