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Albany Business Review
Afrim's Sports buys another complex, plans upgrades
Afrim Nezaj, the owner of Afrim’s Sports, finalized his purchase of The Adirondack Sports Complex late last month for $2.149 million. <\p> The property at 326 Sherman Ave. in Queensbury was purchased on June 24 through a limited liability company, 326 Sherman Avenue Associates LLC. The deed was filed in Warren County this week. <\p>
Billion-dollar boom: New York's becoming a big player in chips game
Sen. Chuck Schumer has often referred to upstate New York as his "north star" in the push to reenergize semiconductor manufacturing in the United States. And after years of trying, it now looks like the Empire State is ready to join the constellation of the country's semiconductor capitals.<\p> New York has the most proposed private investment in U.S. semiconductor projects since May 2020 and the second-highest total for federal funding awards since December 2023, according to a Business Review analysis of data from the Semiconductor Industry Association. <\p>
Troy college wants to sell buildings it no longer needs
Russell Sage College wants to sell excess properties it owns in downtown Troy, including dormitories with 72 beds and the buildings that have housed Bruegger's Bagels and the college bookstore.<\p> The 64 dorm rooms are inside two four-story buildings at 39-45 Congress St., which are listed for $2.75 million through Berkshire Hathaway HomeServices Blake, Realtors. The buildings also have classrooms and offices.<\p>
Saratoga Hospital wants to build large new medical office building
Saratoga Hospital wants to build a new medical office building focused on caring for the aging population just off its main campus on Myrtle Street in Saratoga Springs.<\p> The hospital is looking to demolish a 10,200-square-foot medical office building near the entrance to 59 Myrtle St. that formerly held OB/GYN and pulmonary care services, according to plans filed with the city. <\p>
Manufacturer to invest $22M in Schenectady, expects 150 new jobs
GE Vernova will invest $22 million at its Schenectady plant to support its production of advanced generators, the company announced Wednesday. <\p> Vernova, which in April spun off from General Electric and includes power, wind and electrification segments, expects to add more than 150 new jobs as a result of the investment. No timeline was provided by the company, but a spokesman said it was "moving as quickly as possible."<\p>
Saratoga company seeks move to new HQ
IT firm cb20 is seeking tax exemptions to offset a $4.5 million plan to move its headquarters from Saratoga Springs to a building it would purchase and renovate at 9 Old Stonebreak Road in Malta. <\p> The firm is asking the Saratoga County Industrial Development Agency for financial assistance to purchase the existing commercial building and upgrade it to support its business and employment growth, according to the application filed with the IDA.. <\p>
$2.3M buy latest for real estate investor duo as they hunt more deals
A 28-unit apartment complex in Cohoes sold for $2.27 million to investors from northern New Jersey who have purchased dozens of other rentals in the area this year.<\p> The apartments are in 14 contiguous buildings at 1-27 Olmstead Street near Remsen Street downtown.<\p>
Downtown Troy event venue and bar space listed for sale
The Troy property that houses Franklin Alley Social Club and wedding/event venue Takk House has been listed for sale. <\p> The 17,100-square-foot building at 55 Third Street is listed for $1.8 million. Jesse Tranvaag of Berkshire Hathaway HomeServices Blake, Realtors has the listing. <\p>
Sale of 8-acre Delmar senior care campus stuck in years of uncertainty
A deal to purchase two financially distressed senior care facilities in Delmar faces uncertain prospects after the would-be buyer received unfavorable news from state regulators. <\p> Investor Solomon Klein, who according to a court filing owns dozens of nursing homes in New York and Florida, was the second prospective purchaser to emerge since late 2019, when the facilities’ parent organization, Westchester County-based nonprofit The Lutheran Care Network, placed them into Chapter 11 bankruptcy protection. <\p>
Sale of Delmar nursing home, adult care facility has faced years of uncertainty
A deal to purchase two financially distressed senior care facilities in Delmar faces uncertain prospects after the would-be buyer received unfavorable news from state regulators. Investor Solomon Klein, who according to a court filing owns dozens of nursing homes in New York and Florida, was the second prospective purchaser to...
He bet on manufacturing his own products. Now it's 75% of revenue
When Gatherer's Gourmet Granola began in 2010, founder/CEO Sandro Gerbini said the company took a risk on manufacturing its own products. <\p> "We started looking for a co-manufacturer to partner with — somebody that would handle our small volume requirements while also delivering on our quality mission for our customers," Gerbini said. "We failed to find anybody who met all those criteria and abandoned that search and started investing in our own equipment."<\p>
FTC noncompete ban suffers setback
The Federal Trade Commission’s broad noncompete ban suffered a legal setback after a federal judge in Texas ruled against the agency on July 3.<\p> U.S. District Judge Ada E. Brown of the Northern District of Texas, said in a ruling that the agency “lacks substantive rulemaking authority” on the matter and granted a preliminary injunction on the controversial rule that could affect employers in a broad range of industries. <\p>
FTC noncompete ban suffers setback in first of several court challenges
The Federal Trade Commission’s broad noncompete ban suffered a legal setback after a federal judge in Texas ruled against the agency on July 3. U.S. District Judge Ada E. Brown of the Northern District of Texas, said in a ruling that the agency “lacks substantive rulemaking authority” on the matter and granted a preliminary injunction on the controversial rule that could affect employers in a broad range of industries.
Fast food franchisee targets Colonie site for new location
With plans already underway to move three Taco Bell locations in the Albany region, the local franchisee for the fast-food chain is laying the ground work to open yet another location.<\p> Hospitality Restaurant Group of Syracuse is seeking approval from the village of Colonie's planning commission to demolish three commercial buildings at 1535, 1537 and 1539 Central Ave. and replace them with a 2,100-square-foot Taco Bell.<\p>
Taco Bell franchisee targets Colonie site for new location
With plans already underway to move three Taco Bell locations in the Albany region, the local franchisee for the fast-food chain is laying the ground work to open yet another location. Hospitality Restaurant Group of Syracuse is seeking approval from the village of Colonie's planning commission to demolish three commercial...
The National Observer: America's most-on-time airports
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 a big change to federal rulemaking that could affect businesses, the hidden costs of owning a home, and federal grants for 12 tech hubs across the U.S. But first, you may want to pack your patience for these routes — they're the most delayed flights in the U.S.<\p> Get more stories like these every day in your inbox by subscribing to The National Observer newsletter.<\p>
Albany mayor signs 'good cause' law protecting tenants (again)
Albany Mayor Kathy Sheehan has signed a law opting into the state's new "Good Cause Eviction Law," becoming the first municipality in the state outside New York City to regulate the terms under which tenants in certain apartments can be kicked out of their homes.<\p> Sheehan released a letter to the news media Monday that was sent to the Common Council on July 5 announcing her approval of the law — a step that was anticipated.<\p>
Albany mayor signs 'good cause' law protecting tenants (again)
Albany Mayor Kathy Sheehan has signed a law opting into the state's new "Good Cause Eviction Law," becoming the first municipality in the state outside New York City to regulate the terms under which tenants in certain apartments can be kicked out of their homes. Sheehan released a letter to...
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