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Albany Business Review
Downtown Troy building could add more apartments
The owner of The Hendrick Hudson building in downtown Troy wants to convert the upper three floors to apartments because of difficulty finding businesses to fill empty offices.<\p> "The commercial market in Troy remains very challenging," said Larry Novik, president of Bonacio Development in Saratoga Springs.<\p>
Two outdoor retailers to open first Capital Region stores soon
Two outdoor retailers are set to open their first Capital Region stores next month. <\p> Sierra, a discount outdoor gear and fitness retailer that's moving into Colonie Center, and REI, a national co-op popular with rock climbers, hikers and other outdoor enthusiasts that will be a tenant at Crossgates, are planning to open in August. <\p>
Latham company's stock jumps 25% on earnings news
Latham-based medical technology company AngioDynamics Inc. (Nasdaq: ANGO) shares rose by more than 20% on Tuesday, pushing its market capitalization to about $300 million, as the company reported sales growth and plans for stock buybacks. <\p> The company’s net sales grew 5.3%, to nearly $271 million, over the course of its 2024 fiscal year, which ended May 31, according to an announcement. <\p>
30 condos proposed in Troy near Washington Park
Thirty condominiums at prices affordable to people who earn less than the area median income could be built on an empty lot near Washington Park in downtown Troy.<\p> TAP Inc., a local nonprofit that provides design and planning services to people with low-to-moderate incomes, is seeking approval from the city planning commission to construct two three-story buildings at 224-232 Second St.<\p>
National chain to add its second regional location this month
Wingstop's second regional location is planning to open this month. <\p> The national chain is projected to open July 24 at 740 Hoosick Road, the Brunswick Square plaza, in Brunswick a spokesperson confirmed. <\p>
Longtime local banker to head Berkshire business banking
Berkshire Bank has promoted a well-known Capital Region banking executive to lead its business banking team, according to an announcement on Monday. <\p> Rob Nichols, who has more than 30 years of experience in commercial banking, joined Berkshire in September 2023 as a senior vice president and business banking team leader. His new title is managing director, business banking. <\p>
Route 4 property sold for $2 million, new owner plans showroom
A local business that handles office furniture liquidations for big companies across the nation — and in the Albany region — is getting a much more visible showroom to sell used desks, chairs, cubicles and more.<\p> Turnkey Workplace Services is in the midst of renovating a 15,000-square-foot building at 375 North Greenbush Road next to the former Yonder Farms nursery.<\p>
Local job-matching service with thousands of users grows nationally
John Robinson started Our Ability as a mentor network in 2012, but it has since grown into a Glenmont-based nonprofit that's built software to connect people with disabilities and job opportunities. <\p> After receiving a grant through Microsoft's AI Accessibility program in 2019 that gave the nonprofit access to a cloud computing platform, Robinson and Our Ability built an artificial intelligence-powered job board that matches job seekers with disabilities with potential roles across the country in under 8 minutes. <\p>
CMBS apartment distress surges as operators struggle to refinance
Distress in the multifamily sector of commercial real estate is mounting as debt issued during a time of ultra-low interest rates is coming due.<\p> Among commercial mortgage-backed securities loans for single-borrower, large multifamily properties, the rate of distress is up 185% in the past six months, according to an analysis by Wayne, Pennsylvania-based commercial real estate data-analytics platform CRED iQ.<\p>
Manufacturer's $40M expansion seeks tax breaks
Subsidiaries of Swedish industrial conglomerate Atlas Copco have requested financial assistance from the Albany County Industrial Development Agency to support a proposed $40 million expansion project in Voorheesville. <\p> The company is seeking to secure approximately $2.9 million in property tax exemptions and $1.6 million in sales tax exemptions, according to an analysis of the project by Camoin Associates for the IDA. The property tax savings would be realized over a 10-year period, during which time the company would pay $211,000 in lieu of taxes annually. <\p>
General contractor wants to expand in Malta
MR2 Construction Services, a general contractor and construction manager of commercial projects in the Albany region, wants to build a new office/warehouse in Malta to handle its growing number of projects.<\p> "We're bursting at the seams," said Matt Roberts, who owns the business with Mike Robyck.<\p>
Developer closes on $57M in financing for Saratoga County apartments
Dakota Partners of Massachusetts has closed on $57 million in financing for its new affordable housing apartment complex in Stillwater.<\p> The project, called Hudson Heights, will be located on a 25.88-acre wooded property off Brickyard Road. The company purchased the land for $1.2 million in September 2022.<\p>
Albany rail bridge replacement will move forward, Hochul says
A railroad bridge over the Hudson River in Albany that dates from the Civil War-era and is a crucial link in the Northeast transportation network will be replaced with a new bridge by summer 2028 at a cost of $634.8 million, Gov. Kathy Hochul announced Friday.<\p> The new, wider, seven-span Livingston Avenue Rail Bridge between Rensselaer and Albany will be built just south of the existing bridge — enabling two Amtrak passenger trains to cross simultaneously at faster speeds and for freight trains to carry heavier, taller loads.<\p>
Albany metro's private-sector employment hits milestone
This year's Largest Private-Sector Employers List comes at a time when the region's employers quietly hit a milestone that's been years in the making.<\p> The Covid shutdowns of early 2020 sent the economy into a tailspin, and thousands of workers were suddenly laid off or underemployed.<\p>
Central Warehouse demolition gets $10M
Calling it a "tower of neglect," Gov. Kathy Hochul on Friday announced $10 million in funding to help pay for the demolition of the Central Warehouse in downtown Albany.<\p> "Let's get it done, let's get it done, let's get it done," Hochul told local and state officials at a press conference along the Hudson River not far from the deteriorating 11-story building that looms near Interstate 787.<\p>
Leadership changes at 150-year-old architecture firm
A longtime principal of Mosaic Associates Architects in Troy is retiring at the end of this year, and another member of the firm has been promoted to succeed him.<\p> John J. Jojo, 63, is retiring after 28 years with the firm. <\p>
Supplier plans move to Colonie, a $4M investment
Pump supplier Emmons Metro LLC has plans to relocate from Albany’s Warehouse District to a larger site in Colonie with room to grow near the Interstate 787 and Route 7 interchange. <\p> The company recently filed plans with the Colonie Planning Board to construct an approximately 23,000-square-foot warehouse addition to a small existing office building at 11 Arch St., a 4-acre parcel between Cohoes Road and I-787. <\p>
He's guiding his company through its biggest project ever
At work, Dimension Fabricators Inc. President Scott Anthony Mushaw is known as Sam, an amalgam of his initials. <\p> Mushaw’s father occasionally called him Sam, he said, but the nickname’s necessity became apparent when the Schenectady County-based rebar manufacturer’s founder, Scott Stevens, hired him in 1989. <\p>
100-room hotel could be built in Rensselaer
A 100-room hotel featuring a rooftop banquet room with views of the Albany skyline is being proposed on land near the Amtrak station in Rensselear.<\p> Twin brothers Bill and Bob Brayton of Brayton Construction are seeking preliminary site plan approval from the city's planning commission to build the four-story hotel at 11 4th Avenue, just across the railroad tracks.<\p>
The National Observer: Investors taking a big interest in strip malls
Welcome to The National Observer, a roundup of top business news and actionable insights from across The Business Journals network of publications. Today, we're looking at the closure of a century-old college, a sustained surge in new business formation, and where Kroger is looking to sell stores in order to win antitrust regulators’ approval for a $24.6 billion acquisition. But first, let's see how the accelerating spread of data centers is prompting resistance in some regions.<\p> Get more stories like these every day in your inbox by subscribing to The National Observer newsletter. <\p>
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