SARATOGA BUSINESS JOURNAL
VOL. 29 NO. 4
NYRA Unveils The New Jim Dandy Bar And Extensive Renovations To Lower Clubhouse
STAFF REPORT
A host of major first-floor Clubhouse renovations, including a new horseshoeshaped Jim Dandy bar, will greet racing fans at Saratoga this year.
Such work is the latest in a series of significant Clubhouse capital improvements, which last year featured upgrades to the Finish Line Grill and Modelo Finish Line Bar.
"As always, our goal is to offer fans an improved experience while balancing the history and tradition of this cherished venue," said David O'Rourke, New York Racing Association president and chief executive officer. "These are important investments which guarantee a successful future for Saratoga Race Course."
The historic track hosted racing's third leg of the Triple Crown, the Belmont Stakes (Saturday, June 8) for the first time ever as reconstruction of Belmont Park continues in Queens. Saratoga will host the Belmont next year as well.
The race was the highlight of a fourday Belmont Stakes Festival in Saratoga, which brought unprecedented international exposure to the city while generating a multi-million-dollar economic impact.
The regular summer meet begins on Thursday, July 11 and runs through Labor Day Monday, September 2.
The Jim Dandy Bar, originally a members-only lounge in the 1940s, is named
Clifton Park And Albany Hannoush Jewelers Expands With Opening Of Queensbury Store
Plan For The Redevelopment Of The AlbanySaratoga Speedway Presented To Malta Board
Five Corners Development, a local residential developer based in Saratoga Springs, joined its national partner,The NRP Group, recently to present a multi-phase concept plan for the redevelopment of the AlbanySaratoga Speedway to the Malta Town Board. Once approved, the planned development will transform the roughly 50-acre property into a vibrant retail and residential neighborhood along the busy Route 9 corridor through northern Malta, adding hundreds of units of housing and compelling retail concepts along the gateway of a growing community.
The partners have recently placed the property under contract after learning of the landowner’s desire to sell the site as raw land through a local brokerage company. Cur-
rently, there is no closing date set and the racetrack is anticipated to continue running at least through its 60th anniversary racing season in 2025.
The initial development process began with a presentation to Malta’s Town Board. Planning reviews are expected to commence over the coming months.
“Five Corners Development is thrilled to play a part in the continued responsible growth in Malta and Saratoga County,” said the company’s founder and principal Sumeet Gupta of Saratoga Springs. “Even in these early stages of the development, we have been in discussions with interested tenants such as daycare centers, restaurateurs and widely renowned Fiden’s Brewing. While
David Andrade Is Named New President Of StoredTech To Take Company To Next Level
BY PAUL POST
If he ever feels the need for a career change, David Andrade would make a great big league general manager.
“Building a company is almost like building a baseball team,” said the new president of Queensbury-based StoredTech. “We’re definitely looking for veterans out there who have done it before. But we also want the new person who is hungry, willing to put in the time and effort, and wants to learn and grow with an organization.”
Andrade succeeds Mark Shaw, who founded StoredTech 14 years ago and continues as its chief executive officer.
“I really looked in the mirror and said, ‘Obviously we want to continue to grow StoredTech in a massive way’,” Shaw said. “We’ve doubled and tripled growth almost every year. But as a business owner it’s easy to make mistakes. I thought, ‘Wouldn’t it be cool to shortcut some of the mistakes we might make.’ The best way to do that and continue accelerated growth is to bring in somebody who’s done this before at a bigger scale, a bigger level, somebody who is aligned with our goals and company mantra of ‘customer delight’.”
StoredTech is a leading, full managed service provider that supports hundreds of clients with
HH The Business Newspaper of Saratoga County HH JUNE 2024 SBJ P.O. Box 766 Saratoga Springs, NY 12866 PRSRT STD U.S. POSTAGE PAID GLENS FALLS, NY 12801 PERMIT #600 www.saratogabusinessjournal.com
The Jim Dandy Bar, named for a 3-year-old colt that won the 1930 Travers Stakes, has been moved back to its original location and renovated according to historical drawings. Courtesy of the New York Racing Association
Albert (left) and David Hannoush, who own jewelry stores in Albany and Clifton Park, have opened a third store in Queensbury.
Courtesy of Hannoush Jewelers
Plans are underway to build a mixed-use development on the roughly 50-acre plot that is currently the home of the Albany-Saratoga Speedway in Malta. Saratoga Business Journal
“We
all
An-
all aspects of IT so they can focus on their core business. StoredTech not only implements clients’ technology, but monitors it as well.
insure that the client is getting
they can out of the technology they’re utilizing,”
BY SUSAN ELISE CAMPBELL Hannoush Jewelers has opened a new shop in Queensbury at 1054 Route 9. It is the third location for two brothers who “happen to be part of a big family of jewelers” according to David Hannoush, who co-owns the Albany, Clifton Park, and now
Queensbury retail stores with his brother, Albert.
“Our father is the oldest of eight brothers and Albert and I are the oldest of 36 first cousins,” said Hannoush. There are about 50 Hannoush Jewelers stores in 13 states, independently owned by differ-
Courtesy of StoredTech Continued On Page 4 Continued On Page 14 Continued On Page 16 Continued On Page 13
David Andrade has taken over the reins at Glens Falls-based StoredTech.
Personnel Briefs
Fenimore Asset Management, an independent, Capital Region-based investment advisory firm, has added Richard Heim and Jonathan Moran to the firm’s team.
“Rick” Heim has been appointed senior relationship manager. He is a Malta resident and offers more than 25 years of investment industry experience. He customizes and curates portfolios for individual and institutional investors to help them achieve their financial goals.
“We are very pleased to have Rick join Fenimore,” said Kevin Smith, director of private client services. “His experience, knowledge, and commitment to serving investors with excellence underscores our mission. He is a valued addition to the team.”
Prior to joining Fenimore, Heim was a vice president and financial consultant with Charles Schwab for more than 15 years and a financial consultant with AXA Advisors. He earned a bachelor’s degree in business management from Green Mountain College.
As director, Moran informs and educates financial professionals about Fenimore’s investment solutions.
“Jonathan’s experience working with financial advisors will allow him to be a vital contributor to our third-party distribution and service team,” said CEO Anne Putnam. “His dedication to developing long-term relationships to assist advisor allocations reinforces Fenimore’s approach.”
Moran held various positions with Lazard Asset Management and The Ayco Company before joining Fenimore. He is an Accredited Investment Fiduciary (AIF®).
A Niskayuna native, he is involved in the community and holds a bachelor’s degree in finance from Siena College.
The Town of Greenfield has appointed resident Duane Cornell to the position of historian. The part-time position includes the role of interpreting the past, teaching and writing about history, advocating for historic preservation and helping promote historic anniversaries. The role had been held for the past 10 years by Ron Feulner, who passed away this year.
Cornell held numerous positions at CurtisLumber for 27 years until he retired in 2023. He is a past member of the Greenfield Fire Department, serving as lieutenant and captain.
He is a fifth-generation resident of Greenfield. He said his love of history was born in the historic home he was raised in on Old Stone Church Road. The home and his family trace back to the 1800s in Greenfield. After many years in Saratoga, Luzerne and Corinth, he returned to his hometown five years ago purchasing property in Porter Corners.
Cornell has been married to his wife, Betty, for 26 years and has a grown daughter and son, along with three grandchildren. He is an active member of the Greenfield Historical Society, where he will continue to play a role.
Highly Trained Travel Advisor Makes All Vacation Plans To Give Clients Best Results
BY CHRISTINE GRAF
After several years spent living in Atlanta, Travelmation travel advisor Jaime Leslie has returned home to the Capital Region. The Shenendehowa High School and Southern New Hampshire University graduate became interested in working in the travel industry after visiting Walt Disney World for the first time when she was 26 years old.
After setting her sites on a career in travel— one that focused on planning Disney vacations—Leslie applied to several agencies.
“They said I didn’t have enough experience with Disney parks and resorts, so I applied to the Disney College Program,” she said.
After Leslie was accepted into the program, she spent five months living and working at Walt Disney World Resort in Orlando.
“That’s where the Disney part of my career really bloomed,” she said. “After being a cast member, I got to know what the company stands for, so I know why it’s a great choice for a vacation no matter your age. I learned so much in terms of planning and customer service.”
Within days of completing the program in early 2019, Leslie was hired by Fort Lauderdalebased Travelmation, a company with a network of almost 2,000 travel advisors and access to more than 400 travel companies and their partners. An Authorized Disney Vacation Planner and an Earmarked Diamond Producer, Travelmation is also a Preferred Partner of Royal Caribbean Cruise Line and a verified Sandals and Beaches agency.
Leslie’s love for all things Disney has not wavered, and she is now able to experience Disney with her husband and their two-year-old son.
“The magic that people speak of is real, and every time you take your kids, it will be magical,” she said. “And that’s true of all of the Disney parks and resorts. You know you are going to be taken care of when you travel with Disney. That applies to all of their lines of businesses-parks and resorts, Disney Cruise Lines, and Adventures by Disney.”
Although Leslie began her career by specializing in Disney vacations, her book of business is now evenly split between Disney destinations, all-inclusive resorts, European travel, and cruises. Clients do not pay a fee to utilize her services.
“It doesn’t cost anything to use a travel advisor. That’s a big misconception,” she said. “You will pay the same amount whether you book on your own or if you book with me, but if you book with me, you have me as a helping hand all the way through the booking process. If there’s a hurricane, an illness, or if your flights are messed up, instead of calling a 1-800 number, you call my cell phone directly. I call a representative that I have a business relationship with, and I get things taken care of. I have the contacts at my fingertips.”
For clients who want Leslie to handle every detail of their trip (she does not book AirBnb’s), she can book flights, rental cars, private transfers, and hotels. She can even arrange for wheelchairs, scooters, or strollers to be rented and delivered to hotels.
“If a client wants me to, I can arrange everything from top to bottom. I also have a travel insurance vendor I work with that sells poli-
cies,” she said.
By working with Leslie, clients are sometimes able to take advantage of last-minute discounts.
“Royal Caribbean and Walt Disney World are great examples. If prices go down before your final payment date, I can apply that promotion code,” she said. “When I book a vacation, I’m booking at the same price you would book for, but there’s an added benefit because I’m looking out for those promotions every day and you are not.”
For one of her Walt Disney World clients, Leslie was able to save them almost $1,000 by taking advantage of a room promotion that was made available after they had already booked their vacation.
While demand for Disney vacations remains strong, many of Leslie’s clients are choosing allinclusive resort vacations, with Punta Cana in the Dominican Republic being especially popular. She has also been booking a large number of European vacations, many of them to Portugal. Leslie is in the process of completing her certification to become a Certified Autism Travel Professional (CATP), and she also works with schools and businesses to plan group travel.
“For businesses, I can block off state rooms and a conference space on a cruise ship, and you can do continuing education or training at sea,” she said. “If you are going to do these trainings and have to sit in a conference room, let’s put you on a ship on your way to the Bahamas. It’s great for company culture.”
As the price of travel continues to increase, Leslie encourages people to consider using a travel advisor.
“People are paying a lot of money for their vacations, and when people book through me, I’m able to act as a safety net,” she said. “If something goes wrong, I’m able to assist. As a travel advisor, I offer peace of mind to my clients. And if I don’t have the answer, one of my colleagues will. We all work together on the back end, and our company is here to help. We want to make sure our clients are taken care of.”
For more information, email jaimeleslie@ travelmation.net or visit her on Instagram @ travelmation_jaime.
2 • SARATOGA BUSINESS JOURNAL • JUNE 2024 • •
* * *
Celebrating Over 180 Years of Hospitality in Downtown Saratoga Springs
Travel advisor Jaime Leslie makes vacation planning a pleasant experience.
Danielle Brown/Sapphire Dandelions Photography
Positive Reinforcement Is The Hallmark Of The Training Techniques At The Zoom Room
BY JILL NAGY
Whether you want your dog to jump through hoops or simply to walk sedately at your side, the Zoom Room, a new dog-training facility in Clifton Park, may have a class for you.
According to owner/operator Bill Overholt, the Zoom Room will primarily provide obedience training but will also offer noncompetitive agility training and some enrichment activities like tricks and bench work. The agility training uses the same equipment as used for competitive agility activities but on a smaller track.“Puppy socialization,” for puppies less than eight months old, is also very popular.
“We don’t train dogs; we train the people who love them,” Overholt said. The key is enhanced communication, he explained: eye contact, hand motions, voice commands. Emphasis is on positive reinforcement. When a dog performs well, he or she is rewarded with a click and a treat. Every dog has a preferred treat, Overholt said, and he can provide more exotic treats for the fussiest dogs. The actual training methods are proprietary, Overholt said, but they are backed by American Kennel Club standards and Puppy Training in Seven Easy Steps by Mark VanWye. The facility in Clifton Park is one of 15 nationwide and the personnel of the different locations, about 500 people in all, get together for a Zoom call once a week to discuss problems and compare notes. The nearest other facility is in the Chelsea neighborhood of Manhattan.
On the whole, the aim is to create tired
happy dogs. His guidelines are positive reinforcement, premium treats, and community involvement.
Overholt’s professional background is in “people training,” he noted, most recently, as a professional sales coach. He has volunteered at a Saratoga animal shelter and, he recalled, he was surprised at how many of the animals there had minor behavior issues. He continues to work closely with shelters and offers discounts to the owners of rescue dogs, along with a complementary no-pull harness and a pre-fi lled training treat bag. Rescue organizations are invited to use exercise space free of charge.
Classes now average three dogs and Overholt expects to have four to six in a class when the facility is operating at capacity. He has four trainers on staff and describes himself as “master of everything.” All of them have prior experience and go through a certification process prescribed by the Zoom Room organization. Private classes are also available.
So far, Overholt said, there have been no extreme problems. Some of the dogs bark but none of them bite.
Overholt urges owners to get their dogs into training as early as possible. Once bad habits set in, he said, they can’t always be fi xed.
Tuition is $42 a session. Overholt encourages people to begin with a package of five sessions “in order to get into a routine or habit.”
The Zoom Room is located at 1603 Route 9 in Clifton Park.
Franklin Square Market Offers In-House Dining As Well As Take-Home Ingredients
BY JILL NAGY
The new Franklin Square Market opened quietly at the beginning of May.
“We wanted to get our feet under us,” Julie Delos, one of the owners, explained. They began with a “really busy week,” she added.
The main problem is that, “like all Saratoga restaurants,” the new restaurant and market is facing “staffing challenges,” Delos noted.
The market includes a restaurant with a light Mediterranean menu. The adjoining market carries all the ingredients for patrons to try to replicate at home what they eat in the restaurant.
The market is located at 55 Railroad Avenue in Saratoga Springs, a space formerly occupied by
a Price Chopper supermarket. They can seat 120 diners at tables indoors and out, and another 22 at the bar. There is currently a staff of about 40 but, Delos said, “we sure are” looking for more, both cooks and servers.
Delos and co-owner Mark Delos have been in the hospitality business for about 25 years. Most recently, they owned Fish at 30 Lake Avenue in Saratoga Springs from 2015 to 2018, when they sold that business. It closed earlier this year.
Both the restaurant and the market are open seven days a week. The market is open from 8 a.m. to 8 p.m.; the restaurant from 5 p.m. to 9 p.m. Visit www.franklinsquaremarket.com for further information.
SARATOGA BUSINESS JOURNAL • JUNE 2024 • 3
A dog works its way through a training course at the Zoom Room in Clifton Park that will form a stronger bond between it and its person.
Courtesy of the Zoom Room
Franklin Square Market opened recently offering Mediterranean-style cuisine and an adjoining market where customers can purchase the ingredients to make meals at home. Saratoga
Business Journal
GLENS FALLS BUSINESS JOURNAL
9 Broad St. Glens Falls, NY 12803 (518) 581-0600 • Fax: (518) 430-3020 • www.saratogabusinessjournal.com
Editorial: rodbacon@saratogabusinessjournal.com
Advertising: HarryW@saratogabusinessjournal.com Press Releases: pressreleases@saratogabusinessjournal.com
Publisher & Editor Harry Weinhagen
Editor Emeritus Rod Bacon
Sales and Customer Service Harry Weinhagen Mary Longley
Production Manager Graphic Precision
Contributing Writers Susan Campbell Jill Nagy Christine Graf Paul Post
Continued From Page 1
drade said. “A lot of managed service providers sell technology. StoredTech is selling not only solutions, but the use of technology and how to become a better, much more competitive business with the use of technology. That’s much different than what I’ve seen in the industry over the years.”
Andrade comes to StoredTech, located near Floyd Bennett Memorial Airport, following a 16-year career at Boston-based Eze Castle Integration, a $100 million-plus company, where he rose through the ranks to become chief executive officer.
StoredTech, with about 70 employees, is expected to have gross revenue of nearly $20 million this year. “We work with companies from Hudson Headwaters to West Point,” Shaw said. “We have a very large regional and global presence from the U.S. to Ireland, the United Kingdom, Italy and Japan. We have hundreds of clients on a global scale, but continue to focus on our communities.”
He founded the firm with just two employees in a Glens Falls home-based office in April 2010. It has grown exponentially to includes offices and facilities in Albany, Raleigh, N.C. and The Philippines.
StoredTech ranks among the Capital Region’s fastest growing companies and made the Times Union’s “Top Work Places” list in 2022 and 2023. It also has consistently appeared in Inc. Magazine’s 5000 fastest-growing companies list.
In March 2022, StoredTech successfully completed the Service Organization Control 2 Type 2 audit, which ensures compliance with leading industry standards for managing enterprise data. SOC2 is a technical auditing process used to validate the systems and controls designed by an organization to secure its customer data.
Two months later, StoredTech announced the acquisition of Raleigh-based NOAH IT, LLC.
“Today we kind of own the market north of Albany,” Andrade said. “I definitely feel we can make our way all the way down to New York City with potential expansion deeper into Carolinas and the entire Eastern Seaboard to Florida as well.”
Handing off day-to-day operations to someone else was no easy decision, or process, for Shaw.
“StoredTech is my baby. To say, ‘I trust you to take care of this’ is a big step, a big risk,” he said. “Am I picking the right person? Will they carry on the legacy? Will they do the things I would do? There’s a lot of things you ask yourself. The answer is that it was a process that took more than a year to implement.”
Andrade emerged as the right choice after a review of more than 400 resumes and 70 interviews.
“It took a long time to vet this person,” Shaw said. “It’s not something I considered lightly. Our senior leadership engaged with him, we spoke to his references and also used a recruiter. I believe David has fully embraced the StoredTech concept of customer delight, putting clients and employees first; promoting from within. Everything I would be doing, I see him doing on an accelerated pace. He’s acting and thinking as an owner and putting all the right priorities I had in place.”
Andrade came on board six months ago, but didn’t officially become company president until June 1. Shaw said this was a deliberate step to let Andrade get immersed in the company culture, and let clients and employees get to know him before making an otherwise surprise, perhaps even shocking, announcement.
Andrade expects continued strong revenue growth while increasing staff to diversify the services StoredTech provides.
“The next goal is how do we become a 100-person organization?” he said. “We continue to recruit and hire local talent. For me personally, a track record of starting and finishing something is always important. The most important characteristics for anybody are aptitude and a desire to learn. If you can get those components with any kind of experience, especially around the tech side, it’s a huge plus although technology can be trained.”
New advanced technology departments around networking and security have built a career path and growth opportunity for employees.
Previously, people went to a traditional office and everyone worked at a computer in the same building. There was one network, one set of servers.
But COVID sent everybody home. Now with some companies there’s a hybrid workplace in which people mostly work from home and come to the office once or twice per week. Or the firm has a fully remote modern workforce where everything is in the cloud and employees need a phone and laptop with them at all times.
“In an office with one network connection you just need to make sure that network is secure,” Shaw said. “In today’s world, where people are working at home and coffee shops there are a million different endpoints where people can be connected so your security needs change. Today everybody is everywhere. The office is wherever you want to be. As the world changed, we had to change and adapt so that’s what we’re doing. We build service around the kind of company you are . old-school in-house, hybrid or fully remote. That’s kind of where we’re evolving to as companies have evolved.”
4 • SARATOGA BUSINESS JOURNAL • JUNE 2024
Saratoga Business Journal is published monthly, the second week of each month, by Weinhagen Associates, LLC and mailed to business and professional people in Saratoga county. Saratoga Business Journal is independently owned and is a registered tradename of Weinhagen Associates, LLC, 9 Broad St. #7, Glens Falls, NY 12801 (518) 581-0600. Saratoga Business Journal is a registered tradename in New York. Saratoga Business Journal has been founded to promote business in Saratoga county and to provide a forum that will increase the awareness of issues and activities that are of interest to the business community. Subscription price is $25.00 per year. Third class postage paid at Glens Falls, New York. Rights to editorial content and layouts of advertising placed with Saratoga Business Journal which are the creative e ort of its contractors, and printing materials supplied by Saratoga Business Journal are the property of Saratoga Business Journal and may not be reproduced by photographic or similar methods, or otherwise, without the specific authorization of Saratoga Business Journal. SPECIAL SECTION NEXT ISSUE Call Today To Reserve Space (518) 581-0600 Fax: (518) 430-3020 Summer Construction 50-Plus Office / Computer / New Media Publication
2024 Environment / Development Senior Living / Retirement Planning Workplace / Security / Legal Publication
2024
Date: July 11,
Date: August 7,
SARATOGA BUSINESS JOURNAL
StoredTech founder Mark Shaw now fills the role of chief executive officer. Courtesy of StoredTech
New President Of StoredTech
PROUDLY REPRESENTING THE WASHINGTON COUNTY BUSINESS COMMUNITY We take care of you so you can take care of business! The Washington County LDC is an equal opportunity leader, provider and employer. Washington County Local Development Corporation County Municipal Center 383 Broadway, Fort Edward, NY 518-746-2292 • info@wcldc.org • Loan programs for possible financing • Business training programs • Start up, expansion and relocation assistance • Commercial shovel-ready site information Visit us at WCLDC.org Like us on Facebook
Customers Can Unearth Their Treasures At Davey Jones Locker In The Wilton Mall
BY CHRISTINE GRAF
Davey Jones Locker has joined the growing list of businesses that have opened at the Wilton Mall. The store specializes is antiques, gifts, and collectibles.
Owner Michael Davey opened the store in May after a long career in the grocery and automobile businesses. He worked as a night manager for Grand Union for 16 years before becoming a car salesman, most recently at Goldstein Chrysler Dodge Jeep RAM. An entrepreneur at heart, he also operated several small businesses over the years.
“My first business when I was young was a limousine business that never really got off the ground,” said Davey. “I also had a gift shop in 1999 in downtown Ballston Spa. It was going pretty well, but the building was for sale, and someone bought the property. So, it didn’t last long.”
For a time, he also operated Your Way Café in the Momentive plant in Waterford. Finding it difficult to make a living from the business, his stint in food service proved to be short lived.
Davey said his idea for Davey Jones Locker evolved from his hobby of going to estate sales.
“Over the past few years, I have been accumulating things that I have purchased at estate sales,” he noted. “It just kept piling up and piling up, and it got to the point where everyone said I was a hoarder. At the same time, I had this idea that was growing in my head to do a gift shop again but in a bigger fashion.”
When scouting locations, it was the Wilton Mall that proved to be the most cost effective. “I was able to get a lot of space compared to what I could get in Clifton Park or any-
where else in the area,” said Davey.
According to Davey, his 3,100-square-foot store offers “a little bit of everything.”
“I have antiques, collectibles, decorative accessories, furniture items, greeting cards, and every day gifts. I specialize in old-fashioned trunks, and I have a lot of unique gifts that you aren’t going to find anywhere else,” he said.
The store also features nautical-themed items, Disney collectibles, and Adirondack décor. Although much of the inventory comes from estate sales, brand-new merchandise is also available. Offerings include decorative pillows, hoodies, blankets, hats, and jewelry.
“One of my very popular sections is my Hollywood collectibles section. It includes cards and autographs and pictures and things like that,” Davey said. “People really love it.”
The store’s Around the World section is his personal favorite. The section features a variety of merchandise including carved items from South America and Africa.
“I also have framed artwork throughout the store. I have many unique framed artwork pieces that are inexpensive to buy,” he said.
Although foot traffic has been a bit slow, Davey said he has been getting a lot of positive feedback from customers.
“People really love the store. Our slogan is “Find Your Treasure,” and people can come in and find treasure for themselves.”
Davey Jones Locker is open Monday-Saturday from 10 a.m.-9 p.m. and Sunday 11 a.m.-6 p.m.. The store offers 10 percent off purchases of $100-$199, 15 percent off purchases of $200-$299, and 30 percent off purchases of $300 or more.
Olympic And World Cup Coach Named To Head Up West
Mountain’s FIS Program
West Mountain has hired Olympic and World Cup Coach Teresita Birkner as head women’s FIS coach for West Mountain Racing. Her daughters, Macarena and Belen, individually or collaboratively, will serve as her FIS assistants helping U16 athletes to transition to FIS.
“We are so excited for our young women FIS athletes to be coached and mentored by such a strong, powerful, globally accomplished and recognized ski racing family,” said Sara Montgomery, program director of West Mountain Racing and general manager at West Mountain.
Some of the family’s past and recent accomplishments and qualifications include:
• Coach Teresita: mother and coach of three very accomplished ski racing daughters; Head Coach Argentina Nat. Ski Team; 30 years coaching all disciplines FIS World Level, including but not limited to, four Olympics, 13 World Championships, six FIS Jr World Championships; South American Cup Titles-33 overall, 34 SL, 31 GS, 22 SG, 11 DH, five Combined; Argentina National Ski Championships-33 GS, 32 SL, 2 DH, 6 SG.
• Macarena: Racing: four-time Olympian 2002-2014; seven FIS World Championships; 143 FIS World Cups; two FIS Junior Worlds; 68 European Cups; 18 North American Cups. Coaching: 2004-present all levels nationally and world.
• Belen: Racing: three-time Olympian; 128 FIS World Cups; nine FIS World Ski Champion-
ships; three Junior World Ski Championships; 96 European Cups; 12-time overall winner FIS South American Cup; 24-time winner of National Championships. Coaching: Argentina 2015-2023; World 2005-2023 Italy, Xinjiang, Utah, European Cup FIS.
For more information and for FIS Applications, visit www.westmtracing.com or contact Program Director Sara Montgomery at sara@ westmountain.com.
SARATOGA BUSINESS JOURNAL • JUNE 2024 • 5
Owner Michael Davey presides over an eclectic selection of gifts and collectables at Davey Jones Locker in the Wilton Mall.
Christine Graf photo
saratogashowcaseofhomes.com SHOWCASE PROCEEDS BENEFIT: 2024 Saratoga Showcase of Homes Belmonte Builders - Bella Home Builders - Kodiak Construction Stephen James - Trojanski Builders - Witt Construction ....And more to come! OCTOBER 5-6 & OCTOBER 12-13 PARTICIPATING BUILDERS SPONSORSHIPS NOW AVAILABLE!
Teresita Birkner will coach the women’s FIS team at West Mountain this winter. Courtesy of West Mountain
Workers Benefit Significantly From Employee Stock Ownership Program At Stewart’s Shops
BY CHRISTINE GRAF
If you’ve visited your local Stewart’s Shops lately, you may have been waited on by a millionaire. Thanks to the company’s Employee Stock Ownership Plan (ESOP), a significant number of employees have become millionaires.
Nationwide, only about 6,300 companies offer ESOPs, employee benefit plans that give workers ownership interest in their company in the form of shares of stock. Stewart’s Shop is one of just a handful of local businesses to offer this benefit to its employees.
“ESOP programs have been getting a lot more attention from leaders in the state and other businesses,” said Robin Cooper, public relations manager for Stewart’s Shops. “I’m only aware of four or five companies in the region that have them.”
At Stewarts, both full- and part-time employees ages 19 and up are eligible to enroll. A person must work 500 hours in a quarter or 1,000 hours in a year, whichever occurs first. After a period of six years, the employee is fully vested. At that point in time, the balance of his or her ESOP is equivalent to approximately one year’s salary.
In 2022, Stewart’s Shops made $19 million in contributions to the ESOP accounts of 3,000 active employees, each one receiving the equivalent of 16 percent of his or her annual salary. That year, ESOP participants saw their account balances grow by 12.5 percent compared to the previous year.
The Stewart’s ESOP was established in 2001, and employees now own 40 percent of the privately-held company. The plan is 100 percent company paid.
“We have also been paying dividends for about the past ten years,” said Alison Abbey, personnel manager for Stewart’s Shops. “Those are paid quarterly. People can take them as cash or roll them into their balance.”
Abbey estimates that approximately 40 percent of employees choose cash payouts on dividends.
“The majority of dividends are invested back into the company, and we try to educate people on what they are giving up if they take it.”
Long-term employees who have been diligent about reinvesting their dividends have reaped significant rewards, the company now boasting 200 millionaires.
“That was up from 175 the previous year. That number includes current, active employees who are still working,” said Abbey. “And a lot of those millionaires are hourly employees, so you don’t need to be a senior executive to become a millionaire.”
Since establishing its ESOP program, Stewart’s has worked hard to instill a sense of ownership among its employees.
“Once someone is in ESOP and sees their yearly statement that shows their balance, it becomes real to them. That’s when they buy into that ownership mentality that much more,” said Abbey.
A study conducted by Rutgers University found that companies that offer ESOPs experience substantial gains in performance. Employees with ESOPs report feeling more appreciated and connected to their company.
“The program instills a sense of pride in our employees. We call them partners because they own 40 percent of the company,” said Cooper. “And part of the beauty of the ESOP is that unlike companies with 401k programs, this is 100 percent paid by the company. Nothing comes out of the employee’s pocket, and I don’t think a lot of people realize that. This gives us a big advantage when it comes to recruitment and retention. Folks that are working in the plant, working in the shops, and working in the offices can become millionaires.”
As an example, Cooper mentions and employee who spent his career working in the company’s milk production plant.
“He retired at 57, so he wasn’t old enough to collect social security. But he was making more drawing interest off his ESOP than what he had been earning as a salary.”
Business Report
Keys To A Successful Client-Advisor Partnership
BY PETER CAPOZZOLA, CFA
At our house, I stay away from any projects having anything to do with electricity; or anything that can result in a flooded basement or in a tree crashing through our roof. Sure, I can look up a YouTube video for advice, but for me DIY has its limits. I’m better off hiring someone who has the professional experience and skills in these fields and is hard wired in ways I am not.
When it comes to investing, people can take the DIY approach and even find tutorials on YouTube (you may want to skip past the “Roaring Kitty” GameStop Meme). Beyond that, the advice offered can be like pieces of a puzzle; incomplete, and from which it is impossible to grasp the full picture. Worse, the information may simply not be applicable to your goals and circumstances, so it is not the solid foundation on which you would want and need to build a plan for your future.
Managing investments is what an investment manager does day-in day-out, year-in year-out. It is a profession they are committed to, and this is how they are hard wired. To us, the keys are an informed approach; executing a disciplined process; having the right people on our team; and focusing on capital preservation by striking a balance between risk and reward and seeking a margin of safety when investing.
There are five key elements to a successful client-advisor partnership: an informed plan; an appropriate strategic asset allocation; opportunistic tactical allocation, diversification, and ongoing communication with clients.
What informs an investment plan is not so much the markets or numbers, but what matters to you. Any discussion should include a review of your cash needs, time horizon, tolerance for risk, investment return goal, tax impacts and your unique circumstances. Each of these factors should be considered when determining an appropriate investment path for you.
That investment path begins with a “strategic allocation” that lays out the appropriate mix of cash, bonds and stocks, taking into account the historical returns and risks of the markets over the long run, which is suited to meet your particular goals. Keep in mind that as your circumstances change, your investment path and strategic allocation will likely change as well.
While a strategic allocation approach points you in the general direction, it is not enough on its own; and that is where tactical allocation changes play a role. As an example, in the financial industry, the classic strategic asset allocation is a 60/40 split between stocks and a combination of bonds and
cash. Some say, “set it and forget it”; leaving your allocation unchanged regardless of what is happening in the economy or the markets. We don’t see it that way. Instead, we search for opportunities to add value by identifying opportunities to generate returns and also to identify and manage risk in the short-term.
The goal is to navigate through an everchanging world, economy and markets by identifying consequential forces and changes, their potential impacts on our clients’ investments, and more importantly what it means to achieving their goals.
What happens in the economy flows into the markets and this has consequences on your investments. Proactively repositioning investments on the basis of changing outlooks for opportunity or risk gives you the opportunity to “do something before something is done to you”.
Whatever the state of the economy, inflation, or the markets, there is always an opportunity to realign investments to better suit conditions.
Working hand in hand with tactical allocation is diversification. In tandem, these tools can benefit any investor. We stress the importance of diversification as a risk management tool, one we feel is greatly underappreciated. Diversification is most often described as not having all your eggs in one basket; but it is far more than that. Diversification reduces the chances that your goals and plans will be placed at risk if one single unfortunate event occurs. However, risk can be subtle. An investor could believe themselves to be fully diversified and yet that same investor could find their diversification superficial and still be exposed to the risks of a single event. This can be the case in “the-
6 • SARATOGA BUSINESS JOURNAL • JUNE 2024
• •
Courtesy of Capital Bank Continued On Page 7
Peter Capozzola, CFA,Vice President/Senior Investment Officer, Capital Bank.
NBT Bancorp Inc. Promotes Four Executives As It Implements It’s CEO Succession Plan
NBT Bancorp Inc. has announced that its CEO Succession Plan unanimously approved by NBT’s board of directors in January was executed with Scott A. Kingsley succeeding John H. Watt, Jr. as NBT’s 15th president and chief executive officer. Kingsley was also elected to NBT’s board of directors. Watt will continue to serve on the board and has been named vice chairman.
NBT also announced the promotion of Joseph R. Stagliano to president of NBT Bank, N.A., the company’s wholly-owned banking subsidiary, Annette L. Burns to executive vice president and chief financial officer, and Shauna M. Hyle to executive vice president, retail community banking.
NBT Board Chairman Martin A. Dietrich said, “Smooth leadership transitions are a characteristic of high-performing companies. The board enthusiastically and unanimously approved the succession plan we announced in January. We thank John for the vision and energy he has invested in NBT, and we are fortunate to have a tested and aligned executive management team with strong and experienced leaders like Scott, Joe, Annette and Shauna.”
Kingsley joined NBT in 2021 as executive vice president and chief financial officer. He has more than 35 years of experience, including 16 years as a member of the management team at Community Bank System, Inc., where he served as chief operating officer and, prior to that, as chief financial officer. Kingsley started his career with PricewaterhouseCoopers, LLP before joining the Carlisle Companies, Inc., a publicly traded global manufacturer and distributor, where he served in financial and operational leadership roles.
A certified public accountant, Kingsley earned his bachelor’s degree in accounting from Clarkson University. He is an active community advocate, volunteer and fundraiser. He currently serves on the Crouse
Health Foundation board of trustees and the audit and finance committee for the Catholic Diocese of Syracuse and was previously chair of the board of directors of the Food Bank of Central New York.
Stagliano has over 30 years of experience in the financial services industry. Prior to his promotion to president of NBT Bank, N.A., he held the positions of president of retail community banking and chief information officer. He joined NBT in 1999 and was promoted to chief information officer and joined the company’s executive management team in 2006. In 2016, he assumed responsibility for retail banking in addition to his duties as chief information officer. In 2018, Stagliano was named president of retail community banking. Before joining NBT, he was employed by MetLife.
He earned his bachelor’s degree in business and public management from SUNY Polytechnic Institute in Utica. Active in his community, Stagliano serves as chair of the UHS Chenango Memorial Hospital Board of Directors, and he is on the board of directors of United Health Services, Inc. and the Norwich Building Tomorrow Foundation Inc.
Burns joined NBT in 2013 with the company’s acquisition of Alliance Bancorp. A certified public accountant, she has 30 years of experience in accounting and finance. She started her career at PricewaterhouseCoopers, LLP and advanced to business assurance manager. After joining NBT, she served as corporate controller and senior corporate controller before promotion to her most recent role as chief accounting officer. She also served as interim chief financial officer in 2021 before Kingsley joined the company.
Burns earned her bachelor’s degree in business administration from St. Bonaventure University. She serves as a board Continued On Page 12
Partnership
Continued From Page 6
matic investing” where you may own a large number of different investments, but they all share the same theme, characteristic and opportunity and are essentially the same single risk. Th at is not effective diversification. Appreciating the correlations and characteristics of each investment and your investments as a whole are critical to achieving diversification.
One key goal of any wealth manager is positive “risk adjusted returns.” Boiled down, this means that you got paid for the risks you took. If an advisor gets you a high return but bets the farm to do so, is that what you want? An upfront conversation about your tolerance for risk may say otherwise. An advisor should assess any upside potential with its associated downside potential. Ignoring the downside has a price. Capital preservation and managing downside risk are critical parts of managing clients’ investments and why we focus on what is called the “margin of safety” when investing in common stocks. Our margin of safety approach is to buy stocks that trade below their Fair Value. Stocks bought at a price below their fair value may be expected to be more resilient to negative news reports than a stock purchased well above its fair value which, if it falls short of expectations, may prove to an uncomfortable experience.
The fi nal piece of a successful client-investment manager relationship is ongoing communication which transforms an initial plan into a continuously informed plan. Th is is the “wash, rinse, repeat” part of investment management. We encourage regular communication with our clients that may inform us that changes to the overall approach may be needed.
People and process are the bottom line. The relationship between client and the advisor, strengthened by ongoing communication, and adherence to an investment discipline are the keys to a successful partnership.
Talent Triage
Recruiting in the healthcare industry has continuously been a struggle, which was only magnified by the pandemic. Hospital staff are on the front lines battling the demands for services with the lack of a skilled workforce. There have been unprecedented levels of turnover within the field. Healthcare professionals are feeling burnout often retiring or quitting. The need for social workers and mental health counselors has significantly increased, yet organizations struggle with balancing services, especially telehealth. More people are interested in receiving inperson therapy while the clinicians are now accustomed to working remotely. RNs have become one of the most difficult roles for employers to fill. Many of them now seek out traveling jobs, as they are usually higher paying. Retaining a recruiter can become a valuable partnership and help to triage your hiring needs. They get to know your unique needs to screen and send you highly qualified candidates. Recruiters, save you time by coordinating interviews, offering background checks, as well as assessments. Utilizing the services of an expert recruiter can help take your hiring needs to the next level.
SARATOGA BUSINESS JOURNAL • JUNE 2024 • 7
Renee Walrath, President & CEO Walrath Recruiting, Inc. 518-886-8860 www.walrathrecruiting.com Dedicated to the perfect fit. NYS Certified Woman Owned Business Enterprise
Carpenters Local Union 291 Is Working To Ensure Those In The Trade Are Well Trained
BY SUSAN ELISE CAMPBELL
Carpenters Local Union 291 is not rapidly growing but has the potential to, according to its president, James Margiotta. Skilled union carpenters can make a six-figure income with benefits, and no vocational school education or even a high school diploma is required, he said.
“Membership has been at the status quo the better part of the past 20 years,” said Margiotta, who has been a member of Local 291 for 25 years and in several of its elected positions for 11 years.
There are 1,600 members currently in 14 counties encompassing the Capital Region and North Country of New York. There are surges in membership at times but Margiotta said the union is “staying afloat because of a two-fold issue.”
“One reason growth isn’t as good as it could be is the ability to find skilled people that could command the wages that we negotiate for members,” he said.
“There has also been an issue of finding younger people interested in starting this kind of career in the carpentry trade,” said Margiotta.
Blue collar work was not something that schools or parents were pushing young people toward for a period of time, he said. College was.
“But there has been a change in that mind-set in the last five years or so, and it’s gaining momentum,” Margiotta said.
In the 140 years Carpenters Local 291 has existed, members have seen other changes and not just
in attitudes about the trade. At one time the union required members to complete high school, but that is no longer the case, according to Margiotta. The union provides all training and education.
“There are big projects coming up throughout New York spurred through work force development programs,” he said. “The schools are starting to say, this is a good option for you to get involved in the trades.”
Margiotta said society in general has not promoted carpentry as a job because “it’s not glamorous.”
“Years ago there were advertisements on TV about how unions were good and good for you, but this went away,” he said. “And there are no labor studies or labor history courses in high school now.”
Margiotta grew up in a union household and “knew the value” of unions, whereas the parents of younger people today are not as versed in what unions can offer, he said.
“It’s not as saturated as it used to be, when pensions were a thing,” he said. “Pensions barely exist now unless you work for the state or you are in a union.”
Margiotta commented that a 401(k) plan is not the same as a pension plan. A corporate employer may match some part of a worker’s 401(k) contribution but distributions from the plan are not guaranteed for life, as a pension plan in.
Continued On Page 9
U.S. Supreme Court Ruling Should Ease The Burden Of Impact Fees On
BY PAUL POST
Area builders applaud a recent federal court ruling that could save them large sums by prohibiting some types of development fees local municipalities charge them.
Towns, cities and counties quite often impose such fees for new construction projects and use the money for things such as road, infrastructure and recreation facility upgrades.
But the U.S. Supreme Court, on April 12, sided with a rural California resident whose local government required him to pay a $23,420 “traffic impact fee” in order to obtain a building permit for a small pre-fab home he wanted to put at the rear of his property for his grandson.
“How’s that going to impact traffic? It wasn’t going to impact anybody,” said attorney David Robinson, of the California law firm Holland & Knight, whose clients include numerous builders and developers.
“This decision will have a major impact because it will result in a lot of changes in the way government operates,” he said. “For so very long the fox has been running the henhouse. If a developer wants to build something on one side of town, they’ve been charged a massive fee to build a public amenity on other side of town that has nothing to do with project in question. The bottom line is, that’s going to be really hard for the government to do now.”
Moving forward, impact fees must be able to stand up to two basic considerations. One is a proximate test. The impact local government is seeking compensation for has to be in some way logically or proximately related to the development.
Second, is the fee in reasonable proportion to the impact? For example, government couldn’t require a $100,000 fee for a $10,000 impact.
“This is going to be a serious check on what governments can do,” Robinson said. “It’s not going to be business as usual any more. It’s new, it’s very powerful. It will save developers money. But it’s also going to create a lot of litigation. There’s no question about that. You’re going to see a whole lot of experts on both sides, arguing whether an impact is directly related or proximate and whether the fee charged is reasonable. There will be a lot of debate about how this new rule is applied in any given situation.”
John Munter, president of Greenfield-based Munter Enterprises Inc., said, “Municipalities in some cases make a ridiculous request like, we want you to put in a mile of sidewalk where there isn’t any. They can come up with very expensive mitigation that doesn’t fit into the economics of a project. If you have a $1.5 million project, but have to spend $300,000 to do it, obviously it doesn’t make any sense. In those cases a law like this would certainly help.”
“In general, it’s good because it will keep things a little bit more fair,” he said. “I don’t think it’s going to completely hinder reasonable mitigation from occurring.”
In fact, while the Court ruled unanimously, three justices concurred that the decision does not prohibit the “common government practice of imposing permit conditions, such as impact fees, on new developments through reasonable formulas or schedules that assess the impact of classes of development rather than the impact of specific parcels of property.”
Developers
Long-time Town of Wilton Councilman Raymond F. O’Conor said, “It is unclear what impact the court’s ruling will have. In my opinion the town’s formulas and schedules are reasonable and sound. If impact fees are impermissible, the costs of additional infrastructure, traffic remediation, recreation facilities and conservation projects will be borne by the residents.”
But builders and realtors alike say any cost savings stemming from the Court ruling is more than welcome, especially in today’s economic climate of rising costs and relatively high interest rates.
The National Association of Realtors says the average impact fee on a single-family home was almost $14,000 in 2019. Such costs have gone up considerably since then.
“Costly and burdensome requirements imposed on property owners, such as obtaining land-use permits as a condition of using or developing their property may be unrelated to the externalities of the development, may artificially increase the cost of real estate,” the NAR said. “At a time when many buyers are struggling to afford or find properties, government action must create certainty and stability in the housing market to promote development, support home ownership, and protect private property rights.”
The NAR, joined by the American Property Owners Alliance, REALTORS Land Institute and California Association of REALTORS fi led an amicus brief with the Court last year. “Impact fees have real consequences for home ownership in America, particularly with today’s high interest rates and limited housing affordability,” they wrote. “Many prospective home buyers are priced out of the market by the tens of thousands of dollars in impact fees imposed on the average property owner.”
Mark Levack of Glens Falls-based Levack Real Estate Inc., said, “I am in favor of anything that brings down the cost of development approvals. This decision will help to make it slightly more affordable to the end user or consumer.”
John Witt, owner of Saratoga Springs-based Witt Construction Inc., said various fees can be quite burdensome. “We just had a two-lot subdivision, in the city of Saratoga Springs, off existing road frontage on Willow Lane on the West Side,” he said. “We were charged a $2,000 application and $4,000 recreation fee ($2,000 per lot). We also must install sidewalks, street trees, light poles, water and sewer extension down Willow Lane at a cost of $150,297 plus the fee to bond with a letter of credit.”
Moving forward, cases will likely be handled on a jurisdiction-by-jurisdiction basis as rules may vary considerably from one state and municipality to another.
Chief Counsel Lori Mithen-Demasi, Association of Towns of the State of New York, said, “We recommend that each town work with their town attorney to ensure compliance with state and federal laws when creating and implementing land use approval and permit requirements. At this time, it is our understanding that the U.S. Supreme Court decision in Sheetz v. County of El Dorado does not substantially change what towns can lawfully require regarding land use approval and permit conditions.”
8 • SARATOGA BUSINESS JOURNAL • JUNE 2024
Courtesy of Carpenters Local Union 291 Expert electrical service. 518.389.7411 MrElectric.com/Queensbury Locally Owned and Operated Franchise
New York State Assemblywoman Carrie Warner visits a group of high school students interested in learning about a career in the carpentry trade.
The Saratoga Builders Association Awards Scholarships To Students Studying The Trades
The Saratoga Builders Association, Inc. has announced the awarding of two student $1,000 cash scholarships. One is the annual SBA Scholarship and the second is the annual “Bob Best” Memorial Scholarship.
One recipient is Amy Grumbling of Amsterdam. She is currently attending Russell Sage College pursuing a bachelor of fine arts degree in Interior and Spatial Design. She also works for Teakwood Builders.
The other recipient is Jude Leight of Ballston Spa. He is a senior at Ballston Spa High School and will be attending Hudson Valley Community College to pursue a degree in Construction Tech and Management.
The Saratoga Builders Association makes these student scholarship awards
available annually to high school seniors or college students who are planning to pursue a career in the construction industry.
The Saratoga Builders Association, Inc. is a specialized professional trade association. Its membership includes residential and commercial builders, developers, remodelers, building material suppliers, sub-contractors, financial institutions, architects, engineers, realtors, attorneys and other industry professionals. SBA is committed to the continued growth, prosperity and quality of life in Saratoga County. Their premiere, annual event is the Saratoga Showcase of Homes in the fall each year, which benefits local charities. For more information, please visit www. saratogabuilders.org.
Carpenters
Continued From Page 8
“The value of those certain things may be something the family household doesn’t know enough about to value them,” he said.
“Growing up my father said, you always have to have a pension,” said Margiotta. “If you are not going to have your own successful business, then you need to have a pension because no one else is going to care more about you than you or the organization you work with.”
“Especially since COVID have people begun to understand they can make a viable living with benefits above and beyond the weekly paycheck,” he said.
They are realizing that a career in the carpentry trade can be lucrative, especially when health and future retirement income are added in, he said.
Margiotta said the union has changed the way apprentices are compensated. It has increased the percentage of a journeyman’s wage paid to apprentices so that the starting wage is more competitive.
As a result, Carpenters Local 291 is currently doing well with recruitment among young people. But Margiotta said the issue with growth now is that there is “a lot of competition in the open shop side of things.”
“There are some projects that should be prevailing wage, but are not,” he said. “There are checks and balances involved on a public project, but you do see tax fraud on some of the private projects” where union workers are not hired.
When a construction company, or any kind of company, pays in cash under the table, they are driving down their tax liability and therefore the
“Start
worker’s wage. Margiotta said the state “does not put a lot of money or effort into policing that sort of a thing, which is a shame, because everybody suffers for it and it becomes difficult for reputable contractors to compete.”
The construction firms with which Carpenters Local 291 has collective bargaining agreements to work only with them and are “bound to the rules.” This means a safer job site, an attractive wage, and projects that can continue all year over several years, he said.
“We represent our members,” he said.
Any construction job entails some risk. Carpenters work at heights and in confined, loud or dirty environments. Margiotta said every apprentice and every member is safety trained and receives “the best training the industry has to offer.”
At any given time, 10 percent of membership are in the apprentice program. Margiotta said there are on average 140 or 150 apprentices coming through the training school in Albany and that Local 291 has “the ability to secure any younger people who want to come to us.”
New ones are entering the field organically and through social media, Margiotta said. He also said there has been great success reaching out to underprivileged or underserved parts of the communities they represent.
Carpenters Local 291 is part of North Atlantic States Regional Council of Carpenters, which represents over 30,000 fellow members in New York and New England. The website www.carpenterslu291.com says, “With our extensive training, productivity, political activism and organizing efforts our mission is to achieve an ever increasing market share in our industry.” Furthermore, it promotes “a safe and sustainable standard of living for all.”
Visit that site to learn more.
SARATOGA BUSINESS JOURNAL • JUNE 2024 • 9 AdirondackTrust.com LIFE IS COMPLICATED. YOUR MORTGAGE SHOULDN’T BE. We’ve been helping our customers navigate the financial complexities of life for well over a century, creating home loan solutions personalized to you and the needs of your growing family. We listen and seek answers to your challenges. We also offer an online application* to save you time. Since we manage all of our mortgages right here, we’re available when you need us. 473 Broadway Saratoga Springs, NY 12866 (518) 584-5844 NMLS #645688 Member FDIC * Credit approval is required.
with Quality, Quality Hardware!” SARATOGA QUALITY HARDWARE & LUMBER Order Online For Pickup or Delivery SaratogaQualityHardware.com 3093 State Route 4, Hudson Falls, NY 518-747-6344
Barry Potoker (left), executive director of the Saratoga Builders Association, stands with students displaying scholarship checks that will help them continue education in the trades.
Courtesy of Saratoga Builders Association
An Expert In Durable Medical Equipment Expands With Second Location In Wilton Mall
BY CHRISTINE GRAF
PA Medical Supply of Queensbury has opened a second location in the Wilton Mall next to JC Penney. Both stores carry an extensive selection of home medical equipment and soft good orthotics, boasting the largest showrooms and most extensive product selections in the area.
Established in 1995, PA Medical Supply was purchased by Lake George native Michael Gipson in July 2022. Prior to purchasing the business from John Bisceglia, Gipson spent more than a decade working in medical equipment sales.
“I have been in the durable medical equipment industry for about 12 years,” he said. “I startedout on the manufacturer side, selling throughout New York state. I worked for one of the largest durable medical equipment manufacturers in the world.”
After working his way up to regional manager for the Northeast, Gipson was promoted to vice president of sales for the company’s pediatric rehab division, a job that required extensive travel.
“I was traveling all over the country almost weekly, and my kids were getting to the age where school and sports were starting. I wanted to be able to stay closer to home,” he said. “I always knew I wanted to own my own business one day, and it got to the point where it was time to make a change.”
When the opportunity presented itself, Gipson purchased PA Medical, a business located just three miles from his home.
“I was a sales rep for PA Medical, and I had been talking to John for several years. When he was ready to retire, I was ready to do something different. It seemed like a logical next step,” he said.
According to Gipson, the decision to expand into Saratoga was a logical one.
“About 70 percent of our deliveries were down in Saratoga County and south of that, and I realized it made sense to be more centrally located. We even had people traveling all the way from Albany.”
When searching for a retail space, Gipson said the Wilton Mall checked all his boxes.
“I knew I wanted to move to the Saratoga area, but the rents are through the roof in Saratoga. I was looking for an affordable place with easy parking and not a lot of stairs. The mall is a good centralized location, and it seemed like it was a good spot for us to go to be centrally located with ease of access.”
According to Gipson, mall management was especially responsive, working with him to find the perfect retail space within the mall. The 4,500-square-foot space that he selected is twice the size of his flagship location at 360 Quaker Road. Both stores offer a wide
array of products.
“Just about everything you can get in Queensbury, you can get in Saratoga. We have walkers, wheelchairs, beds, scooters, power chairs, and oxygen. We also have some wound care, therapeutic footwear/diabetic shoes, orthotics, tons of compression stockings and braces, and a full line of bath safety. We offer the full gamut of durable medical equipment and supplies,” he said.
PA Medical Supply also offers door-to-door delivery for scooters, wheelchairs, and other medical equipment. Daily rentals are also available.
“Almost all of our equipment is available for rent,” said Gipson. “We even meet people at the entrance to the track sometimes with a wheelchair or scooter. We can drop it off in the morning and pick it back up at night, or we can leave it at the front desk of a hotel.”
PA Medical Supply has a staff of eight employees between its two locations. All employees are well versed in the various product lines that are offered for sale.
“What we are trying to do is offer tremendous service and knowledge and information, but it’s really about the product selection,” said Gipson. “It’s about fitting the right product to the customer.”
PA Medical Supply in the Wilton Mall is open Tuesday-Friday, 10:30 a.m.-6:30 p.m., and Saturday, 11 a.m.-4 p.m.
The Queensbury store is open Monday-Friday 9 a.m.-5 p.m. (closed for lunch from 1 p.m.-1:30 p.m.)
For more information, visit www.pa-medicalsupply. com.
The
Number Of People Becoming Physician Assistants Has Increased During Last Decade
BY CHRISTINE GRAF
During the past decade, the number of boardcertified physician assistants (PAs) has increased more than 75 percent, with more than 168,000 currently practicing in the field. Each year, PAs are responsible for more than 500 million patient interactions, collaborating with physicians and surgeons to diagnose and treat patients.
The U.S. Bureau of Labor Statistics projects that the PA profession will increase 28 percent from 2021 to 2031. Currently, the demand for PAs is so high that 75 percent of graduates receive multiple job offers upon graduation.
In the late 1960s, Duke University established the country’s first physician assistant program. There are now 245 accredited programs in the United States, one of them at Albany Medical College where 42 PAs graduate each year from the 28-month program. Established in 1972, Albany Med’s PA program began as a collaboration with Hudson Valley Community College.
OrthoNY physician assistant James McGork III graduated from the Albany Med/Hudson Valley program, receiving his degree in 1998. A 1990 graduate of Mount Saint Mary’s College, he worked for Marriott Management Services before transitioning to health care.
It was while volunteering with the Moyers Corner Fire Department in Liverpool that he began considering a career change. After several years of volunteering as a medic on the rescue squad, he enrolled in the Albany Medical Center/ Hudson Valley PA program. Upon graduating, he accepted a job at Albany Med, working in internal medicine, pediatrics, and urgent care.
From there, McGork ventured into orthopedics, working at North Country Sports Medicine in Queensbury. Later in his career, he worked in the orthopedics department at North Country Hospital in Vermont and as a surgical PA at Glens Falls Hospital. Today, McGork can be found treating patients at the OrthoNY Urgent Care in Clifton Park.
“As a PA, I am responsible for seeing and evaluating a patient, developing a treatment plan, and implementing that plan,” he said. “PAs are not independent practitioners, and we have a supervising physician. But that supervising physician does not have to be present.”
care at Albany Med,” said McGork. “My supervising physician told me he was leaving, and I still had another three hours to work.”
Aware that many young PAs have similar experiences, McGork offers valuable advice when precepting students from the Albany Medical Center PA program.
“One of things that I tell them is, ‘When you are interviewing you are not only interviewing for the job. You should be interviewing them as a potential employer—understanding what they expect of you. You should also tell them what you expect of them.’”
McGork said he has been fortunate, receiving a tremendous amount of support and training throughout his entire career.
“Each physician has different expectations for the PA they supervise, and when I started in orthopedics at North Country Sports Medicine, I was expected to do far more than some of my colleagues. At times, it was very stressful, but in the long run, it has allowed me to do what I do today. It prepared me to be independent and to become a critical thinker,” he said.
In his opinion, it takes four or five years for a PA to feel comfortable with the job. Those who don’t receive enough support from their supervising physicians during that time may feel overwhelmed.
Although McGork has just one supervising physician, he collaborates with multiple physicians at OrthoNY, an orthopedic practice with eight offices located throughout the Capital Region.
“Each physician you work with has their own experiences and their own training, so the more people that you work with, the more knowledge you obtain,” he said. “In my opinion, I think that some PAs are in jobs where they are left on an island. By that, I mean that they may not have the physician support that they need.”
When starting their careers, it is not uncommon for PAs to find themselves with far more responsibility than they anticipated.
“I still remember my first day in the urgent
“It’s very stressful because they feel as though they have been left alone,” he said, noting that this is something he has never experienced personally.
In recent years, McGork said providers have been required to adapt to a medical system that is driven by insurance and ever-changing government mandates. This has, at times, challenged medical decision making. As a result, procedures, tests and exams have sometimes been denied and sometimes been required in order to proceed with treatment regardless of their necessity.
10 • SARATOGA BUSINESS JOURNAL • JUNE 2024
Quality People. Building Solutions A Division of Mechanical Design Service & Maintenance Facility Automation Services Sheet Metal Fabrication easternheatingcooling.com 518-465-8878 Since 1945 Eastern Heating and Cooling, Inc. has been serving commercial and industrial customers through Upstate New York, Western Massachusetts and Southern Vermont with designs, installation and maintenance service. When faced with difficult complex problems, experience matters Chuck Ciaccia 30 years Jude Gosh 35 years Dave Weiss 24 years Spencer Agan 26 years OVER 164 YEARS COMBINED EXPERIENCE
Dennis Choiniere 49 years
Michael Gipson carries a complete line of home medical equipment at the two locations. Saratoga Business Journal
Continued
11
Physician assistant James McGork III (right), with Dr. Farrukh Ansari at OrthoNY. Saratoga Business Journal
On Page
Emergency Service Providers Are Finding The Work Of Saving Lives Extremely Rewarding
BY CHRISTINE GRAF
For more than 30 years, Malta-Stillwater EMS Executive Director Scott Skinner has been serving the local community, racing to the scenes of fires, accidents, and other emergencies. Skinner joined the Waterville Fire Department in 1993, and it was while there that he earned his Emergency Medical Technician (EMT) certification, later working his way up to become a paramedic.
Appointed chief of the department in 2011, Skinner retired in 2014 after 21 years on the job. He joined the Round Lake Fire Department as a volunteer, and in 2018, he was hired as the executive director of the Malta-Stillwater EMS, a private, non-profit agency.
With stations in Malta and Stillwater, Malta-Stillwater EMS has 65 employees along with a dedicated crew of approximately 15 volunteers. The agency’s staff is fairly evenly split between EMTs and paramedics.
“EMTs are trained at basic life support level. They do splinting, bandaging, oxygenation, CPR, and those types of things,” said Skinner. “Paramedics receive training that is heavier on cardiology and pharmacology. They also receive advanced airway and IV training.”
Although there was a time when the agency paid for EMT and paramedic training classes, that is no longer the case.
“Years ago, they would send people to EMT and paramedic school, but a lot of those people would then end up leaving to go to some higher-paying job,” said Skinner, noting that paramedic school can cost upwards of $10,000.
For many individuals, becoming an EMT is a stepping stone, a training ground to prepare them for another career.
“The average life cycle of an EMT is just two years,” said Skinner. “In the EMS field, you tend to have older people who have been doing it forever or younger people that are looking to become firemen, cops, doctors, PAs (physician assistants)—things like that.”
According to Skinner, low wages have also contributed to the high rate of turnover among those in the EMS field.
“The pay isn’t where it should be. Our EMTs start at $20/hour, and our paramedics start at $28.75/hour.”
The Bureau of Labor Statistics lists EMTs as one of the lowest-paying jobs in health care. In 2021, approximately one-third of EMTs left the field, primarily due to low pay. Filling those job openings has become increasingly difficult for agencies throughout the country, including at Malta-Stillwater EMS.
“We were pretty well staffed before COVID, but since COVID, things have changed in the workplace,” said Skinner. “The whole medical field—not just EMS—is struggling.”
According to Skinner, his agency is also facing financial challenges. They are funded by insurance payments and patient co-pays as well as by the Town of Malta and Town of Stillwater.
“Our insurance payments are decreasing due to Medicare and Medicaid. Those payments have increased very, very little over time. When we go out the door and make $300 or $475, that doesn’t cover our out-the-door costs to go to that call,” he said.
“It’s a big problem now, and in the future it’s going to be an even bigger problem. Not enough is being done about it. We need help from the state and from the federal government. Our reimbursement rates need to go up because the cost of everything else is going up,” he added.
Individuals who refuse to pay their insurance copays have added another layer of complexity to the agency’s financial struggles. In order to collect, there are times that Skinner has had to go to small claims court, a nuisance that takes him away from the lifesaving work that he does.
“Some people just don’t want to pay. It’s not a gigantic problem, but it’s a problem. It’s part of the equation,” he said.
Rising expenses have made the situation even more challenging, with the agency’s expenses increasing between 40 percent to 60 percent since COVID. For example, an ambulance now costs $300,000 while just six years ago, the same rig had a price tag of $174,000.
In order to meet the financial challenges, the department looks for ways to cut costs and improve efficiency.
“With our Northway corridor, we work with Clifton Park and Wilton. We share things to reduce all of our costs. We try to be very smart with what we spend our money on,” said Skinner.
Malta-Stillwater EMS has six ambulances and two fly cars (non-ambulance staff transport vehicles). At any given time, there are three ambulances on the road, two in Malta and one in Stillwater.
As an Advanced Life Support (ALS) provider, the
agency’s crews are able to perform sophisticated interventions and procedures, far more than that of Basic Life Support (BLS) providers. They often save lives, stabilizing critical patients while transporting them to local hospitals.
“Our ambulances are basically emergency rooms on wheels. We always have a paramedic on board along with an EMT,” said Skinner.
In 2023, the agency responded to 3,575 incidents, saving many lives, often going above and beyond the call of duty. In February of this year, Malta-Stillwater EMS paramedic Scotty McNeff played a critical role in rescuing a man who had fallen through the ice on Round Lake. The first one on the scene, McNeff crawled out onto the lake, throwing a rope to the man, keeping him afloat until the Round Lake Fire Department’s water rescue team arrived.
“We’ve got a good company. We have good employees, and we work very hard to take care of our community,” said Skinner. “We get to help people-we get to save lives and see new lives come into the world (Skinner has delivered two babies). It’s very rewarding.”
Based Upon The Greek Goddess Of Eternal Youth, HEBE Med Spa
BY JILL NAGY
HEBE Medical Spa will offer non-surgical medical treatments for face and skin. The facility is under construction at 28 Division Street in Saratoga Springs and expected to open in early July, according to co-owner and CEO Irina Damyanidu.
HEBE has medical spas in Fishkill and Latham.
Hebe, the company’s namesake, is the Greek goddess of eternal youth. Its treatments give the illusion of eternal youth with laser treatments, botox, facials, skin tightening, medical weight loss programs, hair restoration, and similar treatments.
Co-owner and medical director Dr. Zainad Ashraf is an internist also certified for cosmetic care. Known as “Dr. Z,” she administers injectables, laser treatments, and other treatments that require medical certification.
She received her bachelor’s degree from Binghampton University and her medical degree from the Ross University School of Medicine in Dominica. She did a residency at Winthrop Hospital in Mineola, N.Y. She is an internist at Vassar Hospital in Poughkeepsie in addition to her spa work. Most of the rest of the current staff are nurses or licensed medical aestheticians.
Damyanidu plans to open the Saratoga facility with six employees and build up to 34. The building, when renovations are completed, will be “very beautiful, modern, Miami style, very high end,” she said.
Damyanidu founded the company in 2018 with the spa in Fishkill. The Latham site was added in
Physician Assistants
Continued From Page 10
During his time in the urgent care, McGork has also noticed that a surprising number of people are complacent about their health, relying on urgent care to treat chronic conditions.
“Urgent cares are booming because people are using them for convenience. A lot of people come in with chronic conditions that they have not managed, and many of them do not have pri-
Plans July Opening
She has degrees in business and linguistics. In her native Bulgaria, she was a competitive swimmer and attended Wheeling Jesuit College on a swimming scholarship. Prior to getting into the medical spa business, she worked in banking.
Further information about the company, including a list of the treatments they administer, is on their website, thehebespa.com.
mary care providers. There is a significant shortage of primary care providers,” he said. “I have a lot of conversations with patients, explaining to them that going to urgent care for the third or fourth time for a chronic condition is not good management of their health care.”
Despite the challenges, McGork derives a great deal of satisfaction from working as a PA.
“If you are the type of person that likes to help people, it’s a great profession to be in. It’s very rewarding,” he said. “And as much as people complain about our healthcare system, I believe it is better than anywhere else in the world.”
SARATOGA BUSINESS JOURNAL • JUNE 2024 • 11
2021.
Construction is underway in Saratoga Springs on HEBE Medical Spa.
Saratoga Business Journal
Scott Skinner, Malta-Stillwater EMS executive director, takes pride in serving his community.
Courtesy of Malta-Stillwater EMS
Volunteers Sought For Free Clinic To Be Run
By Remote Area Medical In Bennington, Vt.
Remote Area Medical – RAM® – a major nonprofit provider of pop-up clinics delivering free, quality dental, vision and medical care to those in need – is seeking volunteer medical, dental and vision professionals and general support staff for its Aug. 17-18 clinic. The two-day clinic is to be held at Mount Anthony Union Middle School, located at 747 East Road in Bennington, Vt. This clinic is in collaboration with Greater Bennington Community Services.
RAM is also in need of general support volunteers to help set up on Friday, Aug. 16 and take down on Sunday, Aug. 18. Overnight parking volunteers to greet patients are also needed, and interpreters can volunteer to aid patients through the process, either in the parking lot or during clinic operations. Individuals do not need to work in the medical field to volunteer as general support. Those who would like to volunteer their time to help pro-
vide free healthcare services to the Bennington, Vt. and surrounding communities, please visit the website at www.ramusa.org or call 865-579-1530.
All RAM services are free, and no identification is required. Free dental, vision and medical services will be provided on a first-come, first-served basis.
Services available at a RAM free clinic include dental cleanings, dental fillings, dental extractions, dental X- rays, eye exams, eye health screenings, eyeglass prescriptions, eyeglasses made on-site, women’s health exams and general medical exams. Founded in 1985, RAM has treated more than 940,000 individuals with $200.2 million worth of free healthcare services through 2023. Since its founding, more than 212,000 volunteers – comprised of licensed dental, vision, medical and veterinary professionals, as well as general support staff – have supported RAM’s mission.
NBT Bancorp Inc.
Continued From Page 7
member and treasurer for the United Way of Mid Rural New York and is a past board member of the Chenango Arts Council. Hyle joined NBT in 2008. Prior to her promotion to executive vice president of retail community banking, she oversaw NBT’s consumer lending business and provided executive sponsorship for the company’s national benefits administration business, EPIC Retirement Plan Services, headquartered in Rochester, New York. In addition to these responsibilities, her newly expanded role also includes oversight of retail banking, business banking and mar-
keting. Hyle served as senior vice president and chief risk officer from 2013 to 2017. Prior to that, she was corporate controller and managed NBT’s accounting and finance function. Before joining NBT, she was a manager with PricewaterhouseCoopers, LLP, providing audit and attestation services to clients in the firm’s Syracuse and Boston offices.
She is a certified public accountant and earned her bachelor’s degree in accounting from SUNY Geneseo. She serves on the board of directors of UHS Chenango Memorial Hospital.
Clifton Park Beverage Center Offers Expertise From A Very Knowledgeable Beer
BY CHRISTINE GRAF
After two years of planning, business partners Kushan Patel, Pratik Shah, and Jay Patel have opened the doors to Clifton Park Beverage Center. Located in North Country Commons at 1208 NY-146, the store had its soft opening on May 10.
The owner of beverage centers in Colonie and Troy, Kushan Patel has more than two decades of industry experience. Shah is an assistant vice president of business development for Trustco Bank, and Jay Patel has a background in operations.
“Kushan has been in the business for many years,” said Shah. “He always wanted to open up a beverage center in Clifton Park. He was surprised there wasn’t one there.”
After becoming business partners, the trio embarked on a search for the perfect location, ultimately choosing a 7,000-square-foot space at North Country Commons.
“There is a lot of growth in that particular area with new construction homes coming in, and the nearest beverage center is five miles out, radius wise,” said Shah.
Clifton Park Beverage Center carries an extensive selection of beer and other beverages, both alcoholic and non-alcoholic.
“We have a huge selection of New York craft beers. We have local beers, we have international beers, we have lots and lots of sours, ales, and IPAs,” he said. “We have such a large selection of beers that I like to call us a beer warehouse. We have anything and everything you could possible want. We have such a huge selection that it took us two to three weeks to put the tags on the shelves.”
The store also carries alcoholic ciders and seltzers, water, soda, kegs, gluten free beer, and a large assortment of non-alcoholic beers. Bottle redemption services are also available for all brands, even those that are not carried in inventory.
ployees possess extensive knowledge related to the products they carry.
“Rather than salespeople, we call our employees beer concierges. If you go to a grocery store or convenience store, that expertise isn’t going to be there. For example, you can tell us that you like something that is darker, sweeter, and heavier, and we can recommend something,” he said.
When it comes to beer, Shah said no one is more knowledgeable than Kushan Patel, a veritable walking encyclopedia.
“He knows the stories behind all the brands and has a lot of expertise in terms of breweries. If the product you like has been discontinued, he can tell you what the next best thing is. And if you want a specific beer and we don’t have it, we can get it for you.”
Clifton Park Beverage Center’s grand opening is slated for June, and the store will feature a variety of promotional discounts. For example, in May, a discount was offered to all EMS workers. Plans are in the works to offer online ordering as well as delivery via Door Dash and Uber Eats, and a website is under construction. Clifton Park Beverage Center also plans to host regular tasting events.
“Kushan has a lot of affi liations with local breweries and micro-breweries, so we will have a lot of those tasting events,” said Shah. “Everyone knows what a Bud Light and a Coors Light tastes like, but this will give customers an opportunity to try other beers.”
Although the store has been open for just a few weeks, Shah said he and his partners are pleased with the community’s response.
“We’ve already seeing a lot of repeat customers which is very satisfying,” Shah noted. “People have been very appreciative that we are here. They are saying, ‘Thank God, you are here. We needed something like this in the area.’”
Clifton Park Beverage is open Monday-Thursday from 9 a.m.-8 p.m., Saturday from 9 a.m.-9
12 • SARATOGA BUSINESS JOURNAL • JUNE 2024
Aficionado
Clifton Park Beverage Center, which opened recently in North Country Commons, carries an extensive selection of beers and other beverages.
Courtesy of Clifton Park Beverage Center
Card Catalog Consu t Now Superior Customer Service YOUR PAYROLL, OUR PRIORITY 518-363-0600 priorityonepayroll com Competitive Rates Tax Filing Direct Deposit Garnishment Services 401(k)/Simple IRA Reporting Workers Comp Pay by Pay WOMAN OWNED, LOCALLY SERVICED .03¢ B/W Copies .25¢ Color Copies Everyday Low Prices NO Surprises 12 Fire Road Clifton Park, NY 12065 PrintGraphicsShop.com printproduction@aol.com 518-371-4649 Fax 518-371-1554 Full Service Print, Copy & Direct Mailing Center
Volunteers are assigned duties at a Remote Area Medical (RAM) clinic that provides free dental, vision, and medical care to those in need. Courtesy of
RAM
ent family members, he said.
Hannoush Jewelers
Continued From Page 1
The store has opened just in time for the wedding season. Hannoush said the main market for their products is the groom or bride-to-be, along with anyone shopping for quality jewelry for an anniversary or other special occasion.
The co-owners have been in partnership for upwards of two decades and decided to break with tradition some years ago by leaving the strip mall setting behind in favor of free-standing buildings. Hannoush said as a result, their stores “have become a little more high-end than when we started out.”
Quality jewelry can cater to a range of clientele and price points, and Hannoush said their fullservice stores appeal to most shoppers by offering styles that range from classic and timeless to modern and trendy.
The Queensbury store had been home to Louis Jewelers, a successful business when the owner, who was planning his retirement, reached out to David and Albert to test out their interest, according to Hannoush.
They pushed back at first, and then Louis contacted them again a few months later. Hannoush said the family has friends and business associates in the area, so the market was “not foreign by any means.”
“It seemed like too good an opportunity to pass up,” said Hannoush. “With the Saratoga area growing as it has, we felt it was a good time to expand farther north.”
Hannoush said the market is as different from Clifton Park to Queensbury as Albany is to Clifton Park.
“There are going to be some different styles that are more popular in one area than another,” he said. “In general, tastes are similar but some colors or styles may be favored more by the Queensbury customer than the other stores’.”
Hannoush said, “After 40 years in the Capital Region, our stores have come to be known as ‘a family business you can trust.’ We try to sell value and educate our consumers as much as possible.” He said that in the eyes of vendors, the Han-
noush name carries “some increased buying power” that can translate to value for customers, whether an item for purchase is “under $100 or in the six figures.”
The owners are in the stores as much as possible to build client relationships, he said.
“It has never been about making a quick sale or making as much profit on one person as we can,” said Hannoush. “We try to be the place people want to come to to forge memories, to get a great experience, and to know that they are going to be able to walk out with something of value that was purchased at a great value.”
People are driven to Hannoush Jewelers for engagement rings, wedding bands, anniversary gifts, and the other big gift-giving occasions, he said. But more and more over the past decade, Hannoush said self-purchasing has become increasingly important, especially for women aged 30 and over.
“Women are making more money, they have the disposable income, and so we cater more of our jewelry to that market,” he said. “If they come into the store to have an item repaired, they can walk around and see a beautiful pendant, for example, or a great pair of earrings they might walk out with.”
Hannoush and his brother each have two daughters.
“My brother’s daughters are older than mine and they have already become those women,” he said. “They are not going to wait for someone to buy an item for them, but will buy it for themselves.”
Hannoush Jewelers in Queensbury is a quarter mile from Six Flags Great Escape and easily accessible from Exit 19 or Exit 20. There is ample parking.
David and Albert Hannoush are “strong supporters of Children’s Hospital at Albany Medical Center, the Ronald McDonald House, St. Jude Children’s Hospital, school programs and other locally based causes,” Hannoush said.”If there is a way for us to help, we will try.”
The Queensbury store opened in April and there will be a Grand Opening event on June 13. Learn more at www.hannoushny.com.
SARATOGA BUSINESS JOURNAL • JUNE 2024 • 13 Stock Name Closing Price Closing Price Closing Price Closing Price Closing Price 05/03/2024 05/10/2024 05/17/2024 05/24/2024 05/31/2024 Albany International Corp. 84.67 88.83 90.10 88.28 87.72 Arrow Financial Corp 23.66 23.74 24.97 24.56 25.11 AT & T Inc. 16.85 17.17 17.40 17.50 18.22 Ball Corporation 68.59 69.16 70.11 68.88 69.43 Ballston Spa Bancorp, Inc 53.25 53.25 53.25 53.25 53.25 Bank of America Corp 37.25 38.45 39.29 39.70 39.99 Best Buy Co., Inc 74.47 74.17 73.35 71.50 84.82 Citizens Financial Group 35.39 36.06 37.16 35.35 35.29 Espey Manufacturing & Electronics Corp 25.30 25.48 22.02 21.38 21.00 General Electric Company 164.11 163.38 159.89 167.33 165.14 Hilton Worldwide Holdings 197.54 208.08 204.19 203.24 200.60 The Home Depot, Inc. 342.85 346.43 344.21 325.10 334.87 International Paper C 36.28 38.58 40.64 45.46 45.09 KeyCorp 14.93 15.08 15.40 14.48 14.37 Lowe’s Companies, Inc. 232.13 235.03 231.11 215.21 221.29 Martin Marietta Materials 591.03 610.43 580.75 579.16 571.34 M&T Bank Corporation 146.58 153.66 153.79 150.66 150.25 McDonald’s Corporation 270.32 275.00 272.38 258.11 257.22 National Grid Plc 68.33 71.21 72.83 60.69 57.86 NBT Bancorp Inc. 36.89 37.74 38.25 37.00 36.86 Plug Power Inc. 2.74 2.56 3.25 3.25 3.33 Quad/Graphics, Inc. 4.81 4.78 4.96 4.96 4.72 Starbucks Corporation 73.11 76.11 77.85 78.87 80.22 Sysco Corporation 75.36 76.17 75.91 72.95 72.82 Latham Group, Inc. 2.81 3.70 3.86 3.72 3.86 Target Corporation 158.04 163.13 160.13 145.23 156.16 The Toronto-Dominion Bank 54.66 56.62 57.24 56.56 55.92 Trustco Bank Corp NY 27.93 28.31 29.65 28.16 27.80 Verizon Communications 38.89 40.40 40.06 39.74 41.15 Walmart Inc. 59.82 60.48 64.65 65.38 65.76 REGIONAL STOCKWATCH PROVIDED BY: ROBERT SCHERMERHORN, CFP SECURITIES OFFERED THROUGH: LPL FINANCIAL / MEMBER: FINRA AND SIPC *DatasourcedfromMorningstar
18 DIVISION ST.-SUITE 305, SARATOGA SPRINGS, NY 12866 (518) 584-2555 Award-Winning Web Designs CONTACT ME FOR A FREE MARKETING CONSULTATION Now is the perfect time to get ahead of the competition and put a strategic plan in place. Contact Chris Archibee (518) 743-9424 x208 Chris@MannixMarketing.com READY TO GROW YOUR BUSINESS? Mannnix Ad for SS SBJ & GFBJ.indd 1 12/15/20 2:32 PM
**Stockinvestingincludesrisks,includingfluctuatingpricesandlossofprincipal.Thisisforinformationalpurposesonlyandnotintendedto providespecificadviceorrecommendationforanyindividual.
Albany-Saratoga Speedway
Continued From Page 1
preliminary, the select parties we’ve chosen to speak with are very excited about the opportunity to be in Malta. This project truly represents a comprehensive transformation of the Route 9 North corridor, with a focus on meeting the immediate residential needs of the town and county.”
With rapid business expansion underway in Malta and Saratoga County, including a second fabrication plant planned for nearby GlobalFoundries, the local mixed-income housing supply requires similar growth.
According to the Capital District Regional Planning Commission’s 2024 Capital Region Affordability Study, the average rental cost in Saratoga County increased by 8.8 percent from 2022 to 2023 alone, while wages increased by only 3.3 percent. Additionally, a third of current residents in Malta are paying more than 30 percent of their income towards housing. Overall, the average Saratoga County renter would need to increase their earnings by more than 20 percent to afford a two-bedroom unit in the county, while an average two-person household would need to increase their earnings by more than
The Brook Tavern
Saratoga Springs, NY
Just a short walk from the Saratoga Race Course and walking distance from Congress Park, The Brook Tavern is a favorite neighborhood gathering spot nestled at the intersection of Union and Nelson Ave., right in the heart of historic Saratoga Springs.
Carson's Woodside Tavern
Malta, NY
With spectacular views of Saratoga Lake and the Vermont mountains, our amazing outside patio, deck, fire pits, and bar are the place to be all summer long. Great food, drinks, entertainment, and fun await! Only 7 miles from Saratoga Springs.
$100,000 to afford the median home price in Saratoga County.
“The NRP Group’s experience in developing housing nationwide spans from marketrate and mixed-income to affordable, workforce, senior, veteran housing and more,” said The NRP Group’s Senior Vice President of Development–New York, Jonathan Gertman. “We couldn’t be more excited to bring a full suite of housing options to Malta, expanding our Capital Region footprint which includes projects in Saratoga Springs and the town of Bethlehem.”
The partners have committed to include measures in the development that will honor the nearly 60-year legacy of motorsports at Albany-Saratoga Speedway. While still in the early stages of conceptualization, the partners hope to consult longtime racing participants and their families in creating a lasting tribute to the speedway’s storied history.
Residents and interested persons may learn more about the development proposal by visiting https://www.camberridgemalta. com/.
Sushi Thai Garden
Saratoga Springs, NY
Experience fine Japanese and Thai cuisine, prepared and presented in an artistic manner, using all fresh ingredients. Open for both lunch and dinner; don't forget to ask about our take-out and gift certificates too!
Winslow's Restaurant
Gansevoort, NY
Open since 1948, Winslow's Restaurant is steeped in heritage and tradition. Located just a few minutes north of Saratoga Springs, Winslow's serves up classic American cuisine like steak, grilled pork chops, and oven roasted turkey.
The Hideaway
Saratoga Springs, NY
The Hideaway at Saratoga Lake Golf Club is open to the public seven days a week and features a menu with something for everyone. Indoor and outdoor seating is available, and they offer a banquet space for weddings and events.
Lake Ridge Restaurant
Round Lake, NY
Only minutes away from Saratoga Lake, we're the food critics' choice (4.5 out of 5 stars), offering first-rate Continental cuisine in an elegant setting. Exceptional food, great prices and friendly service will keep you coming again and again.
The Wishing Well Restaurant
Gansevoort, NY
Award winning restaurant Serving the Saratoga region's finest selection of premium steaks, live lobsters, fresh seafood & wines. Stone fireplaces, a piano bar & attentive service are hallmarks of The Wishing Well.
The Adelphi Wine & Beer Garden
Saratoga Springs, NY
Located at The Adelphi Hotel in downtown Saratoga Springs, the Adelphi Wine & Beer Garden offers sommelier-selected wines, delicious craft beer, and the region’s most inventive and flavorful sushi.
Wheatfields Restaurant
Saratoga Springs, NY
You can't go wrong with freshly made pasta prepared right on-site using local ingredients! But Wheatfields is much more than pasta: Patrons rave about the hand-stretched pizza, the salmon entrée, and the fried calamari appetizer, to name a few.
Salt & Char
Saratoga Springs, NY
Salt & Char is a Modern American Steakhouse with an inviting and stylish atmosphere that creates the perfect dining experience. Step inside or join us on the veranda for second to none views of Broadway while dining for lunch or dinner.
14 • SARATOGA BUSINESS JOURNAL • JUNE 2024
Saratoga.com
Courtesy of
The Saratoga Area Abounds With Great Food & Drink Options
Muroff Hospitality Group has announced the sale of The Lamplight Inn Bed & Breakfast at 231 Lake Ave in Lake Luzerne.
Known as “The Jewel of the Adirondacks,” this award-winning property features 12 luxurious suites, a sun-drenched dining room and a spacious owner’s apartment. The expansive wrap around porch leads into the grand 1890 Victorian building. The Carriage House is behind the main building where there are five large ground floor suites in a modern building surrounded by acres of wooded privacy.
The sellers are Eugene and Linda Merlino. Gene Merlino has been the long-time town supervisor of Lake Luzerne, and will continue in that role. The buyers are George and Mary Haleem of Pennsylvania. This will be their first investment property in New York state.
Mitch Muroff of Muroff Hospitality Group represented the seller and secured the buyer in this exclusive listing. The sale price was $1,255,000 and the transaction closed on May 1 in Queensbury.
The Inn was built in 1890 as the summer
home of wealthy bachelor Howard Conkling. Conkling was a lawyer from New York City and a member of the New York State Assembly. He was well traveled and wrote multiple books of his travels. No expense was spared for his home. A 12-foot beamed ceiling, chestnut wainscoting and keyhole staircases enhance the spacious Great Room, now used as the guest sitting area.
In 1926, Howard Ketchum purchased the home for use as a summer residence. The Ketchum family owned a factory in Lake Luzerne that made tags for the ears of cattle. The Ketchum Manufacturing Company still exists today. They enjoyed the summers in Lake Luzerne along with their two daughters until the 1980s.
Purchased in 1984 from the Ketchum Estate, the summer home was restored by the Merlinos, who were both in the textile business. Gene managed a textile engraving plant while Linda was a textile artist with a background in fashion illustration and watercolor. They purchased the vacant estate in August 1984, and then married in October 1984 to start a new chapter.
SARATOGA BUSINESS JOURNAL • JUNE 2024 • 15 • • Available Commercial & Residential Properties We’d like to promote your commercial or residential property. Call us, 581-0600. Welcome to your lakeside haven nestled in the Adirondacks! This stunning townhome offers picturesque lake views and easy access to outdoor activities.Enjoy the gorgeous custom kitchen, deck and fire pit for entertaining. This home offers plenty of space with 3 bedrooms and 3 baths, including 2 primary suites, one with a balcony overlooking the lake! Call David and Michele Today! 945 US-9 | Schroon Lake, NY $399,999 David Towne | 518.527.1856 dtowne@roohanrealty.com Michele Towne-Torres 518.429.6623 | torresix@msn.com FORSALE Gene And Linda Merlino Sell Lake Luzerne’s Historic Lamplight Inn Bed & Breakfast
Known as “The Jewel of the Adirondacks,” the 1890 Victorian Lamplight Inn Bed & Breakfast has recently changed hands.
More To Read . . . More Leads For You. SARATOGA BUSINESS JOURNAL (518) 581-0600
Courtesy of Muroff Hospitality Group
Cars Will Be On Display On Father’s Day To Support Saratoga Automobile Museum
Cars on Union, the highly anticipated exotic car show, is gearing up to transform Union Avenue in Saratoga Springs into a paradise for car enthusiasts, all while supporting a noble cause.
Scheduled for Father’s Day, Sunday, June 16, from 10:00 a.m. to 3:00 p.m., Cars on Union promises to be an unparalleled celebration of automotive excellence, showcasing an exceptional lineup of exotic cars from around the Northeast. From sleek supercars to rare vintage gems, attendees will have the opportunity to feast their eyes on some of the most coveted automobiles ever produced, all amongst some of the most beautiful homes and architecture in the Saratoga region on Union Avenue.
“We are thrilled to bring a car show into
the community, the Wilton Fire Department is even joining in on the fun and bringing their beautiful 1944 International Crash Fire Truck,” said Megan Hennessey of the Saratoga Automobile Museum.
To participate in this event, enthusiasts can pre-register their cars online at saratogaautomuseum.org. Pre-registration is available for $25 per car, and it closes on Friday, June 14, at 4:00 p.m. Day-of registration will also be available for $30 per car.
While admission is free for the general public, there will be a parking fee of $10. The event supports the Saratoga Automobile Museum.
For more information and updates, visit www.saratogaautomuseum.org or follow the Museum on Instagram or Facebook.
Extensive Renovations
Continued From Page 1
for a 3-year-old colt that pulled off an astonishing upset to win the 1930 Travers Stakes. The Jim Dandy Stakes has been held annually at Saratoga since 1964.
The bar has been moved back to its original Clubhouse setting, based on historical drawings, and is surrounded by vintage Saratoga Race Course scenes.
The atmosphere is open and airy, and reflects Saratoga's original green and brown color scheme.
This year's improvements also include a new Clubhouse Grill, across from the Jim Dandy Bar, sharing a kitchen with the Finish Line Grill. In place of an outdated concession with limited offerings, the new Clubhouse Grill has an extensive menu with hot food options that previously weren't available.
Fans may also relax at an expansive drink rail that encircles the lower Clubhouse level, providing a clear view of the saddling paddock. Gazebos and tents that previously blocked this view have been moved.
And a new prominent and centrally located information station is designed to accommodate reservations and requests for dining and box seats. Fans can now book their reservations for the Turf Terrace, Club Terrace and The Porch.
Located adjacent to stairs leading to the second level, this reservations station replaces the lower-level Clubhouse bar, which was no longer needed following completion of the enhanced Jim Dandy Bar.
In addition, restroom facilities in the lower level have been significantly upgraded and expanded and feature historic photos embedded within the wall tiling near their main entrance.
This year's work is the latest in a long string of major capital improvements NYRA has made to both the front side and throughout the barn area since 2017. These
projects have upgraded the facility for fans, horsemen and the backstretch community.
In addition to improvements to the Jim Dandy Bar and lower-level Clubhouse, NYRA has expanded the highly popular Stella Artois Spa Verandas to meet guest demand for the 2024 racing season. The expansion includes a second section comprised of five units to complement the original six. The Spa Verandas are situated at the top of the stretch and offer fans a closeup view of the thoroughbreds making their way around the final turn.
Additional guest improvements over the last several years include the construction of the 1863 Club, Cutwater Stretch, Surfside Tailgate at the Turn, Paddock Suite and renovation of the Post Bar.
Looking ahead, NYRA is nearing completion of a backstretch residence building adjacent to the lowlands on the Oklahoma Training Track side of Saratoga Race Course. NYRA will continue to renovate and modernize existing housing on both the Oklahoma and main track sides of Saratoga this year and in the future, with new dormitory construction planned in coming years.
When complete, these new residences will represent the most significant upgrade to backstretch housing in the history of Saratoga Race Course.
In 2020, NYRA completed a major renovation to Saratoga's main track that involved general improvements to the base and surface of the track as well as a complete overhaul of the drainage system and installation of a new rider safety rail. A year later, NYRA renovated and widened the Oklahoma Training Track to achieve consistency with the main track.
For more information about the 2024 racing season go to: www.nyra.com/saratoga/
16 • SARATOGA BUSINESS JOURNAL • JUNE 2024 Exciting Development Opportunity! Fantastic location across from the Saratoga State Park and minutes to Downtown Saratoga Springs. Zoning allows for many different uses. Contact Amy Sutton today to set up a tour! COMMERCIAL PROPERTIES FORSALE L11 US-9 | Saratoga Springs, NY $5,950,000 INVESTMENT OPPORTUNITY: Three year old 5,000sf flex building located on busy Route 50 in a trending development zone. Building is fully leased with long term tenants, generating over $83,000 annually .Plenty of room on site to expand an additional 5,000sf. Additional 6+ acre adjoining parcel also for sale! 4284 Route 50 | Saratoga Springs $1,100,000 Anne O’Toole | 518.207.5090 | Cindy Hollowood | 518.207.7682 FORSALE Amy Sutton |518.527.3564 | alsuttonone@gmail.com Turn-Key Saratoga County Bar and Restaurant Business 910 Rock City Road, Milton I $699,900 3.83 acres +ONE OF THE FASTEST GROWING TOWNS (Town in Milton, Ballston Spa, NY) IN SARATOGA COUNTY HAS ONCE IN A LIFETIME OPPORTUNITY TURN KEY RESTAURANT. Owners looking to retire after being in business for 26 years. • Two miles west of Saratoga County Airport, 6 miles to SPAC • Rear yard has an irrigation system, pond, garden, and patio. • Plenty of growth opportunity for the right vision! 16 Greybirch Trail Ballston Spa NY o. 518-885-3941 trevettgroup@aol.com REVETT G ROUP LLC T HOMAS R. T REVETT BROKER OWNER
Exotic
An exciting lineup of exotic vintage automobiles will grace Union Avenue in Saratogs Springs on Father’s Day.
Courtesy of Saratoga Automobile Museum