Glens Falls Business Journal

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.”

Business Report: IRA Distributions For Hybrid Long-Term Care

April 18, 2022

Brian M. Johnson, director, business development, Advisors Insurance Brokers.

By Brian M. Johnson, MBA, CLTC

Many clients have qualified assets they intend to use for retirement income. However, there is one risk that could potentially jeopardize even the most well thought out plan—the need for long-term care or extended healthcare.

Long-term care is defined as needing assistance or supervision with everyday activities of daily living or ADL’s. A long-term care event is generally not cure oriented and the need for services, whether in home or a facility, is expected to last longer than 100 days. This type of care of referred to as custodial care, and a reason why traditional health insurance, Medicare and/or Medicare Advantage plans don’t cover it. Our default plan includes trying to qualify for Medicaid, which is a financially means tested program, which typically covers a nursing home, zero assisted living and limited home care or to use our own assets and income.

A hybrid long-term care policy is another popular way to address the risk. It’s a type of permanent life insurance policy which offers three core benefits: An income tax-free life insurance death benefit long-term care services aren’t needed, cash indemnity benefits to pay for home care, assisted living and/or skilled nursing and a return of premium rider, which allows the insured to surrender the policy and receive either all or a portion of their premiums back with no penalty or charges.

Unlike a traditional long-term care policy, policy premiums are guaranteed and can never increase and benefits for are paid in cash to the insured, meaning the insured can use the funds however he/she sees fit, whether it’s to offset other bills, pay a family member or licensed providers. It’s an asset allocation approach to financing long-term care needs.

Hospital Offers Interviews To Those Who Complete SUNY Adirondack Tech Course

April 18, 2022

SUNY Adirondack and Saratoga Hospital have entered into a partnership that guarantees individuals who complete the college’s sterile processing technician course an interview for open technician positions at the hospital.

“This is an incredible opportunity for those interested in this rapidly growing field to get the training they need to secure a fulfilling, in-demand career,” said Caelynn Prylo, assistant dean for Continuing Education and Workforce Innovation at SUNY Adirondack. “SUNY Adirondack knows Saratoga Hospital needs skilled, highly trained applicants, and we are thrilled to be able to provide them.”

Saratoga Hospital will offer interviews to participants who successfully complete the sterile processing class. The positions available at the hospital include a competitive benefits package with medical, dental and vacation time.

The sterile processing technician course is one of two 12-week courses offered by SUNY Adirondack through Workforce Readiness Academies Program (WRAP) Reimagine Grant, funded by state and federal Departments of Labor. For no cost, qualified applicants can participate in sessions in sterile processing or python for data analytics.

Interested individuals must be at least 18 years old and have been impacted by the COVID-19 pandemic.

These courses are geared toward people seeking occupational skills for a career in the high-demand industries of information technology and health care. SUNY Adirondack successfully offered two WRAP courses in 2021, both in information technology-related fields.

Officials In Region Work On Ways To House Temporary Workers Vital To The Economy

April 18, 2022

By Jill nagy

Close to 900 university students are expected to arrive from overseas in the next few weeks to work at Lake George area hotels, restaurants, and resorts. Business people stress they all need housing, something that is always an issue but appears to be worse this year.

Several properties that were previously available for students have been sold or rented to other summer visitors, according to Gina Mintzer, executive director of the Lake George Regional Chamber of Commerce.

The Chamber is always on the lookout for available motel rooms, cabins, campsites and the like, especially properties with accessible public transportation, she said. They pass on the information to the students who, she pointed out, “are used to paying for housing.” Usually, though, “before we know it, it’s already gone,” she said.

“The students are looking frantically,” she said. Some “couch surf” with fellow students until they can find places of their own. “We try to make sure they are safe.”

One such employer, Lake George Steamship Co., tendered employment offers that were accepted by 22 students.

“I hope they can get here,” said Bill Wilson, who is in charge of food and beverages for the company. He uses two recruiting companies to assist him in finding student employees. He reviews resumes and listens to pre-recorded interviews online.

The steamship company itself does not provide housing. However, Wilson is aware of some viable apartments behind the Lobster Pot restaurant on Canada Street and some cabins on Route 9—three miles away on busy Route 9 with no public transportation available.

The students, according to Mintzer, come from “all around the world.”

In 2019, the last summer before COVID travel restrictions, employees came from 53 countries. In a typical year, there are close to 1,000 of them, she said.

Lake George employers also hire local young people, both high school and college students. Mintzer said there is a slight preference for the international students because their schedules are more flexible and they can stay on into the fall—sometimes beyond that. In fact, she recalled some students who worked through the winter and are back for this summer.

The housing shortage is partly the result of boom times in the Lake George area. Mintzer noted that Lake George had a very good season last year and she expects the same this year. Rooms that used to be available for students have been rented to others, usually for more money.

She is aware of several properties near Bolton Landing that used to house students that have recently been sold. In short, she summed up, “it’s a tighter situation than in the past.” “We need more inventory.”

There has been some discussion of the town and village buying and rehabilitating old motels for student use or building dormitories. However, there are no current plans in place to do that.

Future plans may require grant money to pay for the purchase of vacant property along Route 9 between the village and the outlet stores.

However Jim Siplon, EDC Warren County CEO and president, thinks that the situation for this summer’s student workers in Lake George is, pretty much, under control. “The right people are working on it,” he said.

After a two-year hiatus, it was necessary to “reopen the pipeline” and start bringing international student employees to Lake George again. The next problem was finding housing for them. In the short term, this summer’s student workers have to be housed. “They have a handle on that.”

Beyond the immediate housing emergency, he sees a larger issue for the region. Mid-term, he noted, there is a need for a more enduring home for hospitality workers in Lake George.

Study: Most New Yorkers Feel Ukraine War Will Lead To Long-Term Economic Problems

April 18, 2022

Some 54 percent of New Yorkers say the war in Ukraine and the international response to it will lead to long-term economic problems resulting in financial difficulties that all Americans will face for years, according to a new statewide survey of consumers by the Siena College Research Institute (SCRI).

Thirty-two percent are more inclined to say that the war will soon end and despite significant short-term economic impacts, the American economy as well as the personal finances of Americans will be largely unaffected, the survey indicated. Seventy percent say that inflation is having either a very (26 percent) or somewhat (44 percent) serious negative effect on their personal finances.

The survey said in light of current economic conditions and the war in Ukraine, 87 percent are concerned about food prices, 80 percent are concerned with the cost of gasoline, 76 percent with home utility costs, 71 percent with the worth of the American dollar and 68 percent with the value of their retirement accounts.

In response to price increases due to inflation, 69 percent will buy less in general, 67 percent will buy less expensive items and 28 percent plan to dip into savings to pay for everyday expenses. Over a third, 35 percent plan to get a second job or generate another source of income while 34 percent now say that they will postpone or cancel a vacation in the next six months.

“Inflation had gotten New Yorkers’ attention, but now add in war in Ukraine and consumers are very concerned, and many are planning to cut back,” said SCRI director Don Levy. “While a third think the war will soon be over and that our finances will not be largely affected, over half believe the war in Ukraine will generate economic shock waves that New Yorkers will face for years to come.”