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Albany Business Review
Local bank CEO sees opportunities to expand
As president and CEO of Ballston Spa National Bank, Chris Dowd oversees a team of about 130 full-time employees across 13 locations.<\p> At around $860 million in assets, Ballston Spa is one of the region’s smaller banks, but its longstanding ties to Saratoga County – dating to 1838 — represent an advantage in an increasingly attractive and competitive market.<\p>
Capitalize Albany names president
Ashley Mohl, who had been serving as interim leader of Capitalize Albany Corp., has been named president of the organization, which serves as the city's economic development arm.<\p> The board of directors approved the appointment during its monthly meeting this month.<\p>
Downtown Albany bar goes up for sale (axes included)
The Yard: Hatchet House & Bar in downtown Albany is for sale as its owner focuses on growing her alcohol-infused ice cream brand, Boozy Moo. <\p> Leyla Kiosse, owner of The Yard and Boozy Moo, has listed the axe-throwing business for sale for $289,000. <\p>
Cottages on Hudson River listed for $2.65M
A cluster of cottages on the eastern bank of the Hudson River in Warren County has been put on the market for $2.65 million. <\p> Whispering Pines Cottages in Lake Luzerne includes a 7-bedroom lodge, 4-bedroom house and nearly a dozen 2-bedroom cottages. <\p>
Big penalties await businesses with hard-to-cancel subscriptions
Business owners soon will need to give their customers an easy way to cancel their subscriptions or risk big penalties.<\p> The Federal Trade Commission last week finalized its so-called “click-to-cancel” rule, reforming what has been called the “negative option” feature of contracts or any contract provision under which the buyer’s failure to cancel means continued acceptance of the contract — or, for many consumers today, a subscription. For example, not canceling a media or meal-prep subscription means the consumer keeps getting charged for it until they cancel. <\p>
Home sales flatline as housing market remains unaffordable for most
Down payments in America are starting to recede from recent highs but they're still substantially more than they were pre-pandemic.<\p> An analysis by Realtor.com found that down payments nationally averaged 14.5% as a percentage of purchase price and a median amount of $30,300 in the third quarter. That's down from the historic highs observed the previous quarter of 14.9% and $32,700.<\p>
Convenience store chain picks first Albany region location
QuickChek, a New Jersey-based chain with more than 150 convenience stores and gas stations, wants to build its first Albany region store near the Albany International Airport.<\p> If approved by the Colonie Planning Board, a one-story, 6,730-square-foot store and 16 gas pumps would be built on the north side of Albany Shaker Road at the traffic signal for the on-ramp/off-ramp of Exit 3 of Interstate 87.<\p>
Large commercial building sold, new owners plan apartments
The new owners of a prominent commercial building in downtown Glens Falls are planning to convert a vacant wing of the former shirt and collar mill into 18 loft-style apartments. <\p> Queensbury residents Ryan and Erin Connor, owners of EBRM Properties LLC, closed last month on 9-15 Broad St., also known as "Union Square." <\p>
Resort property sells for $3.7M
A 146-acre resort in the Catskills that was at the center of a Chapter 11 bankruptcy case sold last month for $3.7 million, according to court and property records. <\p> The Green Lake Resort is located at 605-609 Green Lake Road in the town of Athens, a few miles from the Thruway's Exit 21. <\p>
Popular benefit too pricey for many employers
Welcome to The National Observer, a roundup of top business news and actionable insights from across The Business Journals. We've got stories for you on the decade-high vacancy in the industrial real estate market, Amazon.com Inc.'s interest in nuclear power and 1,200 planned store closures at a popular pharmacy. But first, let's get into why many employers are turning away from a benefit otherwise popular with workers.<\p> Get more stories like these every day in your inbox by subscribing to The National Observer newsletter.<\p>
Mortgage rates finally fell, but homebuyers still face a big problem
The Federal Reserve may have cut interest rates last month, but homebuyers still face a challenge when assessing the current market for real estate: home prices.<\p> Prices were up 5.9% in the third quarter this year over the same three-month period in 2023, according to data from Fannie Mae. While that increase is down from a 6.4% spike in the second quarter, it’s still a substantial jump for buyers who are looking for a home.<\p>
Concierge-style health practice opens in downtown Albany
Ascend Wellness MD, a concierge medicine-style practice run by Dr. Jackcy Jacob, opened earlier this month at 59 North Pearl St. in downtown Albany. <\p> The practice offers memberships that give patients direct access to Jacob via calls or texts as well as home and telehealth visits. <\p>
New president for large construction firm
Kyle L. Sayers has been appointed president of LeChase Construction Services of Rochester, one of the largest general contractors in the Albany region.<\p> Sayers succeeds William L. (Will) Mack who was appointed vice chairman of the board of directors. <\p>
Senior housing complex sells for $4.9M
An assisted living facility in Queensbury recently sold for $4.9 million, according to property records. <\p> The facility, known as Adirondack Manor and located at 653 Bay Road near the SUNY Adirondack campus, has a 60-bed capacity, according to the state Department of Health. <\p>
Berkshire Bank promotes Albany banking veteran
Berkshire Bank has promoted Shane Rauh to lead its sales team for business banking in New York, western Massachusetts and southern Vermont. <\p> Rauh's promotion to the senior vice president-level role comes less than a year after he joined the bank as a business banking officer. The Colonie resident has more than two decades of banking experience and previously held roles with Pioneer and Broadview Federal Credit Union. <\p>
New plan for One Monument Square on horizon, mayor says
Troy Mayor Carmella Mantello hasn't detailed for the public her vision for what to do with One Monument Square downtown, but the broad outlines are starting to come into view for the vacant riverfront property.<\p> She reiterated she doesn't want to go through yet another process of seeking proposals from private-sector developers but said if there's a "component of a private partnership" on the city-owned land then that portion would be bid out.<\p>
The next restaurant chains to land in the Albany region?
The Albany area has seen an influx of new-to-the-area chains and franchises this year, such as Seven Brew Coffee, Wingstop and Umi Sushi and Seafood. <\p> Other recent openings include Crumbl Cookies, Smoothie King, Ruth's Chris Steak House, and Bubbakoo's Burritos.<\p>
Prolific restaurateur acquires new spot
The Daisy Bar & Tacos in Cohoes has been acquired by local restaurateur Rob Tario. <\p> Tario announced the acquisition Friday. He also owns the nearby Smiths Public House in Cohoes and Ship’s Pub in Albany, and is the co-owner of the area’s three Tipsy Moose Tap & Taverns as well as Tipsy Taco Cantina.<\p>
Regeneron's impact grows in the Albany region
Two billion dollars.<\p> That’s how much biotechnology firm Regeneron has invested approximately in its Capital Region manufacturing capabilities since 1993, when it bought its first building between Columbia Turnpike and Route 151 at what it calls its Red Mill campus, according to figures recently shared with the Business Review.<\p>
How small businesses can prepare for and recover from disasters
Do you know where to get a dumpster?<\p> That might seem like a simple question, but for Janice Jucker, co-owner of Three Brothers Bakery in Houston — a business that has alternatively weathered and been devastated by floods, winter storms and hurricanes — it is a crucial one. That's because after a climate disaster, everyone affected will need a dumpster to clean out their homes and businesses in hopes of getting back on their feet as soon as possible.<\p>
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