Category Archives: Business News

Two-thirds of New Yorkers, up from 59 percent a year ago, are somewhat or very excited about the upcoming holiday season according to a new statewide survey of consumers recently released by the Siena College Research Institute (SCRI). 

While a plurality, 43 percent, plan to spend as they did last year, only 17 percent plan to increase their spending compared with 37 percent that say they will spend less. Nearly half, 47 percent, plan to conduct at least 50 percent of their shopping online, down from 57 percent last year, according to the poll.

 When considering the delays and shortages caused by supply chain disruptions, 70 percent of consumers have already or plan to shop earlier than usual, 52 percent will shop more in person forgoing online shopping and a majority, 56 percent intend to spend less than they had planned. Up from only 26 percent a year ago, over a third, 34 percent, now say that they believe in Santa Claus. 

At the same time, 44 percent believe that cryptocurrencies like Bitcoin are legitimate currency. “Belief in Santa and Bitcoin is an odd combo this season but perhaps we’re seeing a changing of the guard,” according to Don Levy, SCRI director. “Belief in Bitcoin’s legitimacy is highest among younger consumers and lowest among those age 65 and above while saying I believe in Santa is most difficult for those 18-34 years of age to express.” 

New York state is expanding Moreau Lake State Park by 860 acres. The new lands include  natural habitat along an undeveloped stretch of the Hudson River that will be known as Big Bend Point.  

“The acquisition at Big Bend Point guarantees the protection of a critical habitat and pristine natural resource,” Gov. Kathy Hochul said. “Moreau Lake State Park is visited by hundreds of thousands of outdoor enthusiasts each year for camping, swimming, and exploring its popular trail network. With more people than ever visiting our parks, this acreage will expand options for outdoor recreation in the region and preserve open space in fast-growing Saratoga County.”

The $1.6 million purchase of Big Bend Point was funded by the Environmental Protection Fund. It brings the Moreau Lake State Park’s total acreage to 6,250 acres, making it one of the ten largest parks in the state park system. 

With its proximity to both Lake George and Saratoga Springs, the park is attractive to visitors year-round as it offers ice fishing, cross-country skiing, snowshoeing and other winter activities.  

New York State Parks partnered with the Open Space Institute (OSI) to protect the former logging site at Big Bend Point in the town of Moreau. Bounded by two miles of the Hudson River, Big Bend Point includes wide, established logging roads that can be converted into an accessible trail network for year-round walking, bicycling, birding and wildlife viewing, equestrian riding, and non-motorized winter sports such as cross-country skiing or snowshoeing. 

Construction has started on Dominic Hollow Apartments, a $21 million affordable and supporting housing development in the town of Ballston that will create 60 homes, including 30 reserved for adults in need of supportive services.

Dominic Hollow Apartments will be affordable to households earning at or below 60 percent of the Area Median Income. Thirty apartments will be reserved for adults who will receive on-site services provided by RISE Housing and Support Services. RISE is also the project’s developer with CSD Housing in a consulting role.  

“Saratoga County is one of the fastest-growing counties in New York, and the Dominic Hollow Apartments will help fulfill the rising need for affordable housing,” Gov. Kathy Hochul said in announcing the start of the work. “As we continue to emerge from the pandemic, my administration will continue to prioritize investments that allow New Yorkers to find safe, secure, and sustainable housing so they can live healthy and successful lives in the communities they love.”

Services and rental subsidies for 18 supportive units will be funded by the Empire State Supportive Housing Initiative and 12 supportive units will be funded by the state Office of Mental Health. OMH is providing $416,000 annually in operating expenses for the 18 ESSHI units, as well as $477,000 annually for the 12 supportive units.

Officials said Dominic Hollow Apartments is designed to meet the energy efficiency requirements of the New York State Energy Research and Development Authority’s Low-Rise New Construction program and EPA’s ENERGY STAR Certified Homes Program Version 3.1. Sustainable features will include Energy Star or equivalent heating and cooling equipment, appliances, and light fixtures; water-conserving plumbing fixtures; and low- or no-VOC paints, primers, adhesives, and sealants. 

New York state has awarded over $81 million through its Regional Economic Development Council initiative to support 97 priority projects across  the state. 

This year, $150 million in grant funds from Empire State Development was made available on a continuous and competitive basis to support the immediate needs of applicants. Additionally, projects within each region are eligible for a share of $75 million in Excelsior Jobs Program Tax Credits to help attract and grow business in their region.

In Saratoga County, four projects received funding.

“The pandemic toll touched every corner of the state and every sector of New York’s economy, and as a result we must ensure that our recovery does the same,” Gov. Kathy Hochul said. “As we move forward from the pandemic we are using the rolling grant process to build New York state back better by supporting shovel-ready projects with the potential to accelerate new investments and catalyze economic growth in every community.”

“Through a collaborative, bottom up, and regional approach to economic development, these projects were chosen for their innovation, impact on their communities and potential for positive change coming out of the pandemic,” said Lt.  Gov. Brian Benjamin. “Whether it is workforce development, tourism, green investments or domestic manufacturing, we are moving forward to foster a strong and prosperous economy in New York state.”

By Jill Nagy

Plans have been delayedfor the move of Jack Hall Plumbing and Heating from its present Glens Falls location to Route 9 in Moreau. 

Owner Ty Hall proposed to construct a new home for the business on land he owns near Northway Exit 17. The new space would be about five times the size of the present building and have room for a training classroom, storage area, offices, loading docks, an exercise center, an indoor truck wash and the operations center.

“We want to expand the company  and put some jobs out there,” Hall said. Business is “crazy right now” and they need more space.

While town officials appear to be happy to have the additional jobs and tax revenue, they are urging Hall to locate his facility near the Northway instead of the Route 9 corridor. In order to build where he wishes, Hall needs a rezoning to C-1, industrial use. 

For now, his eight-acre parcel is partly zoned for residential use and partly for light commercial, essentially office use.

Select Sotheby’s International Realty in Saratoga Springs is part of a new strategic partnership with Four Seasons Sotheby’s International Realty in South Burlington, Vt., and Peerage Realty Partners of Toronto.

This transaction will expand the company’s market presence into the mid-Hudson Valley Region and Upstate New York. This is Peerage Realty’s fifth partnership with Sotheby’s International Realty, the companies said in a news release.

The partnership will expand Four Seasons Sotheby’s International Realty’s footprint into upstate New York. 

This new partnership will significantly enhance Four Seasons Sotheby’s International Realty’s position as a leading player in the premium residential real estate market throughout Vermont, New Hampshire, and now Upstate New York, positioning it for further growth and future partnership investments.

As result of this transaction, Four Seasons Sotheby’s International Realty, with which Peerage Realty partnered in July 2021, will now have over 303 agents, 48 employees in 23 offices across Vermont, New Hampshire, and New York. The firm’s sales are projected to exceed $2 billion this year, the company said.

The combined company will continue to be led by CEO and Partner Alan DiStasio and President and Partner Laurie Mecier-Brochu. Dan Collins and Lou Izzo from Select Sotheby’s International Realty and Gary DiMauro from Gary DiMauro Real Estate will continue with the company. Andrea Demoracski from Select Sotheby’s International Realty will serve as executive vice president, regional manager for the Upstate New York region.