Glens Falls Business Journal

Realtors: Southern Adirondacks Homes Spent Average Of 24 Days On The Market

August 15, 2022

Homes in New York’s Southern Adirondack region spent an average of 24 days on the market in June, lower than any point in the past decade. The median sales prices jumped to $350,000, the highest mark in the past 10 years, according to the National Association of Realtors.

Nationally, the median sales price exceeded $400,000 for the first time ever, up 15 percent from the same time last year

“The fact that homes continue to sell quickly and above asking price indicates that demand remains strong in our area,” said Densay Sengsoulavong, Southern Adirondack Realtors CEO. “Given that summer is typically our most active sales season, we expect the market to remain competitive in the coming months.”

New listings in the region increased 1.9 percent in June compared to last year, from 697 to 710. The inventory of homes for sale dropped 34.7 percent, from 1,432 to 935, and pending sales increased 4 percent, from 478 to 497. Closed sales were down 11.4 percent, from 466 to 413. Sellers received 103.6 percent of their list price in June.

NBT Bank Partners With Company To Start A Real Estate Equity Investment Fund

August 15, 2022

NBT Bank and CEI-Boulos Capital Management have launched the NBT CEI-Boulos Impact Fund, a $10 million real estate equity investment fund with NBT Bank as the sole investor.

The fund is designed to support individuals and communities with low and moderate income through investments in high-impact, community supported, commercial real estate projects located within the bank’s Community Reinvestment Act (CRA) assessment areas in New York.

The project investment area includes Warren and Washington counties.

“As a community bank, NBT is committed to the communities we serve,” said, NBT Bank President and CEO John H. Watt, Jr. “This includes doing our part to create stronger, healthier neighborhoods. We believe that investments in projects that deliver critical affordable housing can also have a ripple effect in supporting job creation and strengthening our communities.”

The NBT CEI-Boulos Impact Fund is managed by CEI-Boulos Capital Management, a fund management company focused on delivering competitive financial returns and social impact. CEI-Boulos helps banks achieve their CRA objectives by organizing and managing funds that invest in financially attractive, high-impact commercial real estate projects that benefit the communities in which they are located.

CEI-Boulos prioritizes projects that represent collaborations between various entities—including non-profits, local and state government, philanthropic institutions, banks, community development finance institutions, community-based organizations, private investors, and local developers—that share a vision for their community.

Queensbury Hotel Celebrates Grand Opening Of Adirondack Ballroom Expansion Project

August 15, 2022

The Queensbury Hotel’s new Adirondack Ballroom and renovated event space was officially opened in late July. It more than doubles the capacity for hosting conferences and special events.

By Paul Post

Downtown Glens Falls’ slow, steady resurgence just got a boost with the July 21 grand opening of Queensbury Hotel’s $3.8 million new Adirondack Ballroom.

The 5,200-square-foot facility more than doubles the historic hotel’s capacity for hosting conferences and special events, which can further fuel the local economy.

“We’re already sold out now on Friday and Saturday nights, almost year round, hosting 300 people that need things to do. They want to go shopping, go to restaurants, events at Wood Theater or Cool Insuring Arena,” said Tyler Herrick, hotel general manager. “Before the expansion we were hosting 750 events a year. This is just going to help accelerate that by bringing midweek conventions to Glens Falls, which means more business for our property and all of downtown.”

The New York State Sheriff’s Association was the new facility’s first customer. Scores of law enforcement personnel attended the multi-day event that began Sunday, July 24. Several large weddings and another state conference have already been booked this fall.

Glen Street Associates Will Renovate Property at 20 Maple Avenue In Glens Falls

August 15, 2022

Peter Hoffman of Glen Street Associates stands in front of the former Morgan Stanley building at 20 Maple St. in Glens Falls which he purchased for $275,000.
Glens Falls Business Jouranl

By Christine Graf

Developer Peter Hoffman of Glen Street Associates is partnering with the youngest of his four children, daughter Christiana, on what will be his 20th local development project.

The pair purchased the former Morgan Stanley building at 20 Maple St. in Glens Falls for $275,000.

Hoffman, a Clifton Park native, was introduced to the world of property development by his father. From the time he was a young boy, he had a hammer in his hand and a nail apron around his waist.

“I started with my father when I was 11 years old,” he said. “He was an amazing developer and I started by following him around. Along the way we became partners. He taught me the business, and we were partners up until 1983 when I went out on my own and did some other things in my life.”

After spending 20 years in the restaurant, car wash, and real estate industry, Hoffman re-entered the development world in 2001. It was because of his wife, Suzanne, that he chose to work in and around Glens Falls. During her time as a New York state trooper, she had grown to love the city.

State Funds Will Help Construct A 60-Unit Affordable Housing Project In Corinth

August 15, 2022

By Paul Post

The state is providing $7.3 million to help fund a proposed $21 million, 60-unit affordable housing complex, called Riverview Apartments, in the village of Corinth.

A spring 2023 groundbreaking by Saratoga Springs-based Bonacio Construction Co. is planned.

The project is a joint venture between Corinth-based Hudson River Community Credit Union and RISE Housing and Support Services, a Saratoga Springs nonprofit organization founded in 1978, whose mission is helping people with mental health, substance use and other life challenges stay safe and healthy in the community.

Officials said 30 apartments will be reserved for homeless individuals with mental health illnesses who will have access to rental subsidies and on-site supportive services. The project will create eight jobs, including two case workers and a registered nurse to support residents.

Another 15 apartments will be strictly for seniors and there will be 15 more for community residents.

Three years ago, the credit union’s board of directors identified quality, affordable housing as the biggest challenge faced by many of its members living in Corinth.

“Corinth residents will be given priority when it comes to housing to ensure that members of the community most in need are the ones receiving the assistance the project was designed to help,” credit union CEO Sue Commanda said. “However, individuals from other communities will also be able to apply and live in the building.”

The 66,816-square-foot structure will be on a three-acre parcel, which the credit union donated. It is located near the intersection of Pine Street and Fifth Avenue.

Local Company Provides Service To Help IT Companies Fill Jobs Quickly And Efficiently

August 15, 2022

Tim and Kathleen Montgomery are the owners of TIMIT Solutions.

By Paul Post

A Queensbury firm and its Singapore-based partner are helping companies worldwide with a new high-tech hiring service that purports to find key employees quickly and efficiently while saving valuable time and money.

“Our first customer in New York City went from an average of two to three months per hire to just three days using our tool,” said Tim Montgomery, owner and president of TIMIT Solutions LLC. “Our primary target is businesses that hire a lot of people. We’ve initially engaged with some very large IT (information technology) companies in India.”

ConvInt.ai (Conversational Intelligence), founded and owned by Virender Aggarwal, of Singapore, uses artificial intelligence to locate top candidates not only for IT companies, but those in other industries such as insurance, healthcare and the rapidly expanding field of cannabis production.

“Many human resources people aren’t technically savvy and don’t know much about who you need to hire for the cannabis industry, the types of people and skills they need,” Montgomery said. “This tool makes them an expert in all of those areas because we’re asking expert questions on their behalf.”

Business Report: Electronic Monitoring Law Impacts Workplace

August 15, 2022

Sabastian S. Piedmont, managing partner at Tully Rinckey PLLC.

By Sabastian Piedmont, Esq.

New legislation in the form of an amendment to the New York Civil Rights Law became effective on May 7, requiring private employers to inform current and newly hired employees that the employer electronically monitors their work telephone, email, and internet access and usage.

With the increased reliance on technology in the workplace—and for that matter, the increased amount of remote work being done throughout New York state—many employees and employers are curious as to how this will impact their normal operating procedures, if at all.

While the law does not radically modify the terms of an employee’s use of technology in the workplace (and remotely), there are several changes that both employees and employers should be aware of with regard to the consent/notice given of this surveillance, as well as how it will impact those currently employed versus those who will be newly hired.

Now that the amendment is in effect, all private employers of all sizes must disclose that they are electronically monitoring employee internet usage, emails, and/or telephone communication in the form of:

• Written and electronic notice to current employees.

• Upon hiring a new employee, employers must obtain written acknowledgment of the notice.

• Posting a notice of their electronic monitoring in a conspicuous place which is readily available for viewing by subject employees.

Business Report: Signs You Need Different Office Space

August 15, 2022

Anne K. Cabral, broker/owner, Glorious Day Real Estate.

By Anne K. Cabral

Do you need different office space? Do you have too much? Too little? Has the COVID-age of remote working affected how much space you need? Will the increase in tech production affect your workforce?

You work in your office every day and have grown accustomed to it. If you’re not sure about your office needs, this may be the perfect time for an office utilization assessment.

Here are signs to look for:

You’ve outgrown the space. Do desks seem to be stacked up on top of each other? Are conference rooms crowded? Are meetings scheduled outside the office to get into a less cramped environment? These are the most obvious signs that it’s time to get a bigger space.

An overcrowded office can affect your employees’ morale and effectiveness and contribute to building a negative work environment. Feeling like a bunch of sardines crammed into too small a space will only frustrate them.

A minimum of 140 square feet per employee is a good guideline. So, if you don’t meet that, then it’s time to move. Here are a couple of ways to realize whether you are running low on space:

Even With Vacation Prices Rising, Area Travel Agents Say People Will Pay The Price

August 15, 2022

Stacie Baxter at Heber Travel says there has been a high demand for travel.

By Andrea Harwood

The cost of vacation travel has gone up significantly. But Dawn Biddiscombe, owner and operator of Premier Plus Travel & Tours in Glens Falls, has seen an increase in business and says people are willing to pay the price.

“People are paying more now without questioning price”, said Biddiscombe.

Travelers know that prices are expected to be higher than ever, especially considering the cost of gasoline and diesel fuel, she said. In previous years, clients may have taken time to think over the cost of trips. Now, they book trips as they come available because of an inventory shortage.

“Everyone wants to travel,” said Biddiscombe. “Popular places are in Europe right now. It used to be Mexico and the Caribbean, which is still somewhat popular. Now, people want to do something more unique.”

Stacie Baxter, sales manager at Heber Travel Services in Queensbury, sees a high demand for travel as well.

“People are going everywhere,” she said. “I’m doing a lot of planning for Africa and South America for the end of the winter months.”

Biddiscombe said Europe is struggling to keep up with travel demand. Ireland, Greece and Italy, including the Maltese Coast, are all in demand as travel destinations. Spain is also one of the top requests. She has people asking to go for longer stays, and they are willing to pay more money.

Business Report: Retirement Considerations In Inflationary Times

August 15, 2022

Jim Amell, CPA, director of Marvin and Company PC CPAs.

By Jim Amell

After a decade of extremely low inflation, the rapid increase in costs of living we are experiencing has been difficult for most households, particularly retirees on a fixed income.

Many retirees are facing declining income along with increased expenses. Our current economic environment also provides lessons for everyone on how to position their personal finances for their retirement.

How should retirees respond so as not to be overwhelmed by increased cost of living? First, determine your monthly income. Social Security benefits have and will continue to increase at a rate roughly equal to the core inflation rate. Unfortunately, Medicare premiums withheld may also increase, leaving beneficiaries with only a slight increase in net social security benefits.

Revisit your sources of income other than social security. The stock market has declined significantly this year, and whether your retirement savings are in a 401k/IRA/Roth IRA, taxable investments, cash savings, or a combination of the amount you can comfortably withdraw depends on the nature of your investments and income generated by those investments. If you withdraw from investments based on a fixed percentage of invested assets you will most likely be withdrawing less than in recent years.