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Steve Perkins’ New Law Practice Specializes In Real Estate, Trusts And Estate Planning

Posted onFebruary 15, 2022February 15, 2022
Attorney Steve Perkins left McPhillips, Fitzgerald & Cullum in Glens Falls to start his own law firm. He specializes in real estate, trusts and estates, and estate planning.
©2022 Saratoga Photographer.com

By Christine Graf

Saratoga Springs attorney Steve Perkins has announced the opening of his new firm, Perkins Law PLLC. 

The Siena College and Albany Law School graduate handles cases in Saratoga, Albany, Warren, and Washington counties. Perkins, a native of Saratoga Springs, works from home in order to keep overhead costs low. He meets with clients at 524 Maple Ave., Suite 2, a space he leases from attorney Rita Young.

During law school, Perkins interned at the U.S. Attorney’s Office for the Northern District of New York, litigation firm Wilson Elser, and Ayco, a Goldman Sachs Company. After graduating in 2016, he worked for McPhillips, Fitzgerald & Cullum in Glens Falls. He started in the real estate department before moving into trusts and estates. 

Five years later, in the fall of 2021, Perkins made the decision to open his own firm. 

“I’m definitely still in the building phase,” he said. “My model is that I work from home but when I need to meet with clients, I use the conference space on Maple Avenue. I really like that model right now, and I think a lot of people are doing that. It’s really been working for me to help keep my costs down.”

Perkins specializes in real estate, trusts and estates, and estate planning. He also provides services related to business law and business formation and dissolution. 

“I’m advertised right now as general practice, but those are the areas that I emphasize and those are really where my skills are,” he said. “I have a friend who did this a couple of years ago who I have been able to bounce ideas off of, and he really focused his practice on one area of the law to set himself apart in that area. That is really my goal too.”

Since forming his LLC in October, business has increased steadily, he said. As his firm grows, Perkins plans to expand staff and lease a dedicated office space. He is currently focused on building his client base and investing in software and technology. He is also working with a marketing consultant.

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Business Report: Dealing With Cryptocurrency In A Divorce

Posted onFebruary 15, 2022February 15, 2022

By Ryan McCall, esQ.

Cryptocurrency has become one of the newest and most prevalent investments of the last two years. As a result, the courts are now faced with the prospect of having to evaluate and distribute cryptocurrency as a marital asset during a divorce proceeding.  

What makes this new and innovative technology so complex is figuring out how much each cryptocurrency is worth.

Assuming a spouse is using a U.S.-based exchange, determining the value of an individual cryptocurrency is relatively simple. All that is needed is a subpoena duces tecum to that institution to obtain the necessary documents. Under these pretenses, the subpoenaing attorney would receive statements detailing how many funds were listed with that exchange and the assets could be easily valued as of any given date just as if dealing with stocks and investment assets.

However, what has become increasingly difficult is the rise of popular international cryptocurrency exchanges. Many of these exchanges are unregulated and will not comply with United States federal regulations. Courts should not be deterred by this in establishing a value for cryptocurrency as a marital asset.

In theory, certain cryptocurrencies—with the most popular one being Bitcoin—utilize blockchain technology, with each individual Bitcoin having a different identification number than the next. Blockchain technology has a continuous ledger of ongoing transactions that are performed and tracked. 

With that being said, there are numerous ways savvy investors can attempt to hide their funds. The most popular way for someone to do this is through a “tumbler” which can issue a separate Bitcoin or fraction of a Bitcoin from the one currently in your possession. This creates a very difficult scenario for lawyers who would be faced with the task of attempting to track down these funds.

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Business Report: A Successful Succession Plan

Posted onFebruary 15, 2022February 15, 2022

By David A. Kubikian, Esq.

The word “succession” has become a larger part of our lexicon because HBO a few years back created an immensely watchable show about the cut-throat world of a family owned media company where hundreds of millions of dollars are at stake depending on who gets to take over when Dad leaves (or dies).  

Entertaining? Yes.  Realistic?  Maybe.  A learning moment?  Definitely.  

Succession is defined as being “the action or process of inheriting a title, position, property, etc.”  Every business, regardless of size, will deal with a succession event if it is in business long enough.  While family in-fighting on private jets may be reserved for the Roy family on TV Sunday evenings, the planning as to the who, when, and how your business transitions from one generation to the next (or not at all) is something that should take shape long before an actual transition happens.   

To illustrate this point, consider a few common issues that come up:

1. The Estate Planning Angle. An all too typical scenario, the business, started by one generation has a younger generation heavily involved.  One child seems to have the chops to continue to run the business once “Dad” hands over the reins (that is IF he ever hands over the reins).  Another child is involved but not as much.  

A third child has no interest in the business and in fact lives out of town. Dad’s estate plan is to treat all of his kids the same. That is, his Last will and testament or his living trust state that all assets held by the trust or governed by the will pass evenly to his “issue”.  

Does this include the business?  The technical answer is that it depends on how the business is structured and how it is owned. Whether the business has operating documents concerning the transfers of shares at death or whether there is a buy-sell agreement in place.  In the event that the organizational documents reflect a certain chain of ownership, what impact does that have on the distribution of non-business assets via Will/Trust?  

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‘Park Place On The Peninsula’ Will Be A 244-Unit Apartment Complex In Halfmoon

Posted onFebruary 14, 2022February 15, 2022
This is a rendering of one of the units that will comprise Park Place on the Peninsula.

By Christine Graf

Gail Krause and Jeffrey Gordon, partners on Park Place on the Peninsula on the Mohawk River in Halfmoon, were awarded $2.8 million in tax incentives for their proposed $44 million, 244-unit apartment complex. 

Krause is local realtor and former owner of Krause’s Restaurant & Grove, and Gordon is the co-owner of Albany-based Gordan Companies which manages several million square feet of commercial, retail, and residential space. They specialize in creating “affordable luxury.” 

Krause’s plans for the 36-acre parcel of land have changed over the years to meet the demands of the market. She has been working to develop the property for more than fifteen years.

“Back in 2004 or 2005, it was going to be condos,” she said. “I got my approvals for condos, and when the market for condos went bad, I decided not to do condos anymore and started working on apartments around 2008. It was all market driven.”

Four years ago, Krause partnered with Gordon whose brother, Dave Gordon, was involved in the project before his retirement. Although it is Krause’s first major development project, Gordon Companies has numerous luxury apartments in their portfolio including Park Place at Saratoga and Park Place at Wilton.

One of the project’s major hurdles involved the installation of an approximate three-mile sewer extension along Beach, Clamsteam, and Dunsbach roads. The extension will benefit the town because other commercial properties will have the ability to tie into it in the future. Total infrastructure improvements costs for the property are projected at $7.7 million.

Micheli Contracting of Rensselaer started clearing the land and prepping it for construction in 2019. All work was halted due to the pandemic, but crews are back on the job site. Installation of the off-site sewer is currently underway and could be completed by May or June. 

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New Hospitality Area Being Built Near Paddock At Saratoga Race Course

Posted onFebruary 14, 2022February 15, 2022
This is a rendering of the Post Bar and Paddock Suite, a new spot for racing fans. The second story will have a climate-controlled bar, lounge and balcony with views of the paddock.
Courtesy NYRA

The New York Racing Association, Inc. (NYRA) announced that it will unveil a new hospitality area for the 2022 summer meet as part of a continuing series of capital improvements at Saratoga Race Course.

The Post Bar and Paddock Suite will be a new, permanent two-story structure that will replace and enhance the original Post Bar, a  single-story, open air gathering spot for racing fans that had been located beneath a temporary canopy.

The second story Paddock Suite will feature a climate-controlled bar, lounge and outdoor balcony with sweeping views of the historic Saratoga paddock where fans can watch the sport’s finest thoroughbreds parade beneath them. The Paddock Suite will be available to groups and individuals by reservation.

The Paddock Suite will sit above the newly renovated Post Bar which will remain an open-air structure featuring a central bar and large-scale televisions. The Post Bar, one of the most popular destinations for fans at Saratoga, will continue to be accessible to all guests, ages 21 and over.

“We are thrilled to announce this newest capital improvement project which we anticipate will be very well received by fans attending Saratoga this summer,” said NYRA vice president of sales and hospitality Kevin Quinn. “The renovated Post Bar and newly constructed Paddock Suite follows on the heels of last year’s additions, the Spa Verandas and Tailgate at the Turn. These improvements are designed to offer our fans the best in modern amenities while preserving the charm and history that set Saratoga apart as a sports and entertainment venue.”

The second floor Paddock Suite can accommodate as many as 80 guests. Rental packages will be sold to groups on a full or partial basis. Rental includes admission, choice of food platters, non-alcoholic beverages, coffee and tea, tax, gratuity and race program. Open bar packages are also available for purchase.

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Stewart’s Shops Plans Construction Of Many New Stores, Plus Renovated Shops, in 2022

Posted onFebruary 14, 2022February 15, 2022
Stewart’s Shops is pursuing capital projects at 20 retail shop sites in 2022 including this new store, being built directly behind an older facility on Broad Street in Glens Falls.
Paul Post

By Paul Post

Stewart’s Shops is pursuing another year of aggressive capital improvements with projects at 20 sites including several in Saratoga County.

Plans call for stores in seven new markets and replacing older buildings with large new facilities at 13 locations, the company said.

This comes on the heels of $50 million the Saratoga Springs-based company spent last year for construction on 18 shops, of which 12 were replacements. The other six previously belonged to the Central New York-based Blueox Neighborhood Market convenience store chain, which Stewart’s purchased and rebranded as its own.

But retail shop upgrades are only one part of the company’s capital program. “We are continuing to invest in our manufacturing facility in Greenfield,” spokesperson Erica Komoroske said. “We recently completed a 54,000-square-foot dry warehouse expansion project and we are currently expanding our deli cooler to address our ever growing customer demand for expanded food-to-go options.”

Founded in 1945, Stewart’s is among the Top 25 convenience store chains in America with 354 shops across 32 counties in New York and Vermont. Its territory stretches from Canton near the Canadian border, west to Oswego County, south to Orange County in the lower Hudson Valley, and east to Rutland, Vt.

The firm employs about 5,000 people, 4,400 in shops and 600 between its manufacturing and administrative departments.

Dun & Bradstreet Business Directory says Stewart’s has gross sales of about $1.67 billion per year.

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Brookside Museum Renovations To Proceed With Help Of ‘Preserve The Porch!’ Funding

Posted onFebruary 14, 2022February 15, 2022
The Saratoga County History Center raised some $30,000 in 2021 through its Preserve the Porch! campaign for the grand piazza which is in need of reconstruction.
Courtesy Saratoga History Center

The trustees of the Saratoga County History Center raised some $30,000 in 2021 through its  Preserve the Porch! campaign.

In November and December of 2021, the officials said the campaign yielded $20,720.  Moreover, an anonymous donor agreed to match funds up to $10,000.00, making the total amount raised $30,720.

The museum is located at 6 Charlton St., Ballston Spa.

The funds will go directly to replacing storm windows and repairing Brookside Museum’s iconic front porch.

Built in 1792, just four years after the ratification of the U.S. Constitution, and remodeled in the 1830s in the popular Greek Revival style. But the grand piazza is in need of reconstruction. Specifically, all the front steps and floor boards, ruined by rot and mold, need to be replaced, as well as the deck frame supporting the floor, officials said. In addition, the entire portico needs to be rebuilt for proper drainage, and the earth beneath should be covered with plastic and pea stone to reduce future moisture.  The crisis concerns both safety and appearance.

“The response from the county and beyond has been astounding,” said history center president Field Horne.  “We went hat-in-hand to our friends and neighbors, asking them to help  us save this awe-inspiring façade and important piece of local history, and they rallied and responded well-beyond our expectations.”  

“Support for our ‘Preserve the Porch!’ campaign is a major win for the Saratoga County History Center,” said Sean Kelleher, vice president of membership and community engagement. “The ability to fund the restoration of the iconic porch and storm windows will provide stabilization for the Brookside Museum in the future, and will allow visitors to safely access the museum,  grounds and library for generations to come.

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Work Ongoing For Car Dealership’s New, Larger Facility As Business In Region Grows

Posted onFebruary 14, 2022February 15, 2022
Working is progressing on a new 21,000 square foot home for Krystal Chrysler Jeep Dodge. The dealership plans to move in early this summer.
Paul Post

By Paul Post

A Warrensburg car dealership is planning an early summer move into a spacious new facility, nearly triple the size of its current home.

Krystal Chrysler Jeep Dodge is relocating from a less than 8,000-square-foot site at 4488 Route 9, to a 21,000-square-foot building 2.5 miles closer to the village, adjacent to Oscar’s Smokehouse, one of the North Country’s most popular retail stores.

Owner Steve Lofrgren said the move is necessitated by business growth spurred by the popularity of the Ram and Jeep brands, and the need for larger service capacity.

Lofgren said Krystal clients come from throughout the surrounding area including Warren, Saratoga, Washington and Essex counties. 

“We get people from all over with help from the internet,” he said. “SUV and truck sales are 95 percent of our business. Ram is currently our best seller. Jeep production is moving forward as the availability of microchips is on the rise. By summer we should have fully stocked Jeep lineup.”

There are several other Chrysler Jeep Dodge dealerships in the region including Nemer, in Queensbury, but Lofgren said the new Warrensburg site will have unique features such as a Jeep-only showroom.

“We would be the only one north of Albany with this type of facility,” he said.

When facing the building, the Jeep showroom will take center stage in the middle. A separate showroom for Chrysler and Dodge vehicles will be on the left, with service to the right on the south end of the structure.

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NYRA Will Renovate Grandstand Section And Reconstruct The Historic ‘Wilson Chute’

Posted onFebruary 14, 2022February 15, 2022

The New York Racing Association Inc. (NYRA) has plans to reconstruct the historic Wilson Chute at Saratoga Race Course, which will be in use during the 2022 summer meet and allow for one-mile races to be contested on the main track.

Construction plans for Saratoga Race Course include a major renovation of its first-floor grandstand and the inclusion of a permanent saddling stall structure. The projects are set to get underway this year at the Union Avenue venue, NYRA officials said.

Long a distinctive part of Saratoga Race Course, the Wilson Chute was dismantled after the 1972 season to accommodate additional parking, officials said. It was brought back briefly in 1992 when 25 races started in the chute, including an off-the-turf edition of the Grade 3 Daryl’s Joy, later renamed the Fourstardave Handicap and now one of the most popular Grade 1 races of the annual summer meet.

“The Wilson Chute will only add to the quality and consistency of dirt racing at Saratoga,” said Glen Kozak, NYRA’s senior vice president of operations and capital projects. “It’s a thrill to be able to reconstruct a historic element of Saratoga in a way that will undoubtedly prove beneficial to the summer meet.”

The Wilson Chute was named to honor the contributions of the late Richard T. Wilson, a banker and president of the Saratoga Racing Association for most of the first quarter of the 20th century. The reconstructed Wilson Chute will carefully follow the route of the original chute along the Clubhouse Turn, just to the west of the 1863 Club.

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Saratoga Builders Association Will Award Two Scholarships; Application Deadline Is April 1

Posted onFebruary 14, 2022February 15, 2022

The Saratoga Builders Association Inc. has announce its continued monetary commitment to education. The organization  will be awarding two student scholarships in 2022. 

One is the SBA $1000 Scholarship award and the other is the $1000 Bob Best Memorial Scholarship award. The organization makes these cash scholarships available annually to students who are planning to pursue a construction industry education.

These scholarships are open to any high school senior or college undergraduate in Saratoga County who is planning to pursue a construction education at a two- or four-year accredited college or university or to students who would like to purchase tools and/or equipment for employment/career or to start a business in the construction industry. 

Students must have a GPA of 3.0 or higher. They must demonstrate current or past involvement in the construction field, including classes taken in high school or college, to be eligible for these awards. Each applicant must also submit a high school or college transcript or list of construction classes taken plus a short essay describing why they are interested in a construction industry career and what events led to this decision.

Applications for the Saratoga Builders Association Scholarship program must be postmarked on or before April 1. Only the first 25 completed applications will be accepted so people should apply early, officials said. 

The winner and their school will be notified by June 1. To receive a scholarship application, please contact Barry Potoker, executive director at 518-366-0946 or bpotoker@saratogabuilders.org.

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