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Albany Business Review
Troy gets proposals for new, permanent city hall
The city of Troy received eight proposals for a new, permanent city hall by the June 28 deadline, Mayor Carmella Mantello announced.<\p> An in-house committee will review the submissions, conduct interviews and narrow down the choices.<\p>
Saint Rose campus: 3 questions now that Hochul's signed authority bill
Gov. Kathy Hochul on Friday signed state legislation to create the Albany County Pine Hills Land Authority, a potential buyer of the real estate for The College of Saint Rose in Albany, which ceased academic instruction last month. <\p> The governor's approval was first reported by Spectrum News. The legislation, which permits the authority to issue up to $80 million in bonds to finance the potential purchase and redevelopment of the campus, cleared the state Assembly and Senate in June. It was sponsored by Assembly members Pat Fahy and John McDonald, and Sen. Neil Breslin. <\p>
Local restaurant group buys spot for new location, closes another
Kuma Ani is changing up its mix of locations with a real estate purchase in Latham and a closure in Albany.<\p> The ramen-focused restaurant group purchased the former Stewart's Shops building at 567 Watervliet Shaker Road in late June for $650,000. The site is a short distance from the intersection with Route 9 where Bella Napoli Italian Bakery and The Fresh Market are located. <\p>
Kuma Ani to open new restaurant at one location, ends operations at another
Kuma Ani is changing up its mix of locations with a real estate purchase in Latham and a closure in Albany. The ramen-focused restaurant group purchased the former Stewart's Shops building at 567 Watervliet Shaker Road in late June for $650,000. The site is a short distance from the intersection with Route 9 where Bella Napoli Italian Bakery and The Fresh Market are located.
Small-business grants you can apply for this month
Small-business owners might be more confident about their future, but they are still worried about inflation.<\p> That’s the big takeaway from the U.S. Chamber of Commerce's Small Business Index, conducted in partnership with MetLife, which hit the highest level of optimism since early 2020, with about 73% of business owners expecting their revenue to grow in the next year. <\p>
Small-business grants you can apply for in July 2024
Small-business owners might be more confident about their future, but they are still worried about inflation. That’s the big takeaway from the U.S. Chamber of Commerce's Small Business Index, conducted in partnership with MetLife, which hit the highest level of optimism since early 2020, with about 73% of business owners expecting their revenue to grow in the next year.
Albany semiconductor startup raised $30M, status of HQ project unclear
An under-the-radar manufacturing startup based in Albany raised $30 million toward the end of last year. That was on top of $74 million it secured in 2022.<\p> The company, Pallidus Inc., which makes silicon carbide wafers for semiconductors, also hired the former chief financial officer of Intel Corp. as its top executive. <\p>
Albany semiconductor startup raised $30M, status of HQ project unclear
An under-the-radar manufacturing startup based in Albany raised $30 million toward the end of last year. That was on top of $74 million it secured in 2022. The company, Pallidus Inc., which makes silicon carbide wafers for semiconductors, also hired the former chief financial officer of Intel Corp. as its top executive.
Local restaurant chain looks to enter grocery stores with new product
Capital Region tea/restaurant company The Whistling Kettle is planning to expand into more retail products. <\p> The Whistling Kettle has introduced canned sparkling teas and is developing a loose leaf tea line for local grocery stores and co-ops, Kevin Borowsky, vice president/co-owner, said. <\p>
Bonacio plans new condo conversion in Saratoga Springs
Bonacio Construction wants to renovate the former Waldorf School in Saratoga Springs into five condominium units. <\p> The city planning board approved the developer's site plans on Thursday for the adaptive reuse of the two-story school building into residential units. Bonacio would also build new garages and storage buildings on the property and improve the landscaping. <\p>
Saratoga's newest luxury resort on schedule to open in December
Construction is underway for the $30 million-plus Brookmere resort with a spa, restaurant and hotel in Saratoga Springs that's replacing the former Longfellows Hotel & Restaurant.<\p> The resort, from Bonacio Development, is expected to open at 500 Union Ave. this December. <\p>
Supreme Court decision marks 'seismic shift' on federal rules
Federal agency rules that target businesses and the workplace have been dealt a blow by the latest Supreme Court decision.<\p> The case, Loper Bright Enterprises v. Secretary of Commerce, was specifically focused on fees in a rule by the National Marine Fisheries Service, but ultimately targeted the four-decade framework for federal agency rulemaking known as Chevron — named after a previous Supreme Court case. <\p>
Who's in and who's out: The Albany region leadership changes this week
A college president fired, a longtime executive announces his retirement, and one of the region’s largest companies gets a new CEO.<\p> The news of leadership shakeups was fast and furious this week. Two were even announced within an hour of each other.<\p>
BST & Co. adds former Broadview exec to grow marketing division
Latham-based BST & Co. CPAs has added a well-known marketing executive to its growing CMO for Hire division. <\p> Nicole Stein, formerly of Broadview Federal Credit Union, recently joined the division with the title of outsourced chief marketing officer. The division is led by Susan Radzyminski, who joined BST in 2021 to help start the marketing business.<\p>
Albany company in over 500 stores lands West Coast partnership
MyForest Foods is continuing to expand the national distribution of its plant-based bacon product with a new West Coast partnership. <\p> MyBacon is now being distributed in California by Good Eggs, an online grocery service that works directly with local producers and serves the San Francisco Bay area and Los Angeles. <\p>
Many managers are posting fake jobs. One reason may surprise you.
Employers are turning to fake job listings as a means of boosting staff morale in the current unsettled hiring market, but those ghost postings could have consequences. <\p> That’s according to a recent Resume Builder survey, which found 40% of 649 hiring managers surveyed have posted a fake job listing in the past year. Three in 10 responded they have an active fake-job posting. <\p>
NAR settlement means 'summer of uncertainty' for real estate agents
Teresa King Kinney is no stranger to abrupt change in the real estate industry — and the National Association of Realtors' recent settlement is no exception.<\p> She’s been the CEO of the Miami Association of Realtors and its 60,000-plus agents since 1993. In that time, she's navigated several recessions, the Global Financial Crisis and the turbulent, unpredictable Covid-19 pandemic.<\p>
The Playbook: The disconnect on vacation is getting better
Editor's Note: Welcome to The Playbook Edition, a look at stories, trends and changes that could affect your business and career. Want more stories like this in your inbox? Sign up for The Playbook newsletter. <\p> While many organizations have embraced hybrid work, there’s a chance it may not be the best option for certain groups of workers. <\p>
Bank's top CRE lender on what's driving growth in the Albany region
Ken Countermine sees plenty of commercial real estate lending opportunities, notwithstanding higher-for-longer interest rates. <\p> The Burnt Hills resident is a senior vice president for Syracuse-based Community Bank N.A., where he leads CRE banking across all its regions. He also oversees the bank’s capital market products and loan syndications.<\p>
Developer buys Albany building for affordable apartments
MLB Construction Services bought a building on Central Avenue in Albany that it plans to convert into 47 affordable apartments with commercial space, a fitness center and storage.<\p> The Malta-based general contractor paid $1.9 million for the four-story, 55,518-square-foot building at 97 Central Ave.<\p>
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