Saratoga Business Journal

SBA District Gives ‘Large Commercial Lender Of Year’ Award To KeyBank’s Capital Region

January 4, 2018January 4, 2018

J. Paprocki, (second from right) and Daniel Rickman, (right)of Syracuse District SBA present KeyBank’s Capital Region team with the 2017 Top Commercial Lender of the Year Award.
Courtesy KeyBank

KeyBank’s Capital Region Business Banking team was recently presented with the 2017 Large Commercial Lender of the Year Award by Bernard J. Paprocki, director of the Syracuse Small Business Association District.

In fiscal year 2017, KeyBank approved 32 loans at a Capital Region, leading value of $19.9 million, according to the SBA.

“SBA lending is critical to helping communities thrive, because it ensures that creditworthy businesses have access to the capital they need to start, expand and ultimately bolster the local economy and workforce,” said Greg Novitsky, senior SBA relationship manager, Capital Region, KeyBank. “We’re a proud SBA lending partner and excited the 2017 rankings reflect our commitment to help local businesses.”

In addition to leading in the Capital Region, KeyBank topped all banks in the SBA’s Syracuse District, representing 15.8 percent of the district’s total dollars approved, the organization said.

LED Lighting Company Moves From Albany To Halfmoon As Growth Requires More Space

January 4, 2018January 4, 2018

This waterproof LED lighting was installed at a carwash by G&G LED, a company that recently re-located to a building at 10 Corporate Drive in Halfmoon. Courtesy G&G LED

By Jennifer Farnsworth

The growth of G&G LED Lighting was reflected this year through their move from Albany to Halfmoon.

The company, which makes special LED lighting systems, moved into a 12,000-square-foot space. Cory Baright, vice president of operations, said the new location has served them well over the past two months, allowing them to continue to grow their lighting business.

Baright said the property at 10 Corporate Drive is double the size of their prior Albany location. It was purchased in September for $1 million, an investment the company made after undergoing a year of what he called substantial growth. He said the property was a perfect match for what they were looking for.

Stewart’s Holiday Match Raises Some $1.89M

January 4, 2018January 4, 2018

The 2017 Holiday Match charity program conducted annually by Stewart’s Shops raised $1.89 million for local children’s organizations.

Company officials said the fund drive set a record for the fourth consecutive season.

From Thanksgiving Day through Christmas Day, Stewart’s customers donated $945,000 to the program, which is an increase of approximately $19,000 over last season. Each individual donation is matched penny-for-penny by Stewart’s Shops.

There are no administrative costs and 100 percent of the funds benefit local, nonprofit children’s organizations.

“This program is proof that your small change can really add up and make a big impact on local kids,” said Stewart’s Shops President Gary Dake. “Teaming up with our customers to support our communities is just another reason why we say, we are closer to you.”

Turf Spa And Motel On Broadway Changes Hands; Redevelopment Plans Not Finalized

January 4, 2018January 4, 2018

Turf Spa and Motel in Saratoga Springs was recently purchased by John Larkin Inc., a hospitality and real estate development company in South Burlington, Vt.
Courtesy Saratoga Builders Association

By Jill Nagy

The former Turf Spa and Motel in Saratoga Springs Plans has a new owner, but plans are still in flux for its redevelopment, according to Mike Sheeran, vice president for operations and the lead project manager for the new owner of the property, John Larkin Inc., a hospitality and real estate development company in South Burlington, Vt.

The Vermont company purchased the property at 176 Broadway for $2.6 million in November. It consists of a 43-room motel and a mineral spa.

Larkin Hospitality, an affiliate of John Larkin, Inc., currently operates 10 hotels in Vermont and Massachusetts under the Comfort Inn, Fairfield Inn, Holiday Inn and Homewood Suites brands.

Condos On Phila Street Are Complete; No Tenants Yet For Ground-Floor Retail Space

January 4, 2018January 4, 2018

Construction of The Spencer Condominiums at 55 Phila St. started in 2016 and is now complete. The property is attached to the Caffé Lena building and has room for retail space on the ground floor.
©2017 Saratoga Photographer.com

By Jennifer Farnsworth

Bonacio Construction has developed more than 1 million square feet of real estate in downtown Saratoga Springs, the newest being Spencer Condominiums at 55 Phila St.

The construction that started in 2016 is complete.

The Spencer property is attached to the Caffé Lena building and has room for retail space on the ground floor. Mandie Kozlowski, marketing and design coordinator for Bonacio Construction said they do not have any definite tenants for that space, but the company expects it will be filled soon, due to its prime downtown location.

“The condos at 55 Phila are all sold out, except for one. There were eight originally for sale,” said Kozlowski. They went on the market in the summer of 2017.

Capital Bank To Have New Branch In The Area; Officials Expect Opening In 2018 2nd Quarter

January 4, 2018January 4, 2018

Capital Bank, a division of Chemung Canal Trust Co., will open a new, full-service branch in the Saratoga Springs/Wilton area.

According to Anders M. Tomson, president and CEO of Chemung Canal Trust Co. and division president of Capital Bank, “expanding deeper into Saratoga County has been a desire of ours for some time, but it was a matter of identifying the right facility with the right site. We are confident that this location is the perfect match.”

Capital Bank currently operates a branch in Clifton Park.

Located at 3057 Route 50, Capital Bank will lease a former First Niagara office, just on the northern edge of Wilton Plaza. The building has approximately 3,400 square feet of space and features a drive-in teller and a drive-up ATM.

NY Economic Development Initiative Brings $3.3 Million To Projects In Saratoga County

January 4, 2018January 4, 2018

Some $3.3 million in economic and community development funding was awarded to projects in Saratoga County through Round VII of the New York state’s Regional Economic Development Council initiative.

The funds include $300,000 for the Z-HUB project, which involves construction of a grain hub in the town of Moreau to grow, harvest, process, package and ship grains to in-state craft brewers and distillers in eastern New York state, providing greater access to state-produced grains for craft beverage producers and increased market opportunities for grain farmers.

The largest award, $1.7 million, went to Pike Companies, to acquire land and construct and equip a building to establish a Manufacturing Technology Education Center (MTEC), a public-private partnership between GlobalFoundries, SUNY and other institutions and businesses that will provide training for 21st century manufacturing careers.

The Regional Economic Development Council initiative doled out a total of $75 million statewide. The Regional Councils were established in 2011 to replace the state’s old top-down approach to economic development, with one that is community-based and performance-driven. The initiative empowers community, business, and academic leaders, as well as members of the public in each region of the state, to develop strategic plans specifically tailored to their region’s unique strengths and resources in order to create jobs, improve quality of life and grow the economy.

Advisors: Business Plans Require Detailed Focus, But Capital Region Is Good Place To Be

January 4, 2018January 4, 2018

Anthony Ianniello is an attorney and president of Ianniello Anderson PC in Clifton Park.
©2017 Saratoga Photographer.com

by Susan E. Campbell

Area experts say that a healthy economic environment and strong growth prospects in particular sectors are giving a positive message to businesses all around the Capital District: It’s a good time to be in business right here, right now.

“2018 is an ideal time to begin a business. Albany creates a lot of employment as well as opportunities for vendors supplying the Capital, from paper and hardware to restaurants and other service areas,” said Anthony Ianniello, an attorney and president of Ianniello Anderson PC. “There is a stable economic environment in the Capital Region.”

Moreover, the nano-tech center and colleges in and around Albany, and GlobalFoundries headquartered in Malta, create excellent opportunities for suppliers of both materials and expertise, he said.

Ianniello’s advice for ongoing businesses in the service industry is to “drill down on how to best provide services to customers.” To do that, it’s imperative for sales and marketing to be entrenched in the digital world, he said.

2018 Could Be Another Year For Equity Investors To Reap Rewards For Taking Even Moderate Risks

January 4, 2018January 4, 2018

Stephen Kyne, partner, Sterling Manor Financial in Saratoga Springs and Rhinebeck.

By Stephen Kyne

As we turn the page on another year, it’s time to take a look back at all that was, and prepare for what lies ahead. For the economy at large, 2017 was a stellar year and we think there is more to look forward to in 2018.

We’re beginning to feel a bit like a broken record when we say that the year has been better than we expected, and we expect the next year to be good as well. Unfortunately, since 2009, many investors have remained on the sidelines and have missed the opportunities that the economy presented since the recession. The good news is that we think there’s still room to run in this expansion—even those shy investors have time left to participate.

This time last year, we expected that U.S. stock indices could easily provide returns in excess of 10 percent, and boy were we right!. As of Dec. 29, the Dow sits up about 25 percent, the S&P is up 18 percent, and the NASDAQ is up a whopping 29 percent for the year, while bond indices have returned in the neighborhood of 2 percent (barely pacing inflation).

Clearly, equity (stock) investors have been rewarded in 2017, as they have been ever since March of 2009. Loosening regulations, lowering corporate taxes and increased consumer activity have all been among the factors that contributed to an environment which is producing record corporate profits and ultimately the beneficiaries have been stock investors.

Home Of The Good Shepherd Now Provides Treatment For Dementia, Alzheimer Patients

January 4, 2018January 24, 2018

Marion Coppola, an LPN at the House of the Good Shepherd facility on Church Street in Saratoga Springs, talks with resident Anthony Borgese.

By Rachel Phillips

Families with members suffering from dementia and Alzheimer’s have a new place to seek care, thanks to Home of the Good Shepherd.

On July 31, the organization opened a new memory care community, located at the organization’s building at 390 Church St., Saratoga Springs.

The non-profit organization, affiliated with the Bethesda Episcopal Church in Saratoga Springs, has been in operation since 1870, provides care for elderly residents, and has communities in Saratoga, Wilton, Malta and Moreau.

While they offer traditional nursing home services, including housekeeping, meal preparation, medication management, assistance with daily living, Home of the Good Shepherd boasts a more comfortable, home-like environment, while still providing a continuum of care that allows residents to “age in place.”

Along with sunlit, private suites, residents also enjoy a safe, landscaped outdoor courtyard, as well as a highly trained and caring staff, dedicated to celebrating the life of each individual in the community.