Month: April 2022

SBA Will Provide More Deferment Time For COVID Disaster Relief Loans Repayment

April 18, 2022

The U.S. Small Business Administration (SBA) has been directed to provide additional deferment of principal and interest payments for existing COVID Economic Injury Disaster Loan (EIDL) program borrowers.

The extended deferment period—30 months deferment from inception on all approved COVID EIDL loans—will provide additional flexibility to small business owners impacted by the pandemic, especially those in hard-hit sectors managing disruption with recent variants, as well as recent supply chain and inflation challenges amid a growing economic recovery.

Since its inception, the COVID EIDL program, a federal disaster relief loan, has allocated more than $351 billion in relief aid to 3.9 million borrowers, including to the smallest of small businesses from historically underserved, disadvantaged communities, according to the SBA.

“Though our small business owners continue to power a historic economic recovery under the Biden-Harris Administration, we must continue to do everything in our power to meet our small businesses where they are with resources to ensure they can recover and thrive,” said SBA Administrator Isabel Guzman. “This extended principal and interest deferment will provide financial relief to millions of small business owners—particularly those hardest-hit by the pandemic and related marketplace challenges – so they can continue to pivot, adapt, and grow.”

The deferment extension is effective for all COVID-EIDL Loans approved in calendar years 2020, 2021, and 2022. Loans now have a total deferment of 30 months from the date of the Note. Interest will continue to accrue on the loans during the deferment.

‘Finders Keepers’ Consignment Shop Owner Opens A Second Store In Queensbury Plaza

April 18, 2022

Kyleen Wade is the owner of Finders Keepers consignment shop. After 19 years in Glens Falls, she opened a second store in mid-March in the Queensbury Plaza on Upper Glen Street.

By Jill Nagy

Finders Keepers, Kyleen Wade’s second hand shop, sells clothing and “anything that a woman surrounds herself with to look beautiful,” she says.

After 19 years in Glens Falls, she opened a second store in mid-March in the Queensbury Plaza on Upper Glen Street.

Wade sells clothing, jewelry, mirrors, purses, shoes, and other objects, most of it on consignment. She also offers “a little bit of furniture, but it’s hard to keep in the store.”

Recently, she added men’s clothing to her stock. From time to time, she gets antiques to sell.

She said “people are finding me and re-finding me,” as old customers return and new ones arrive. Business “is great. It’s wonderful. It’s everything I could have dreamed of.”

The new store is about 4,500 square feet, considerably bigger than the tiny shop she began with in Glens Falls. At the time, she was living in Vermont and she learned of the availability of a turnkey business on Glen Street in Glens Falls selling “used stuff.” She bought the business, added a lot of product and “it was all gone in a week.”

Later, she moved to the former Shirt Factory on Broad Street and began advertising for merchandise to sell on consignment. She advertised it as an opportunity to recycle and “find homes for the wayward.”

Business Report: Achieve Your Entrepreneurial Vision

April 18, 2022

Christy Alexander, founder of WorkSmart Coworking & Meeting Space in Glens Falls.

By Christy Alexander

Small businesses are key contributors to the vibrant communities that people want to call home.

Fortunately, entrepreneurship in the U.S. is on the rise. But for these new businesses to have an impact, they must survive, and by focusing on some key areas, entrepreneurs can have the best possible chance to reach their goals and build thriving, sustainable businesses.

Entrepreneurship can be rewarding, and thoughts of independence are exciting, but the life of an entrepreneur isn’t a good fit for everyone. The truth is that running your own business is hard. It can mean long days of solving problems and taking responsibility for endless decisions. Conquering these obstacles requires passion and relentlessness. The first thing you can do to set yourself up for success as a hopeful entrepreneur is to carefully decide whether you’re ready, willing, and able to accept the challenges of entrepreneurship.

With so many challenges to manage, it’s easy to go adrift, so having a clear vision to guide you is critical. You need to develop a clear image of what you want for your business and your life. It is this clarity that will help you stay on track when you must make tough decisions, and a compelling vision that will inspire others to join you in pursuit of your goals.

Even with a clear vision, you’ll be required to wear many hats in your business. It can be draining, and you will be better off playing to your strengths than trying to work on your weaknesses. Assess your abilities and identify the tools you will need for success.

Tyler Herrick, Zack Moore Enjoying Their Entrepreneurial Efforts In Glens Falls Region

April 18, 2022

Zack Moore, left, and Tyler Herrick, in front of construction at the Queensbury Hotel.
Paul Post

By Paul Post

Queensbury Hotel is already getting calls for large, sell-out conferences in 2024 and 2025, two months before the highly anticipated mid-June opening of its new $3.8 million grand ballroom.

The 5,200-square-foot addition with state-of-the-art kitchen facilities, located to the right of the building’s rear entrance, could be a major game-changer for downtown Glens Falls by hosting multi-day events for hundreds of people who would likely visit restaurants and retail shops throughout the city.

“This hotel can be an incubator for other businesses,” general manager Tyler Herrick said. “That’s always been part of our mission with doing this project. When we have 300 to 400 guests that’s 300 to 400 people that are looking for stuff to do and walking around. That obviously helps everybody.

“I would hope some of our midweek conventions bring people who want to go to WorkSmart (Coworking & Meeting Space) because they want to get out of their hotel room or relax at places like Spot Coffee. Like they say, a rising tide lifts all ships. Right now I think Glens Falls is on a good wave.”

The ballroom is just one of several entrepreneurial ventures Herrick and Zack Moore, both 41, are pursuing as co-owners of Spruce Hospitality Group, which manages Queensbury Hotel and Fairfield Inn & Suites at Northway Exit 18 in Queensbury. The Fairfield opened in September 2019, affording guests easy access to Saratoga Springs, Lake George and Glens Falls.

Both lodging establishments are owned by Moore’s father, Ed, who also owns the Sawyer Building directly across from Cool Insuring Arena, along with French Mountain Commons and Lake George Outlet Center on the Million Dollar Half-Mile (Route 9) in Queensbury.

Noon Whistle Deli In Queensbury Will Have New Ownership, Few Changes, In May

April 18, 2022

Julie and Jedidiah Murphy will be the new owners of Noon Whistle Deli. The eatery will close briefly on April 29, and undergo a ‘quick makeover’ in time for the Murphys to re-open.
Courtesy Julie and Jedidiah Murphy

By Jill Nagy

Noon Whistle Deli, at 15 Lafayette St. in Queensbury will close on April 29. But, it will reopen under new ownership on May 2, the following Monday.

In between, the new owners, Julie and Jedidiah Murphy, will do “a quick makeover.”

For the most part, the 27-year-old sandwich shop will remain the same. The new owners will reorganize the kitchen “to fit our operating style” and change the flow of the counter, according to Jedidiah Murphy. They will also give the place a paint job.

The business is in good shape, Murphy said, and they will make few changes. In fact, the present owner, Jackie Fosco, will bequeath to them her soup and salad recipes and instructions for the deli’s signature sandwiches: the accountant, the banker, the firehouse, the lumberyard, and six others.

The Murphys will extend the hours that the deli is open and also open on Saturday. They plan to end breakfast service and concentrate on the lunch business.

“We hope the clientele will follow us over,” he said.

Business Report: How Wide Is Your Perspective?

April 18, 2022

Steven Luttman, broker/owner of SJ Lincoln Realty, host of The Expected Returns podcast.

By Steven Luttman

Few things warm my heart more than a trip to the Lake George outlets.

Some might say cheap, others prefer “financially thoughtful,” but no matter what you call it I like finding a good deal. No doubt many of you feel the same way. Think for a moment about a purchase you’ve been considering recently.

If this item were to become available for 79 percent less than its historical price how excited would that make you? That’s an amazing value. People line up hours in advance for Black Friday deals less great than this. But before you take out your wallet, what if at this exact same time last month the item could be had for 85 percent off. Given that the discount has shrunk, is it still attractive today? Of course, it’s a no brainer.

Freddie Mac’s weekly lender survey found the average 30 year fixed rate mortgage closed out the month of March at 4.67 percent, a sizable jump from the sub 3 percent we were seeing as recently as November.

For anyone that’s been eyeing a home purchase or refinance it’s easy to think “I’ve dropped the ball here, rates are just way too high now”. With a short term perspective you wouldn’t be wrong. However if you were to line up the average rate for every single week over the past 50 years, rates are lower today than they’ve been for almost 80 percent of those data points since 1971.

Area Builder Says Supply Shortages Still Severely Hurting The Building Of New Homes

April 18, 2022

By Christine Graf

As demand for new homes surges throughout the country, supply shortages and price increases continue to plague the construction industry. According to the National Association of Homebuilders (NAHB), more than 90 percent of builders experienced materials shortages and delays in 2021.

Builders were encouraged when lumber prices began to fall after a record high in May of 2021, but prices began to climb again in December. The average cost of lumber is now about three times more than it was before the pandemic, industry officials say.

Economists predicted that supply chain shortages and material costs would begin to ease, but that was before Russia invaded Ukraine. Experts say the war in Ukraine will disrupt supply chains and further exacerbate shortages and price increases. The increase in oil and gas prices that have resulted from Russian sanctions will also impact production and transportation costs.

According to Cecil Provost, owner of Saratoga Construction and Saratoga Modular Homes, increased material costs have caused the average home price to skyrocket.

His companies build custom “stick-built” homes as well as custom modular homes. Stick-built homes are constructed on the job site, whereas modular homes are built in sections at a factory.

Cramer’s Point Motel & Cottages Bought By Todd Drake, His 2nd Area Resort Purchase

April 18, 2022April 18, 2022

Cramer’s Point Motel & Cottages, 3382 Lake Shore Drive, for $1.275 million.

By Paul Post

Todd Drake is recapturing a popular period in Lake George summer tourism with the purchase and upgrade of two mid-20th century type resorts on Lake Shore Drive.

He recently purchased Cramer’s Point Motel & Cottages, 3382 Lake Shore Drive, recently sold for $1.275 million. That follows last year’s $915,000 acquisition of Adirondack Diamond Point Lodge, 3629 Lake Shore Drive, which underwent a more than $300,000 makeover.

“The purpose of buying these properties is to maintain them as 1950s-style resorts with modern amenities in excellent condition and quality,” Drake said. “Instead of tearing down and replacing these places with condominiums, townhouses or a $7 million lake home, I see it as my job to maintain this tradition so people have a place to go that’s reasonable, affordable, quality, but fun for the kids and adults offering amenities like shuffleboard—which you don’t see much anymore—or a nice pool deck under the trees, fire pits and barbecues. It’s the outdoor Adirondack-style vacation.”

He purchased Cramer’s Point from Francis and Marion Sause, who owned the business for nearly 30 years.

Drake wants to provide the type of experience people can’t find at major brand-name, corporate-owned hotels.

He owns a Watervliet-based construction firm, CornerStone Building Corp., and Empire Real Estate Management, which specializes in long-term apartment rentals at sites such as Remsen Place, a four-story residential, office and retail building that opened two years ago in Cohoes.

The two Lake George resorts fall under the umbrella of a different business he owns called Adirondack Lodging Co., which includes rustic-style Moreno’s Cottages in Ray Brook, campgrounds in Crown Point and Chestertown, and several short-term vacation rental homes.

Drake learned that Cramer’s Point was for sale last year, but the timing wasn’t right. Then things changed.

“And now with the experience of renovating the (Adirondack Diamond point Lodge) I could tell this property offered value,” he said. “It needed upgrading, but less in terms of expense. Time is money as well as money is money. Looking at this project we felt we could do something similar with less upfront costs and time. That’s why we decided to pursue it.”

Cramer’s Point Motel & Cottages has a seven-bedroom home, 10 seasonal cottages, eight motel rooms and two suites. It is about a mile south of Adirondack Diamond Point Lodge. The two resorts are similar in size, but offer different amenities. Cramer’s Point has two pools and beach access.

Drake spent considerable time in Warren and Essex counties, pursuing year-round outdoor activities, while growing up in Clifton Park. He first learned about Adirondack Diamond Point Lodge about 20 years ago. Last year, he saw an opportunity that was too good to pass up, he said.

That property has seven cabins plus the 16-room main lodge.

“We closed on it in mid-April 2021 and really had to put things in high gear to be open for Memorial Day,” he said. “It was neglected for many years. We spent a considerable sum of money replacing all the furniture, a lot of the flooring and did the whole exterior over again, everything from windows, doors and roofs to top-level lawn furniture.”

In addition, all housekeeping material such linen and bedding was tossed out and replaced, Drake said. “But we kept it in the price point of expectations for a mom-and-pop resort. It was very well-received by guests. We did a considerable amount of business over what the previous owners did. We also enjoyed very good feedback and return rate for people coming back last fall or this summer.”

The job got done despite difficulty obtaining materials and supplies caused by COVID-19, and an ongoing statewide and nationwide labor shortage problem.

“We brought the marketing to a modern level with a strong website and reservation system that was very user-friendly and interactive,” Drake said. “But what really mattered was the service. We took time with each customer, telling them how we could best accommodate their party, group or event. You don’t see that today with 1-800 systems.”

“By bringing the quality up, I think we attracted a new audience that was looking for quality, which made a difference. That said, we did have a lot of returners who had reserved from prior years. Their reaction was nothing short of astonishment,” he said.

Glens Falls Hospital, Albany Med Recognized As Centers For Excellence For Alzheimer’s

April 18, 2022

As Centers of Excellence, Albany Med and Glens Falls Hospital serve as comprehensive resources to the healthcare community, providing a myriad of services for Alzheimer’s patients.

The state Department of Health (DOH) has again recognized Albany Medical Center Hospital and Glens Falls Hospital as Centers of Excellence for Alzheimer’s Disease (CEAD), and has awarded $2.35 million to each hospital in state funding over a five-year period.

As Centers of Excellence, Albany Med and Glens Falls Hospital serve as comprehensive resources to the healthcare community, providing diagnostic and consultative services to primary care providers in diagnosing patients, development of comprehensive care plans, assistance with the management of complex patient situations, and referrals of patients to specialty care.

Officials said their membership in the Albany Med Health System will allow Albany Med and Glens Falls Hospital to share resources and educational opportunities, making their services even more accessible to the people of our region and patients of the system, which also includes Columbia Memorial Health, Saratoga Hospital, and the Visiting Nurses Association of Albany.

“Alzheimer’s Disease is such a difficult diagnosis for patients and families – but programs like those offered by CEAD at Glens Falls Hospital and Albany Medical Center offer hope and tangible resources,” said Glens Falls Hospital Interim President and CEO Paul Scimeca. “Once again, the partnership with the Albany Med Health System preserves the local touch so important to the North Country while adding the strength of the region’s only tertiary care and teaching hospital.”

Manuel Astruc, M.D., Uses Little-Known Technology To Treat People For Depression

April 18, 2022

Manuel Astruc, M.D., uses a Transcranial Magnetic Stimulation machine on a patient.
©2022 Saratoga Photographer.com

By Susan Elise Campbell

When Manuel Astruc, M.D., expanded his psychiatric practice years ago from a solo office to one with four nurse practitioners and specialists, he said “the pattern shift would have a bigger impact on the mental health of the community.”

Now Astruc has introduced a new modality, the first in Saratoga County, that he believes will have the same positive effect. The little-known TMS technology he has acquired has been FDA approved for more than 10 years.

“Mental health in the workplace and the impact of depression on company production is a problem,” he said.

According to the Center for Disease Control, “the percent of physician office visits with depression indicated on the medical record is 10.6” and “the percent of emergency department visits with depression indicated on the medical record is 11.2.”

“Even medical professionals and therapists don’t know it’s available,” said Astruc, who has lived and practiced in the Saratoga area for more than 26 years.

TMS stands for Transcranial Magnetic Stimulation, a machine that stimulates deep areas of the brain and “advances the treatment of mental health disorders without medications or side effects,” he said.

One reason many sufferers of depression, obsessive-compulsive disorder and addiction have been unaware of the existence of TMS therapy is because it is expensive to bring into a psychiatric practice and costly to use in terms of time and manpower, according to Astruc.

“The typical course of treatment takes four to six weeks with five visits per week,” said Dr. Astruc. “That is time-intensive for the practice as every-day visits put demands on staff.”