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Albany Business Review
New leader for fast-growing tech company
Almost 15 years after its founding, Stored Technology Solutions has named a new leader. <\p> StoredTech hired David Andrade as president last November, but kept the hire quiet to get clients accustomed to the new leadership. <\p>
Former South End Grocery could be demolished in Albany
The former McDonald's in Albany's South End that later became a short-lived grocery store could be demolished as the property changes hands and has a new, yet-undetermined use.<\p> The building at 106 S. Pearl St. is in poor condition due to a roof leak and other issues.<\p>
Real estate firm buys second office, plans to hire
East Greenbush-based real estate firm Vera Cohen Realty has purchased a commercial property in Colonie for a second office as it aims to recruit another 20 real estate agents. <\p> Owner Vera Cohen, who launched the business in 2018, said the location at 436 New Karner Road will help the firm accommodate its brokers who live in Albany and Schenectady counties and help better serve clients in those areas. <\p>
Local tech company acquires Albany startup
Local startup Passport For Good is being acquired by Albany-based tech company Superluminal.<\p> Passport For Good is a web-based platform meant to more easily keep a record of volunteer service hours and other community engagement, primarily for K-12 students. The software aggregates this data into a non-academic transcript students can then use for college and job applications.<\p>
City of Albany seeks real estate proposals
Three courtrooms in the city of Albany and an historic public bathhouse in the South End neighborhood don't appear to have much in common, but they're the focus of an outreach by city officials to the local real estate community.<\p> Here's what's happening with the courtrooms:<\p>
Green Island startup raises nearly $30 million — again
Green Island startup Ecovative Design LLC, the parent company of MyForest Foods, has raised another $28 million just over a year after its last $30 million raise. <\p> In total, the company has raised over $145 million across its funding rounds since its founding in 2007.<\p>
Land near Albany airport could become apartments, retail
Land near Albany International Airport would be developed into more than 330 market-rate apartments, office and retail space under the latest proposal by Rosetti Properties of Colonie.<\p> The company, which has strong demand for the 1,000-plus apartments it owns and manages in the region, is seeking a planned development district for 44 acres on Watervliet Shaker Road.<\p>
Luizzi Cos. wins state contract for warehouse in Green Island
Luzzi Cos. is building a 200,000-square-foot warehouse/office on a former junkyard in Green Island that will be leased to the New York State Office of General Services.<\p> Site work has started on the facility at 25 Tibbits Ave. (also known as 147 Cannon St.), with an estimated cost of $25 million. Completion is expected in a year.<\p>
Developer plans retail, flex warehouses in Ballston
Developer Mark Katz, the owner of Katz Excavation and Construction, is seeking municipal approval to build retail and warehouse buildings near the Hannaford grocery store in the town of Ballston. <\p> The town's planning board is scheduled this Wednesday to begin reviewing Katz's proposal to build a 12,000-square-foot retail building and two "flex" warehouse buildings — one 6,000 square feet and one 30,000 square feet — on a 6.2-acre undeveloped site off Via Rossi Way.<\p>
How CRE will benefit from interest-rate cuts
The long-awaited cut in interest rates that came last week was largely celebrated by commercial real estate investors and developers, with many saying the news signals a much-needed turning of the tide for the industry. <\p> The Federal Reserve on Sept. 18 said it was lowering the target range for the federal funds rate by half a percentage point, a more aggressive cut than many industry watchers were expecting for the Fed's September meeting. The cut is widely expected to unlock liquidity in commercial real estate financing and, in some cases, spur deals that were unable to pencil even just a week ago.<\p>
Homebuilder prepares for new Clifton Park subdivision
Though the Clifton Park Planning Board recently voted down his proposed 24-lot subdivision on Droms Road, Erik Kohler of Erik Kohler Homes will soon begin work on another — albeit smaller — development project in the same Saratoga County town. <\p> Kohler told the Business Review that he was disappointed by the board's 4-2 vote on Sept. 10 to reject his plans for the Droms Road site. His team is weighing their next steps, he said. <\p>
Mall moving tenants, making other changes
Clifton Park Center is more than 97% occupied, has the busiest Planet Fitness in the region, a Hilton hotel, a movie theater and last year drew more than 5 million visitors.<\p> Yet, when owner Faraz Khan walks inside and stares down a long blank corridor between the food court and Boscov's department store, he gets a different impression.<\p>
A day beyond the Dakes
Gary and Bill Dake have been thinking about what happens after they die. More specifically, they’re considering what will happen to Stewart’s Shops after the 63-year-old company president and 89-year-old board chair – the last generations of Dakes involved in leadership – are gone, a moment they admit is in the not-too-distant future.
Stewart's prepares for a day beyond the Dakes
Gary and Bill Dake have been thinking about what happens after they die. <\p> More specifically, they’re considering what will happen to Stewart’s Shops after the 63-year-old company president and 89-year-old board chair – the last generations of Dakes involved in leadership – are gone, a moment they admit is in the not-too-distant future. <\p>
Kris Roglieri indicted on five counts of wire fraud
A federal grand jury has indicted Queensbury businessman and founder of Prime Capital Ventures Kris Roglieri on five counts of wire fraud, according to a court filing on Thursday. <\p> The allegations in the newly filed indictment essentially mirror the single-count criminal complaint against the loan broker that was filed in late May. The indictment, however, treats a series of wire transfers allegedly made by Roglieri over the course of about a week last December as five distinct counts of wire fraud. <\p>
Prime Capital Ventures back in bankruptcy, Roglieri assets being sold
Update: A federal grand jury indicted Kris Roglieri on five counts of wire fraud, according to a court filing on Thursday. <\p> Prime Capital Ventures, the lending company formed by Queensbury loan broker Kris Roglieri that allegedly owes millions of dollars to its borrower clients, is back in bankruptcy. <\p>
Newly filed bill aims to repeal lucrative small-business tax credit
The potentially lucrative Employee Retention Credit is, once again, the target of a repeal effort. If successful, it would roll back many claims made this year.<\p> U.S. Sens. Mitt Romney, R-Utah; Thom Tillis, R-N.C.; and Joe Manchin, I-W.V., on Sept. 18 introduced the Employee Retention Tax Credit Repeal Act, which would end the credit for any claims submitted after Jan. 31, 2024, which, they say, would help save about $79 billion over 10 years. <\p>
Inflation is no longer the No. 1 concern for business executives
Editor’s Note: Welcome to The Playbook Edition, a look at stories, trends and changes that could affect your business. Want more stories like these in your inbox? Sign up for The Playbook newsletter. <\p> Inflation has been the chief concern for business executives for most of the year, but as we approach the fourth quarter, that appears to have changed. That doesn't mean, however, an overall positive economic outlook has taken hold.<\p>
Demographic warning signs for the North Country
The good news for the Glens Falls region is that unlike many other parts of upstate New York, it has seen its population rise over the past two decades.<\p> In the Glens Falls metro area, the total population rose by 2% between 2000 and 2020, according to U.S. Census Bureau data from those years.<\p>
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