Category Archives: Business News

Olde Saratoga Wine And Spirits New Owners Enjoying Success At Broad Street Location

January 10, 2019January 11, 2019

A ribbon cutting ceremony marked the change in ownership at Olde Saratoga Wine and Spirits at 158 Broad St. in Schuylerville.
Courtesy Olde Saratoga Wine and Spirits

By Jennifer Farnsworth

The owner of Clark’ Steakhouse and the Schuyler Yacht Basin has teamed up with a friend as the new owners of Olde Saratoga Wine and Spirits in Schuylerville.

Jason Young said when the opportunity came to him to operate a third business, he knew it was something he wanted to be a part of.

Young and his friend, Chip Lawrence, met four years ago and found success flipping houses together. He said the owner of Olde Saratoga Wine and Spirits was looking to sell the business at the same time that a Stewart’s was up for sale, so he and Lawrence decided to purchase and relocate Olde Saratoga. The store moved from Ferry Street to 158 Broad St. in the fall, just in time for the holidays, a move Young said was lucrative for the business.

SEDC Helps Obtain Funding For Expansion Of Ellis Surgery Center; Jobs To Be Created

January 10, 2019January 11, 2019

The Saratoga Economic Development Corp. (SEDC) presented to the Clifton Park IDA in December a $21.5 million project by a Minnesota-based healthcare developer to expand Ellis Medicine’s surgery service center and related professional medical practices at its facility in Clifton Park.

According to SEDC, the investment will retain 36 jobs and add 35 new jobs. The company’s expansion in Saratoga County will also add over $2.15 million in wages to the market.

At the start of 2018, SEDC and MJ Properties of Clifton Park announced the launch of the mixed-use commercial Synergy Park, aimed at boosting inventory for a range of commercial business investments. The expansion project will occur in that corporate commerce and light industrial park, located at Route 9 and Kinns Road.

“Since announcing our five-year Advance Saratoga strategy to grow more jobs and wages, we have been touting the market demand of ready to use building inventory in key locations,” said SEDC President and CEO Dennis Brobston. “We are pleased to see proven market developers and our partners in key communities respond to keep Saratoga County at the forefront of economic opportunity.

Business Briefs: January 2019

January 10, 2019January 11, 2019

The deadline to enroll in affordable health insurance coverage through the NY State of Health Marketplace is fast approaching as open enrollment ends on Jan. 31. Adirondack Health Institute is offering free enrollment assistance services to individuals, families and small business owners in Clinton, Essex, Franklin, Hamilton, Saratoga, Warren, and Washington counties to meet the deadline and is strongly encouraging the public to make a free appointment today, rather than waiting until the last moment.

Enrollment specialists provide no-cost, unbiased assistance to help clients determine their best health insurance coverage options, according to Joyce Porter, AHI’s enrollment assistance services and education program manager. “

Individuals may call AHI’s toll-free number, 1-866-872-3740, or visit www.ahihealth.org/ease/appointment-request to schedule a no-cost appointment with an enrollment specialist.

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DZ Restaurants launched a new charitable giving program in all three of its Saratoga Springs restaurants.

Redbud Development Wins Awards From Capital Region Builders & Remodelers Assn.

January 10, 2019January 11, 2019

This home won Redbud Development the Most Innovative in the Remodeler category and the Best Outdoor Living Space in the Kitchens, Hardscape and Pool Area category at recent CRBRA awards.
Courtesy Redbud Development

Redbud Development of Wilton was named a winner of the Most Innovative in the Remodeler category and the Best Outdoor Living Space in the Kitchens, Hardscape and Pool Area category at the recent Capital Region Builders & Remodelers Association’s (CRBRA) 2018 Best in Building Awards.

The sixth annual Best in Building Awards honored excellence and innovation in residential building, remodeling, design and marketing.

“We are honored and thrilled to have won two awards from such a prestigious and well-respected organization in our field,” said Geffrey Redick, landscape architect and owner of Redbud Development. “Blurring the lines between outdoors and indoors is where we shine, and we love creating beautiful spaces that feature incredible architectural details. Working closely with our clients to produce a stunning outcome is not only a key part of our process, it is also incredibly rewarding.”

“I’ve worked very closely with Geffrey, and you only have to tell him your vision once. He comes up with these amazing ideas. It’s almost like he can tell what I’m thinking,” said Joey Albarelli, a long-time client of Redbud.

EXIT Realty Opens Shop In Clifton Park, Fosters Teaching, Mentorship And Coaching

January 10, 2019January 11, 2019

John DiBlasi, co-owner of EXIT Realty Empire Associates, poses with Jennifer Vucetic, right, and
Melissa DiBlasi in the company’s offices on Route 146 in Clifton Park.
©2019 Saratoga Photographer.com

By Susan E. Campbell

EXIT Realty Empire Associates opened in December at 805 Route 146 in Clifton Park.

Co-owner John DiBlasi has served the upstate residential real estate market since 1999, most recently as founder of DiBlasi Real Estate.

“My license number is 7102, and now the numbers are in the 30,000s in New York,” he said of the growing number of real estate agents.

DiBlasi was being courted by several franchises and saw buying into EXIT Realty as an excellent opportunity to partner with Jennifer Vucetic in the business. Vucetic has been a real estate agent for 14 years, most recently as a broker with Better Homes and Gardens Real Estate Tech Valley. The Greater Capital Region Association of Realtors named her Realtor of the Year in 2016.

“Jenn and I have had a working relationship for many years,” said DiBlasi. “We are combining our technical knowledge and people skills into a new venture.”

They also combine a common philosophy that is a good match with EXIT Realty, which claims to be “revolutionizing our industry by fostering a mentorship culture of teaching, training and coaching,” according to the corporate website.

Business Report: To Be (A ‘C’) Or Not To Be

January 10, 2019January 11, 2019

Carissa A. Conley is a senior tax manager with CMJ, LLP.

Carissa A. Conley, CPA

With the newly lowered corporate tax rate, many pass-through businesses are wondering if they should now convert to a C Corporation. The Tax Cuts and Jobs Act (TCJA) reduced the corporate tax rate from a maximum of 35 percent to a flat rate of 21 percent and eliminated the corporate AMT.

Meanwhile, income of pass-through entities is taxed at the individual taxpayer level which is still based on graduated rates up to a maximum of 37 percent. While this initially sounds like a no-brainer, in most cases, small businesses will be still pay less tax as a pass-through entity.

Even though a C Corporation is only taxed on its net income at a rate of 21 percent now, there is still the issue of double taxation when shareholders take dividend distributions. Depending on the shareholder’s tax bracket, these dividends which have already been taxed at 21 percent, are now taxed again at a rate up to 20 percent (for those in the highest tax bracket) plus another 3.8 percent for Net Investment Income tax.

This brings the effective tax rate on dividends to 39.8 percent, which is higher than the maximum individual tax rate of 37 percent. Note that this is only considering the federal tax and there would be additional tax at the state level for both the corporation and the shareholder.

Eden Compton Studio & Art Gallery Opens In Saratoga’s Beekman Street Arts District

January 10, 2019January 11, 2019

Artist Eden Compton has opened a studio and art gallery in the Beekman Street Arts District. She is
also planning to form the Beekman Street Arts District Association.
©2019 Saratoga Photographer.com

Eden Compton Studio & Gallery, became the most recent fine art gallery to open in the Beekman Street Arts District in Saratoga Springs, holding an open house for its 2018 holiday show and sale in December.

The event featured the work of five established and well known artists in the upstate New York including Ann Larsen, Takeyce Walter, Matt Chinian, Kate Edwards, Rita DiCaprio and Eden Compton.

Eden Compton Studio is both the personal workspace of artist Eden Compton and a fine art gallery. The artist’s landscapes, cityscapes and portrait commissions are available at the gallery as well as the work of other established artists.

She said the studio plans on hosting several big exhibits throughout the year.

Prosperity Partnership Real Estate Index: County Markets Strong, Inventory Needed

January 10, 2019January 11, 2019

The Saratoga County Prosperity Partnership in December released its inaugural Saratoga County Real Estate Index, which it said portrays the county as having strong residential, commercial and industrial markets, but with a need for additional inventory in each sector.

The index was unveiled during a luncheon event attended by more than 100 business executives and professionals at the Hyatt Place Saratoga/Malta.

The index also presented the results of a Pulse Survey that signaled an optimistic view of Saratoga County’s real estate sector. Among real estate professionals surveyed, 94 percent describe the residential sales sector as strong, very strong or stable; 88 percent see the commercial leasing market as strong, very strong or stable; and 78 percent characterize the commercial sales market as strong or very strong.

“Saratoga County’s vibrant real estate market is critically important because its reach extends into all sectors of our economy,” said Marty Vanags, president of the Saratoga County Prosperity Partnership.

Small Business Index: Economic Outlook Is High Despite Experiencing Hiring Difficulties

January 10, 2019January 11, 2019

A Q4 MetLife and U.S. Chamber of Commerce Small Business Index released in December reflected general optimism from the small business community about the economy.

Optimism on the health of the national economy has continuously increased since the second quarter and is at a new high with 58 percent of small business owners believing the U.S. economy is in good health, the Chamber said.

Optimism on the local economy also improved this quarter to 56 percent of small business owners noting their local economy as good, up six points from he third quarter 2018.

“Small businesses are the growth engine of the American economy, employing half of the nation’s private sector workforce,” stated Jessica Moser, senior vice president, Small Business Solutions in MetLife’s Group Benefits business. “The owners of those businesses make crucial decisions about expansion and hiring every day, so their level of optimism is a good indicator of future growth. The findings of this quarter’s Index show they are still bullish, which bodes well for our economy as a whole.”

Nonprofit Brewers Association Says Small Breweries Continue To Find Market Success

January 10, 2019January 11, 2019

As 2018 drew to a close, the Brewers Association—a nonprofit trade association dedicated to small and independent American brewers—said that while the brewing landscape is shifting, small and independent breweries continue to find market success.

Julia Herz, craft beer program director for the Brewers Association which represents more than 4,800 U.S. breweries, said brewers are “finding ways to differentiate themselves in a competitive market, become pillars of communities, and embrace new experiences and occasions to connect with beer lovers.”

A report by the association covered a variety of topics as it looked back at 2018.