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Albany Business Review
First Prize redevelopment nears key step
A large redevelopment of the former Tobin's First Prize property off Exit 5 of Interstate 90 could soon get final site approval — a significant step for the long-sought project that straddles the town of Colonie and city of Albany.<\p> "We're close, very close," said Steve Heider, chairman of the consolidated planning board that has been reviewing the plans for the past 18 months.<\p>
390-unit apartment complex plan approved
A Brooklyn development company got final approval from the Wilton Planning Board last week to build a 390-unit senior living community on Route 50.<\p> The project would be The Markstone Group's second senior living community in the region. <\p>
16 new Capital Region senior executives you should know
Leader Board is a quarterly series that introduces readers to the newest top executives. We feature well-known executives making career moves and those new to the region.<\p> Here’s a recap of leadership changes at Capital Region companies and organizations announced during the second quarter of 2024.<\p>
The largest construction projects in the Capital Region
From apartments to a manufacturing site, this year's List of Largest Construction Projects covers a lot of ground.<\p> In total, the top 10 projects on this year's List have a value of just under $650 million.<\p>
Businesses, agencies ramp up backup systems after global tech outage
The global technology outage caused by a CrowdStrike update pushed to Microsoft Windows devices impacted everything from airlines to banks Friday morning — and reinforced the need for companies to have procedures in place to handle disruptions when they occur.<\p> Systems were gradually coming back on line by late morning.<\p>
Former Office Max could be converted to new use in Rotterdam
A former OfficeMax in Rotterdam could be converted into a child care center to help fill what's called a "critical shortage" in Schenectady County.<\p> YWCA NorthEastern NY intends to purchase the building at 80 West Campbell Road as part of an $8 million investment that would create 106 child care slots — 60 more than the nonprofit group has at its Washington Avenue facility in Schenectady's historic Stockade neighborhood.<\p>
Roglieri cars and artwork could be auctioned soon
The court-appointed trustee for Queensbury loan broker Kris Roglieri’s bankruptcy estate wants to hire the nonprofit Saratoga Automobile Museum to help auction off cars, artwork and other assets for the eventual benefit of creditors. <\p> Attorney Christian Dribusch, who was appointed Chapter 7 trustee in the case after it was converted from a Chapter 11 reorganization in mid-May, this week asked U.S. Bankruptcy Judge Robert Littlefield Jr. to authorize his retention of the museum, whose compensation would be subject to court approval and derive from buyer’s premiums.<\p>
$2B and an acquisition later, Schenectady firm plots next steps
Five years ago, Schenectady-based DSD Renewables was spun out of General Electric. Since then, the company has raised $2 billion in project capital and was acquired by BlackRock. <\p> Now, CEO Erik Schiemann said the company's looking to mature, and the next six months will be what he calls an "inflection" point. <\p>
The National Observer: Distress rises for apartment owners
Welcome to The National Observer, a roundup of top business news and actionable insights from across The Business Journals network of publications. Today, we'll take a look at the challenges of finding new tenants as two prominent drug store chains close stores, uncertainty around new rules on brokers in the home buying sector, and Big Lots' plan to close dozens of stores as doubts arise around its solvency over the next year. But for our top story we're going to examine distressed debt in the multifamily sector.<\p> Get more stories like these every day in your inbox by subscribing to The National Observer newsletter. <\p>
The ghost effect: Another sign the job market has dramatically shifted
Three years ago, many employers reported the phenomenon of being "ghosted" by job candidates.<\p> In yet another sign of the shifting labor market, the shoe is now on the other foot, with companies now abruptly ceasing communication with candidates. <\p>
Bank wants to convert Niskayuna fast food restaurant into branch
A current Taco Bell location at Mohawk Commons in Niskayuna could be transformed into a Community Bank branch, according to plans filed with the town's planning board. <\p> The Balltown Road project would entail a complete renovation of the existing structure and the addition of a second drive-thru lane, the application indicates. <\p>
Mr. Ding-A-Ling's new owners on growing the ice cream truck business
A year ago, brothers Jared and Luke VanDerVeer bought Mr. Ding-A-Ling, the largest ice cream truck company in the Albany region. <\p> Since then, they've had a crash course in the rigors of running a business that isn't as straightforward as it seems. <\p>
Lake George village waterfront condos hit the market starting at $1.5M
Sean and Melissa Quirk, longtime owners of King Neptune's Bar & Grill, have transformed their 8,100-square-foot restaurant and bar in Lake George village into the Anchor Condominiums.<\p> The five condominiums, located at 1 Kurosaka Lane, were listed this week with Davies-Davies & Associates Real Estate. <\p>
Local bank adds college president to its board
Siena College President Charles Seifert has joined the board of directors of Colonie-based Pioneer Bancorp. Inc. (Nasdaq: PBFS), the holding company for Pioneer. <\p> "Pioneer and Siena have been aligned really for quite a while," Seifert said in an interview. "Both institutions have significant longevity and commitment to the Capital District."<\p>
$21 million brandy estate opens in Columbia County
After six years of planning, planting, growing, building and distilling, the $21 million Klocke Estate is now open in Claverack. <\p> Klocke Estate is a "soil-to-glass" brandy distillery off County Route 27 that opened July 17. The 160-acre property in Columbia County just outside Hudson grows the apples and grapes used in its own brandy and vermouth, and there's also a 12,000-square-foot distillery/restaurant with a library lounge, private tasting salon and outdoor patio space.<\p>
280-acre Lake George resort property listed for $10.5M
A real estate investor from India has listed the 135-room Roaring Brook Ranch Resort off Route 9N in Lake George for sale — along with 240 acres that can be developed. <\p> Ajay Dhar of New Delhi has listed the nearly 280-acre property for sale at $10.5 million. He previously had listed the resort for sale in 2022, without the additional acreage. <\p>
Builder pessimism grows with rising interest rates, added inventory
Homebuilders continue to offer a bevy of incentives to remain competitive, but sustained higher mortgage rates and an increase in the number of homes for sale is dampening their overall sentiment about market conditions. <\p> Major homebuilders like Lennar Corp. (NYSE: LEN) and D.R. Horton Inc. (NYSE: DHI), among others, have been offering various concessions to prospective buyers at a time of much-higher mortgage rates than a few years ago and record home-price appreciation. Among the more popular offerings is a mortgage-rate buydown, in which a builder will put points down to reduce a buyer's mortgage rate.<\p>
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>
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