Category Archives: Business News

By Paul Post

Buoyed by momentum from the first-ever Belmont Stakes at Saratoga, the regular summer racing meet began July 11, ushering in what could be the best season in the historic track’s long, colorful history.

Highlighted by the 155th renewal of the Grade 1, $1.25 million Travers on August 24 and the Grade 1, $1 million Whitney on August 3, the 40-day meet features 19 Grade 1 races as part of 71 stakes worth $20.75 million in total purses.

The four-day Belmont Stakes Racing Festival (June 6-9) had an estimated $50 million economic impact on the surrounding area, and a recent study prepared for Saratoga Economic Development Corporation says the summer meet’s impact has increased 57 percent to $371 million since 2014. Saratoga Race Course alone is directly responsible for generating almost 3,000 jobs, not counting the thousands of other hospitality industry positions it supports throughout the Capital Region.

“The area hosted lots of first-time visitors during the four-day Belmont Stakes Festival and we encouraged them to check out our local restaurants, retail shops, entertainment venues and cultural destinations,” said Todd Shimkus, Saratoga County Chamber of Commerce president.

The Prevention Council of Saratoga County has announced the appointment of Amy McBride as its new executive director. 

With an extensive background in health and human services, McBride is set to lead the organization’s efforts in enhancing community well-being through substance abuse prevention and recovery support.

Previously serving as the assistant director of Prevention & Special Programs at The New York Council on Problem Gambling, McBride oversaw significant prevention initiatives, program development, and strategic collaborations across New York state. Her return to The Prevention Council comes after an initial tenure as Director of Community Outreach and Coalition Development from 2017-2018, during which time she led crucial programs aimed at reducing youth substance abuse.

In her new role, McBride will be responsible for spearheading the council’s mission to educate, inform, and provide vital referral services concerning alcohol, tobacco, and drug prevention. She will also focus on expanding the organization’s recovery center offerings, ensuring those affected by addiction receive the necessary resources and support.

Alison Gorton, board president of The Prevention Council, said, “Amy’s profound commitment to public health and her remarkable leadership skills make her the perfect candidate to guide our organization forward. Her previous successes and innovative approach to prevention programs have already made a significant impact, and we are excited to see her bring her vision and expertise to this role.”

By Jill Nagy

“This is my third career and I’m loving it,” said Kathleen Stell, owner of the newly opened Storybook Cottage on the Hudson bed and breakfast in Stillwater. 

At the age of 80 she is not ready to retire. She and her husband, Jack, “fell in love” with the house, and when they learned that a previous owner operated a bed and breakfast in it, “a light bulb went on” and they bought the house.

Storybook Cottage is the architectural style and the house is roughly modeled on houses built as sets for Disney movies. It is a five-bedroom house built in 1932. It has a steep slate roof, a fireplace with a 12-foot-wide chimney, screened porch, a large deck and, according to Stell, is perfectly laid out for use as a bed and breakfast. 

Her husband, a licensed marriage and family counselor as well as a licensed mental health counselor, took over a first floor bedroom for his office. Three bedrooms, each with a bathroom, on the second floor are rented out, mostly on weekends. However, one of their first guests stayed five days. During the Fourth of July holiday week, the rooms were booked every night. 

By Susan Elise Campbell

Broadway Title Agency has new owners. The company that Stephen Heidorn founded 20 years ago to research property deeds and facilitate unencumbered real estate transactions was sold to equal partners Ralph Scunziano and Douglas Zins in a deal that closed on May 31.

The three are working together closely as they transition vendors, turn over expenses, and complete all housekeeping, Scunziano said.

The new partners are both attorneys. Scunziano said he is a real estate investor and Zins, who has a practice in Watervliet focusing on real estate, has represented him on many transactions. According to Scunziano, Zins knew Heidorn “from the other side of the closing table.” 

“Through my conversations with Stephen, I said there was a great opportunity to take over when he retired,” said Zins. 

“Coming through the 2022-2023 market boom there is a lot of potential in real estate, although it is a little lax because of higher interest rates,” Zins said.

Interest rates have stayed the same but inventory has been  up. The new partners are “hoping interest rates come down a little in the near future,” but as Zins said, “people still need to and want to buy and sell houses or refinance their homes.” That demand fuels the need for title searches.

The Residences at The Adelphi Hotel welcomed the first owners of their luxury condominiums in early June, with more closings anticipated throughout the summer as nearly half of the 79 units are now sold.

The June move-ins and summer closings are a sign of the high demand for the transformative development, a $75 million renovation, expansion and redesign of the historic Adelphi Hotel, which is expected to be complete by late 2024.

The project, spearheaded by developers Michael Dubb of The Beechwood Organization and businessman Larry Roth, is located in the heart of Saratoga Springs. It features a diverse selection of  studio-, one-, two-, three-bedroom and duplex penthouse apartments in 28 floorplans from 800 square feet to 2,500-plus square feet priced from $800,000 to $4 million.

“When we began this project, we sought to build a property that was unlike anything in the area in terms of elegance and amenities, while still staying true to the original almost 150-year-old hotel. Looking at the Residences today and seeing the first buyers’ reactions to their new homes, I know we succeeded in maintaining that delicate balance,” said Dubb.

By Jill Nagy

Those who enjoy those lazy-hazy-crazy days of summer often indulge in a cooling dip in the water followed by a delectable frozen treat.

That’s exactly what visitors to Brown’s Beach on Saratoga Lake can enjoy. Following a swim they can order their choice of ice cream … even if it’s ugly.

Ugly Ice Cream, a new concession stand that will operate through the summer, is the brainchild of entrepreneurs Ariel Pagan and brothers Joe and John Starr. 

The name comes from Pagan’s two other businesses, the Ugly Rooster Cafes, one located in Malta and the other in Mechanicville. Pagan, a culinary school graduate and experienced pastry chef, opened the first Ugly Rooster in 2009 and expanded later with the second location. 

The Starr brothers are semi-retired home builders. They founded StarrBuilt Custom Homes in 2005 and now focus on speciality projects through StarrBuilt Residential Installation as well as real estate. 

Staff Report

Coinciding with the start of the 2024 summer meet at the Saratoga Race Course, a horse-themed tavern has opened in the Spa City.

The Wild Horse, so named because The Rolling Stones’ classic “Wild Horses” is one of owner Lucas White’s favorite songs, opened recently in the former Dango’s on Caroline Street. 

According to a press release, “It was important to Lucas and (Managing Partner) Kevin (Decker) that the name include a music reference, given the focus on live music at the restaurant. It was also important to refer to the local horse racing scene.”

White was interested in purchasing Dango’s for years. He grew up in Loudonville where he attended Albany Academy and later Duke University. He now lives in Boston where he is a partner in an international asset management firm. His ties to the area remain strong, however, since his parents, aunt and uncle live in the Albany area. He is also a frequent visitor to Saratoga during track season.

Decker, the general manager at Siro’s and director of sales for a brokerage in Boston, came on board after a series of discussions with White in which he was inspired by White’s enthusiasm and vision for the property. Decker lives locally in Round Lake.

The duo purchased the building in September 2023 and have finished a complete rehabilitation of all three floors. A total of $250,000 in capital improvements have gone into the kitchen, which was moved from the first to the second floor. 

By Stephen Kyne CFP

Financial fraud is a growing concern in our increasingly digital world. With cybercriminals constantly finding new ways to scam unsuspecting victims, it is more important than ever to protect yourself from becoming a target. Here are five simple things you can do to help safeguard your finances and avoid falling victim to financial fraud.

Monitor your accounts regularly

One of the simplest and most effective ways to protect yourself from financial fraud is to monitor your accounts regularly. By keeping a close eye on your bank statements, credit card statements, and online accounts, you’ll be more likely to spot any unauthorized transactions and take action to rectify the situation. Set up alerts with your financial institutions to notify you of any unusual activity, such as large withdrawals or transfers, and report any discrepancies immediately.

Use strong and unique passwords

Another easy way to protect yourself from financial fraud is to use strong and unique passwords for all of your online accounts. Avoid using easily guessable passwords like “123456” or “password” and instead opt for a combination of letters, numbers, and special characters. Additionally, use different passwords for each of your accounts to minimize the risk of a hacker gaining access to all of your sensitive information if one account is compromised. Consider using a password manager to generate and store strong passwords securely.

Be cautious with personal information

Be cautious when sharing your personal information online or over the phone. Scammers often use phishing emails, fake websites, and phone calls to trick victims into disclosing sensitive information like Social Security numbers, account numbers, and passwords. Take the time to verify the legitimacy of any request for personal information before providing it, especially if you did not initiate the contact.