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Buffalo Business First
5 WNY companies laid off 400+ workers in Q2
Hundreds of jobs were lost in the second quarter in Western New York, with Tesla contributing the largest number of cuts at its South Buffalo plant. <\p> The region saw fewer layoffs overall than in the first quarter, though.<\p>
Mental wellness startup hits ground running with $100K investment
Chris Muldoon knows first-hand the mental health benefits of movement.<\p> He’s been a runner since middle school and ran competitively in high school, on Syracuse University’s track and field team and post-collegiately. <\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>
KeyBank CEO emphasizes WNY's role in shifting strategy
Western New York has played an important role in KeyBank's growing wealth management business as the bank puts a renewed focus on fee-generating sectors, according to CEO Christopher Gorman.<\p> In an interview after Thursday's quarterly earnings release, Gorman emphasized the bank's commitment to Western New York, pointing to its newly renovated space and its new lease in the Larkin at Exchange building in Larkinville.<\p>
M&T finds success in other industries as it pulls back from CRE
M&T Bank is lending more than ever to commercial and industrial borrowers, which has more than offset the bank's deliberate downsizing of its commercial real estate portfolio.<\p> "When you think of it, we're shrinking CRE and still growing the total loans overall, so that's positive," Chief Financial Officer Daryl Bible in an interview following Thursday's release of the bank's quarterly earnings.<\p>
Introducing 2024's C-Level Executives Award winners
Twenty-one executives from some of the region's largest companies and nonprofit organizations have been named honorees of the 2024 C-Level Executives Awards. <\p> The 13th annual awards recognize Western New York’s most effective business leaders. This event is hosted by Business First and presenting sponsors Harter Secrest & Emery LLP, Northwest Bank and Walsh Duffield Cos, and diamond sponsor Univera.<\p>
The immigrant influx (and why it's so good for Buffalo)
Mohammed Osman Shimul remembers seeing both blight and opportunity when he first visited Buffalo's East Side almost 10 years ago.<\p> "It was like a disaster," he said. "Every block, every other house was broken."<\p>
Buffalo's best high schools for STEM programs
What's the best public high school in Erie County? What about the private K-12 school in Buffalo? The best high school for students who want to be in STEM fields? <\p> You'll find the answers to those questions and more in this year's Schools Guide, which was published in print June 21 and features the return of a hallmark of Schools Guide past: rankings.<\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>
Clean-energy push means millions in business for West Seneca company
Buffalo Geothermal is taking on a slew of new commercial projects as developers increasingly seek green HVAC alternatives.<\p> The company has received six permits this year for geothermal projects in the City of Buffalo alone. These include a $1.9 million installation of a geothermal system at the former John Kam Malt House at 356 Hertel Ave., which is being converted into 82 apartments and commercial space.<\p>
Letchworth resort reopens after $1.2M investment
A longtime Wyoming County campground has rebranded and reopened under new ownership, following a $1.2 million redevelopment.<\p> Letchworth Valley Campground and Resort got its start last summer with a soft opening at 7037 Albro Road in Bliss at the former Covenant Acres Campground, which closed a few years prior. <\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>
State unveils MWBE initiative after clearing backlog of applications
New York state is trying to streamline the Minority and Women-Owned Business Enterprise certification process.<\p> Gov. Kathy Hochul recently announced a statewide effort, led by Empire State Development, to encourage applicants to work with local assistance centers to get guidance through the MWBE application process. <\p>
Extra Space exec talks Life Storage merger
About a year after the merger, we’re starting to get a better big-picture idea of the Extra Space Storage and Life Storage deal.<\p> Buffalo-based Life Storage and Extra Space Storage (NYSE: EXR) merger deal officially closed in July 2023. <\p>
Italian restaurant to take over Ziggy's Taco space
A new elevated Italian fast casual restaurant is in development in Eggertsville by a longtime restaurateur newly returned to the region.<\p> David Chicane expects to open Artusi this fall at 3975 Main St., where Ziggy’s Taco & Subs closed last summer. It’s his next venture, after running Hudson Food Studio for the past 15 years in the Hudson Valley. He sold that business in October.<\p>
Genesee St. properties go up for sale for $1.8M
A portfolio of seven buildings just outside Buffalo's Central Business District is on the market for $1.8 million.<\p> Machine shop Emcom Industries is looking to sell 235, 241 and 245 Genesee St. and 126 Ash St. The six commercial buildings and one house on the four connected parcels total about 41,000 square feet.<\p>
Built in 1900, Buffalo home sells for over $1M
A turn-of-the-century Buffalo residence is the latest million-dollar home sale in Erie County.<\p> Annmarie Maxwell recently sold 70 Oakland Place, Buffalo, for $1.18 million to 70 Oakland LLC, according to July 11 filings with the Erie County clerk’s office.<\p>
Biotech firm raises $5.8M for cancer drug trial
Buffalo-based MimiVax has raised millions as it works toward commercialization of its cancer immunotherapy drug. <\p> The spin-off from Roswell Park Comprehensive Cancer Center recently raised a nearly $5.8 million convertible debt round to continue its phase 2B clinical trial for SurVaxM, its cancer immunotherapy drug. The round is expected to close by the end of August, according to CEO and co-founder Dr. Michael Ciesielski.<\p>
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