November 24 2025 Edition

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THE CENTRAL NEW YORK BUSINESS JOURNAL I NOVEMBER 24, 2025

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CNYBJ CALENDAR:

CNYBJ BRIEFS

December 8 Special Report: Energy/ Environment/Sustainability December 8 List: Ski Resorts December 15 Special Report: Construction/Design/Real Estate December 15 List: Landscape Architects December 22 Special Report: Nonprofit Directory December 29 Special Report: Healthcare Quarterly/Excellence in Healthcare Spotlights NEW! January 12 Special Report: Health Care Quarterly January 12 List: Skilled-Nursing Facilities January 19 Special Report: Employee Benefits/HR/Insurance January 19 List: Employee-Benefits Consultants/Property & Casualty Insurers January 26 Special Report: Manufacturing/High-Tech/Incubators January 26 List: Manufacturing

WRITERS/EDITORS: Adam Rombel Editor-in-Chief arombel@cnybj.com 315.579.3902 Eric Reinhardt Staff Writer ereinhardt@cnybj.com 315.579.3915

The Five Star Bank commercial-loan office, located in the Franklin Square area of Syracuse.

ADAM ROMBEL / CNYBJ

The New York State Department of Environmental Conservation (DEC) recently announced the acquisition of nearly 3,400 acres of forest and wetlands located in the towns of Salisbury and Norway in Herkimer County.

PHOTO CREDIT: NYS DEC FLICKR PAGE

DEC announces land acquisition to preserve more than 3,300 acres in Herkimer County SALISBURY — The New York State Department of Environmental Conservation (DEC) on Oct. 22 announced the acquisition of 3,387 acres of forest and wetlands located in the towns of Salisbury and Norway in Herkimer County.

The parcel, purchased from the Open Space Institute (OSI), will be managed for forest products, expanded recreational access, protection of critical drinking water sources, and enhancement of ecosystem resilience, per the announcement.

The property includes hardwood and softwood forests, nearly 900 acres of wetlands, and several miles of Spruce Creek, a tributary of the East Canada Creek which eventually flows into the Mohawk River. The property sits just outside the southwestern boundary of the Adirondack Forest Preserve and connects to more than 150,000 acres of DEC’s Ferris Lake Wild Forest, the DEC said.

The wetlands and forests on the parcel provide habitat for a wide range of species including black bear, white-tailed deer, bobcat, river otter, and fisher. These features also play a vital role in filtering rainwater that serves as part of the drinking water supply for the city of Little Falls, the department stated.

Ten acres of the property will be added to the Adirondack Forest Preserve, while the

remaining acreage located just outside of the Adirondack Park boundary will be state forest.

Although the purchase and transfer of the Spruce Creek property are now complete, public access is currently limited to one location off Dairy Hill Road just south of the junction with Guideboard Road. DEC staff are working to establish additional safe and sustainable access points that will support future recreational use while protecting natural resources. The public is asked to respect the limited access during development of these additional points. The DEC said it will provide updates and announce when these improvements are completed.

The acquisition was made possible by OSI’s $3 million land purchase from Datum 9 Forestry LLC. DEC subsequently acquired the 3,387-acre parcel using $3 million from the state’s Environmental Protection Fund (EPF).

The EPF supports climate-change mitigation and adaptation efforts, improves agricultural resources to promote sustainable agriculture, protects water sources, advances conservation efforts, and provides recreational opportunities for New Yorkers, the DEC said.

The EPF also supports New York’s 30x30 initiative, which commits to conserving 30 percent of lands and waters by 2030.

Five Star Bank parent company to pay Q4 dividend WARSAW, N.Y. — Financial Institutions, Inc. (NASDAQ: FISI), parent company of Five Star Bank, announced that its board of directors has recently approved a quarterly cash dividend of 31 cents per share of its common stock outstanding.

Financial Institutions will pay the fourth-quarter dividend on Jan. 2, to shareholders of record on Dec. 15.

At the banking company’s current stock price, the dividend yields about 4.2 percent on an annual basis.

Financial Institutions is a financial holding company, based in Warsaw in New York’s Wyoming County, with about $6.3 billion in assets, offering banking and wealth-management products and services. Its Five Star Bank subsidiary provides consumer and commercial banking and lending services to individuals, municipalities, and businesses through banking locations spanning Western and Central New York and a commercial-loan production office serving the MidAtlantic region. Five Star Bank’s Central New York offices include a commercial-loan production office in Syracuse and retail branches in Auburn, Waterloo, and Geneva.

CNY HOTEL STATS

Broome County hotels enjoy boom month in October BINGHAMTON — Broome County hotels had a great month in October, as measured by three major business indicators.

The hotel-occupancy rate (rooms sold as a percentage of rooms available) in the county rose 2.9 percent to 64.7 percent in the 10th month of 2025, compared to October 2024, according to a report from STR, a Tennessee–based hotel market data and analytics company. Year to date through October, occupancy was down 0.5 percent to 61.4 percent.

Revenue per available room (RevPar), an industry gauge that measures how much money hotels are bringing in per available room, soared 15 percent to $87.09 in October versus the year-ago month. In the first 10 months of this year, RevPar was higher by 4.8 percent to $78.25.

The average daily rate (ADR), which represents the average rental rate for a sold room, jumped 11.8 percent in Broome County to $134.62 this October, compared to the same month in 2024. Through Oct. 31, ADR was up 5.3 percent to $127.42.

Onondaga County hotels see nearly 5 percent increase in occupancy SYRACUSE — Onondaga County hotels hosted more guests in October, as two other key indicators of business performance also rose during the month.

The hotel-occupancy rate (rooms sold as a percentage of rooms available) in Central New York’s largest county increased 4.9 percent to 72.4 percent in the 10th month of 2025, compared to October 2024, according to STR, a Tennessee–based hotel market data and analytics company. Year to date through Oct. 31, occupancy was unchanged at 63.2 percent.

Revenue per available room (RevPar), an industry gauge that measures how much money hotels are bringing in per available room, jumped 6.7 percent to $101.50 in Onondaga County this October from a year earlier. In the first 10 months of 2025, RevPar was up by 1.8 percent to $87.00.

Average daily rate (or ADR), which represents the average rental rate for a sold room, edged up 1.7 percent to $140.20 in October versus the year-prior month, STR reports. Year to date through the month of October, ADR was higher by 1.8 percent to $137.58.

Oneida County hotel business benchmarks improve in October

Jefferson County hotel occupancy rises nearly 3 percent in October

UTICA — Oneida County hotels posted an increase in a trio of three key indicators of business performance in October.

The hotel-occupancy rate (rooms sold as a percentage of rooms available) rose 5.8 percent to 70.4 percent in the 10th month of 2025 compared to the year-ago month, according to a report from STR, a Tennessee– based hotel-market data and analytics company. Year to date through October, occupancy in the county was up 4.2 percent to 65 percent.

Revenue per available room (RevPar), an important industry gauge that measures how much money hotels are bringing in per available room, jumped 6.3 percent to $105.42 in October in the Mohawk Valley’s largest county versus October 2024. In the first 10 months of this year, RevPar gained 4 percent to $93.13.

Average daily rate (ADR), which represents the average rental rate for a sold room, edged up 0.5 percent to $149.65 in Oneida County in October 2025, compared to the same month a year before. Through Oct. 31 of this year, ADR was down 0.2 percent to $143.19.

WATERTOWN — Jefferson County hotels welcomed more overnight guests in October, as two other key business indicators were mixed during the month.

The hotel-occupancy rate (rooms sold as a percentage of rooms available) in the North Country’s most populated county rose 2.7 percent to 58.4 percent in the 10th month of 2025, compared to a year earlier, according to STR, a Tennessee–based hotel market data and analytics company. Year to date through October, occupancy was down 3.1 percent to 53.2 percent.

Revenue per available room (RevPar), a key industry gauge that measures how much money hotels are bringing in per available room, edged up 1.2 percent in Jefferson County to $70.75 in October, compared to October 2024. In the first 10 months of this year, RevPar was off 3.7 percent to $65.00.

The average daily rate (ADR), which represents the average rental rate for a sold room, slipped 1.4 percent to $121.25 in October from the same month in 2024, per STR. Year to date through Oct. 31, ADR was down 0.6 percent to $122.16.

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NOVEMBER 24, 2025 I THE CENTRAL NEW YORK BUSINESS JOURNAL

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Ithaca startup REEgen wins $150K in FuzeHub competition

BY ERIC REINHARDT ereinhardt@cnybj.com ITHACA — REEgen, a biomining startup based in Ithaca, has won the grand prize of $150,000 in FuzeHub’s 2025 commercialization competition.

The contest was held as part of the New York State Innovation Summit in Rochester in late October.

FuzeHub is an Albany–based nonprofit that is focused on empowering small and medium-sized manufacturing and technology companies in New York State The company called REEgen — which was spun out of Cornell University — describes its work as “transforming the way the world gets its critical minerals — the lesser-known metals that drive modern life,” per the FuzeHub announcement.

In particular, REEgen is focused on recovering rare earth elements (REEs), which are essential for making strong, lightweight magnets that power everything from electronics, your car’s power steering system, to wind turbines. Its product is called BioREEcovery Scale Up. The FuzeHub award will accelerate REEgen’s path to achieving revenue by enabling the company to start producing rare earths for the U.S. supply chain as early as mid-2026, the Ithaca firm said in an announcement on its website. REEgen has externally validated its mixed rare earth oxalate product and is currently working with feedstock part-

ners to prepare for its first commercial BioREEcovery unit installation.

“Winning this competition is an exciting validation of REEgen’s mission to revitalize critical mineral recovery and enable a future of widespread energy security,” Alexa Schmitz, co-founder and CEO of REEgen, said in the firm’s announcement. “This award will jumpstart our remaining scaleup milestones, really accelerating our path to first rare earth sales from industrial waste in the United States. We’re so grateful for the continued support from FuzeHub and New York State towards our mission, and we look forward to building up REEgen as a NY clean tech startup in the coming years.”

“As New York continues to invest in technology innovation, FuzeHub is honored to help entrepreneurs move their creative ideas onto successful products,” Patty Rechberger, Innovation Fund manager at FuzeHub, said. “This year’s competition drew inspiring talent from across the state, and this funding helps accelerate their journey from concept to commercialization. We’re excited to support their growth and follow the positive impact they bring to the world.”

Twelve entrepreneurs from across New York state competed for a chance to win one of four awards. Besides the grand prize of $150,000, the runner-up secured $100,000, one team received $80,000, and two more teams received $60,000 each toward their startups.

GynStrong, Inc. from the Mid-Hudson

REEgen of Ithaca won the top prize in FuzeHub’s annual commercialization competition held in late October in Rochester. Pictured here (from left to right) are: Patty Rechberger, Innovation Fund manager at FuzeHub; Yi Sang with REEgen; Alexa Schmitz, co-founder and CEO of REEgen; and Ben Verschueren, executive director of Empire State Development’s Division of Science, Technology and Innovation (NYSTAR).

PHOTO CREDIT: JOHN SCHLIA PHOTOGRAPHY VIA FUZEHUB

region was the runner-up and was awarded $100,000, and FuzeHub also awarded $80,000 to CryoBio, Inc., which is based in Ithaca.

In addition, two additional teams will receive $60,000 each toward their startup ventures. They include IVSonance Biomedical Inc., which is based in Ithaca, as well as TunaBotics LLC, which is based in Syracuse.

“We’re proud to celebrate this year’s Commercialization Competition winners.

Their projects reflect the incredible ability of New York State’s innovation ecosystem to solve problems through technology and ingenuity,” said Ben Verschueren, execu-

tive director of Empire State Development’s Division of Science, Technology and Innovation (NYSTAR). “By pairing visionary entrepreneurs with targeted support through the Jeff Lawrence Innovation Fund, we’re not just recognizing commercialization potential — we’re investing in the future of our state’s economy.”

The commercialization competition occurs yearly as part of the FuzeHub Jeff Lawrence Innovation Fund, which has the support of Empire State Development.

The office of Gov. Kathy Hochul provided additional funding for higher prize amounts in the competition, FuzeHub n said.

Gains in new orders, shipments General Business Conditions propel N.Y. manufacturing index to highest mark in a year

BY ERIC REINHARDT ereinhardt@cnybj.com

R

espondents to the monthly Empire State Manufacturing Survey indicated gains in both new orders and shipments, and the survey’s general-business conditions index rose 8 points to 18.7 in November.

The reading represented its highest since November 2024, and the fourth positive index number in the past five months.

The index had climbed 19 points to 10.7 in October, after dropping 21 points to -8.7 in September.

Based on manufacturing firms responding to the survey, the November reading indicates business activity “increased at a solid pace” in New York state, the Federal Reserve Bank of New York said in its Nov. 17 report.

A positive index number indicates expansion or growth in manufacturing activity, while a negative reading on the index indicates a decline in the sector.

The November survey found new orders and shipments increased “significantly,” the New York Fed said. Supply availability “worsened somewhat,” and inventories expanded.

Firms expect conditions to improve in the months ahead, though firms were not as optimistic as last month.

Survey details

The new-orders index rose 12 points to 15.9 and the shipments index increased 2 points to 16.8, pointing to “significant” gains in both orders and shipments.

After three months of negative readings, the inventories index rose 8 points to 6.7. The delivery-times index edged up to 7.7, and the supply-availability index ticked down to -11.5, continuing the trend of somewhat longer delivery times and worsening supply availability, the New York Fed said.

The index for number of employees ticked up to 6.6, while the average-workweek index rose to a multi-year high of

VISUAL CREDIT: NEW YORK FED WEBSITE

7.7, suggesting a modest increase in employment levels and hours worked.

Both price indexes declined slightly but remained elevated: the prices-paid index dropped 3 points to 49.0, and the prices-received index also dipped 3 points to 24.0.

Firms still expect conditions to improve in the months ahead, but the index for future general business conditions declined to 19.1, down 11 points from its recent high in October.

New orders and shipments are expect-

ed to increase, and supply availability is expected to be little changed. Firms continue to anticipate significant price increases ahead. Capital spending plans grew, with the capital-expenditures index rising 14 points to 11.5, the New York Fed said.

The New York Fed distributes the Empire State Manufacturing Survey on the first day of each month to the same pool of about 200 manufacturing executives in New York. On average, about 100 executives return responses. n

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THE CENTRAL NEW YORK BUSINESS JOURNAL I NOVEMBER 24, 2025

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New Drakos Urgent Care in Camillus starts seeing patients

BY ERIC REINHARDT ereinhardt@cnybj.com CAMILLUS — The latest Drakos Urgent Care location in Camillus, which has been open for less than a month, is now seeing patients.

It’s the company’s third area location providing urgent-care services.

Drakos Urgent Care & Health Services in Camillus opened on Oct. 29, the company tells CNYBJ. It’s located at 5301 W Genesee St., Suite 50 in the Camillus Commons shopping center.

The new location is a 5,000-square-foot facility, which is twice as large as Drakos’ other two urgent cares with 15 exam rooms. The other two Drakos locations in Clay and Cicero have handled nearly 60,000 visits since opening in 2023 and 2024, respectively, Drakos noted.

The new Camillus urgent care includes a partitioned waiting room with a separate entrance to the pediatric exam rooms, and a separate door for patients who need ambulance transport to an area hospital.

It also includes on-site lab facilities, along with an X-ray machine and radiology technicians on staff. The Camillus facility also has a fireplace room where patients under observation can relax in overstuffed chairs.

Drakos Urgent Care’s workforce has more than doubled in the past two years to nearly 100 to “keep up with demand,” and the company is continuing to hire, it said.

Drakos has contracted with multiple school districts and other local organizations to provide health screenings, vaccines, drug testing, and more health services.

Drakos Urgent Care locations are open until 10 p.m. or later each day. n

An employee with Drakos Urgent Care works with a young patient. Drakos Urgent Care has opened a location in Camillus that has been in operation since the end of October.

PHOTO CREDIT: DRAKOS URGENT CARE

The class is comprised of the following people: • Valerie Akins, Carthage Central, junior, first-year member • Caitlin Daugherty, Watertown High, junior, first-year member • Gaige Doroha, Watertown High, junior, first-year member The Northern New York (NNY) Community Foundation’s 2025-2026 Youth Philanthropy Council class. Pictured are 16 of the 17 members.

PHOTO CREDIT: NNY COMMUNITY FOUNDATION

NNY Community Foundation names 2025-2026 Youth Philanthropy Council

BY JOURNAL STAFF news@cnybj.com WATERTOWN — The Northern New York (NNY) Community Foundation recently announced its 2025-2026 Youth Philanthropy Council class, welcoming 12 new and five returning students to the leadership program.

The Youth Philanthropy Council is a NNY Community Foundation advisory committee that was chartered in 2010 to promote positive youth development and engage young people in meaningful activities that build their skills. Throughout the yearlong program, students deepen their understanding of community needs while learning about community philanthropy and its impact across Northern New York, the foundation said. Council members grow to become informed critical thinkers and philanthropic leaders as they engage in lessons that may never be taught in a traditional classroom.

“When Council members graduate, they frequently say the Council is one of the most

transformational experiences of their high school career. Above all, it is a powerful, multi-dimensional leadership program that instills lifelong lessons in civic responsibility and engagement,” Rande S. Richardson, NNY Community Foundation executive director, said in the Oct. 13 announcement.

“Our donors are making valuable investments in our youth and helping ensure that our community’s future is in good hands.”

This year’s Youth Philanthropy Council includes 17 representatives from Carthage, General Brown, Immaculate Heart Central, Lyme, South Jefferson, and Watertown High School. Council members are in their junior, or senior class.

Students elected members to this year’s Council Executive Committee during the last meeting of the school year in June.

Watertown High School senior April Wang will serve as the council chair; Watertown High School junior Trey Urf will serve as vice chair; and Immaculate Heart Central junior Julia Tontarski was elected to serve n as council secretary.

• Hudson Guldenpfennig, Watertown High, junior, first-year member • Maxwell Hunt, Lyme Central, junior, first-year member • Nola Johnson, Watertown High, junior, first-year member • Oliver King, South Jefferson Central, junior, first-year member • Isabel Mendez, General Brown Central, junior, first-year member • Annabelle Renzi, South Jefferson Central, junior, first-year member • William Steward, South Jefferson Central, senior, second-year member • Lucy Swartz, Watertown High, junior, first-year member • Julia Tontarski, Immaculate Heart Central, junior, second-year member • Lydia Tremont, South Jefferson Central, junior, first-year member • Trey Urf, Watertown High, junior, second-year member • April Wang, Watertown High, senior, second-year member • Frances Weir, Watertown High, junior, first-year member • Alexandria Zajac, Immaculate Heart Central, junior, second-year member

New York milk production rises 6 percent in September 2025

BY JOURNAL STAFF news@cnybj.com

D

airy farms in New York state produced nearly 1.39 billion pounds of milk this September, up 6 percent from 1.31 billion pounds of milk in the year-prior month, according to the latest monthly milk-production report that the USDA’s National Agricultural Statistics Service (NASS) issued on Nov. 10.

Milk production per cow in the state averaged 2,120 pounds in the ninth month of 2025, up 1.9 percent from 2,080 pounds in September 2024. The number of milk cows on farms in the Empire State totaled 655,000 head in September 2025, up 4 percent from 630,000 in the year-ago month, NASS reported.

Milk production in the nation’s 24 major dairy producing states totaled just under 18.28 billion pounds in September of this year, up 4.2 percent from more than 17.54 billion pounds in September 2024, according to the n USDA.

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NOVEMBER 24, 2025 I THE CENTRAL NEW YORK BUSINESS JOURNAL

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Seen Nutrition of Ithaca awarded $500,000 in Grow-NY competition

BY ERIC REINHARDT ereinhardt@cnybj.com CANANDAIGUA — Seen Nutrition of Ithaca won $500,000 in the seventh annual Grow-NY agribusiness competition held Nov. 12-13 in Canandaigua.

Seen Nutrition is a food-tech startup in the menopause market, initially focused on bone health, with a patented dietary calcium chew made with dairy produced in Central New York, as described in the Nov. 13 announcement about the GrowNY winners from the office of Gov. Kathy Hochul.

Brekland of Brooklyn was the $1 million grand-prize winner. Brekland is building a novel, biodegradable foam coating that brings new, in-field functionality to crop protection products.

The competition awarded a total of $3 million in prize money to seven of the 20 finalists selected for the Grow-NY business accelerator.

Winners were announced at the Grow-NY Summit, a two-day event in Canandaigua where finalists pitched their business plans to a panel of expert judges.

About Seen Nutrition

Seen Nutrition was co-founded by Cornell University lecturer Adrienne

Bitar, and pharmacist Jennifer Han. Their flagship product, the Calcium Chew Complete, is made with dairy from the Upstate region. It is the first dietary calcium supplement made entirely from real foods.

“The company is committed to sourcing local ingredients and addressing the urgent need for bone health solutions for women over 40,” the company said in an Aug. 26 announcement about its selection as a Grow-NY finalist.

The startup has “deep ties” to Cornell and the region. Seen Nutrition is an alum of Cornell’s Dairy Runway program; a Rev Ithaca Startup Works member; and has used the Food Innovation Lab at Cornell AgriTech and the Seneca Foods Foundation Pilot Plant in Geneva to develop and scale its product.

Production was supported at Sweet Pea Kitchen in Rochester and fulfillment is completed by Watkins Glen ARC, Seen Nutrition said.

“Being selected as a Grow-NY finalist is an honor and a responsibility,” Bitar said.

“We are proud to build a business that strengthens the local dairy industry while innovating in the field of women’s bone health nutrition.”

“As a pharmacist, I’ve seen the challenges women face with bone health. We created a solution rooted in the foods we

Brekland of Brooklyn won the $1 million grand prize in the Grow-NY agribusiness competition held Nov. 12-13 in Canandaigua.

PHOTO CREDIT: NEW YORK STATE

trust here in Upstate New York,” Han added.

Additional winners

Besides Seen Nutrition, Mothership Materials of New York City also won $500,000. The $250,000 winners included Living Ink Technologies of Berthoud, Colorado; Trebe Biotech of Pergamino, Buenos Aires, Argentina; Whipnotic of New York City; and ZILA BioWorks of Renton, Washington.

Each winning company will establish operations in the region for at least one year and provide a modest equity stake to Cornell University, helping to fund future food and agriculture-entrepreneurship programs.

Cornell University’s Center for Regional Economic Advancement administers the competition, which is focused

on “enhancing the emerging food, beverage and agriculture innovation cluster” in Central New York, Finger Lakes and Southern Tier regions, per the Hochul announcement.

“Grow-NY exists to create lasting economic development by attracting startups and investors into our world class agrifood ecosystem, leveraging innovation to create opportunity, supporting and creating growth for new and existing ventures alike,” Jenn Smith, Grow-NY program director, said in the state’s announcement.

“We are thrilled to have this year’s winners help us accomplish our goals while moving toward their own.”

In its seventh year, the Grow-NY competition attracted 270 applicants from 41 countries. Applicants came from 31 states, and 53 startups applied from across New York state. n

CNY BUSINESS JOURNAL

FAMILY BUSINESS AWARDS Awards Breakfast DECEMBER 3, 2025 8:30 AM - 10:30 AM SKY ARMORY - SYRACUSE We will be joined by Keynote Speaker Jeff Rogers, Founder of Catalyst Leadership Dynamics. Jeff will be speaking on How Intentional Culture Drives Results in Family Businesses.

Tickets on sale at bizeventz.com

Congratulations to Lock 1 Distilling Company and Mohawk Global, two family businesses who are being honored for Community Service Excellence!

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THE CENTRAL NEW YORK BUSINESS JOURNAL I NOVEMBER 24, 2025

CNYBJ.COM

THE LIST

COMMERCIAL REAL-ESTATE FIRMS

Research by Vance Marriner vmarriner@cnybj.com (315) 579-3911 @cnybjresearch

Ranked by No. of CNY Agents & Brokers CNY Agents & Brokers

CNY:

Name

—

2025 Comm. Listings

Address

CNY

—

Employees

2025 Transactions

% Breakdown of Business

Key Local Executives

Estab.

50% office, 25% retail, 25% industrial

Stephen Case, Owner

2015

1971

Year

Rank

Phone/Website

1.

Acropolis Development

120

50

115 E. Jefferson St., Suite 300

—

—

Syracuse, NY 13202

10

22

Cushman & Wakefield/Pyramid

62

482

30% industrial, 16% office, 21% retail; 33% investment,

John L. Clark, Executive Vice

Brokerage Company

—

—

land, business sales, and consulting

Chairman

5845 Widewaters Parkway

11

438

(315) 396-0493/ acropolisrealtygroup.com

2.

Jim Petrie, COO

East Syracuse, NY 13057

Stephen Scuderi, President

(315) 445-1030/ pyramidbrokerage.com

3.

CBRE Upstate NY

13

NA

500 Plum Street

—

—

Syracuse, NY 13204

7

NA

NA

Mark Rupprecht, Managing

1999

Director

(315) 422-4200/cbre.com/syracuse

4.

JF Real Estate

11

81

2 Clinton Square, Suite 120

—

—

Matthew Funiciello, Manager/

Syracuse, NY 13202

13

110

Salesperson

Sutton Real Estate Company

10

NA

15% retail, 30% office, 35% multifamily, 10% mixed use,

Louis G. Fournier, III, President

525 Plum St., Suite 100

—

—

10% industrial

Linda Charles, VP

Syracuse, NY 13204

80

NA

Pavia Real Estate Services

7

NA

5 Oxford Road

—

—

New Hartford, NY 13413

NA

NA

Yaman Commecial Industrial

6

24

Lyndon Buisiness Park

—

—

sales in leasing in retail; 20% sales and leasing in office

Virginia Squire, CCIM,

Fayetteville, NY 13066

9

15

owner occupied sales and leasing in office, industrial and

Managing Broker

65% office, 30% industrial, 5% retail

John Funiciello, Broker/Owner

1992

(315) 472-2020/jfrealestate.com

5.

1933

NA

Dominic Pavia, President &

December 8 Ski Resorts December 15 Landscape Architects

Joseph Lewis, VP

(315) 424-1111/suttoncos.com

6.

Upcoming Lists

2008

Licensed Real-Estate Broker

(315) 736-1555/paviarealestate.com

7.

585-455-3352/yamanci.com

8.

40% investment multifamily and student housing sales; 30% James Yaman, Principal Broker

1950

retail, 10% advisory and consulting

COR Development Company, LLC

5

NA

540 Towne Drive

—

—

Fayetteville, NY 13066

32

NA

65% retail, 20% multifamily, 10% industrial, 5% office

Catherine K. Johnson, CEO

1998

Jeffrey L. Aiello, Partner, Construction/Development

(315) 663-2100/corcompanies.com

Steven L. Aiello, Director of Finance/Development

.

CBD Brokerage, LLC

5

15

125 E Jefferson St

—

—

Syracuse, NY 13202

22

40

50% office, 50% medical

Charles G. Sangster, Principal

2009

Courtney Wilson, Principal Gwen Eichorn, CFO

(315) 295-1900/cbdcos.com

Michael Greene, Director of City Real Estate

10.

Oliva Companies

3

6724 Thompson Road

—

—

Syracuse, NY 13211

20

NA

NA

50% industrial, 50% office

Anthony S. Oliva, President

1937

Stephen A. Oliva, Jr., VP

(315) 463-8684/olivaco.com

.

Ibex Commercial Real-Estate

3

10

2849 West Lake Road

—

—

Cazenovia, NY 13035

1

4

Edgewater Management

2

NA

Company, LLC

—

—

W. Gary Craig, Partner

225 Greenfield Parkway

5

NA

John F. Krisanda, Director of

100% industrial

Jonathan T. Sayre, Owner/

2015

Broker

(315) 857-6990/ibexcre.com

12.

Liverpool, NY 13088

80% office, 20% construction

Thomas R. Kennedy, Partner

1988

Real Estate

(315) 471-4420/ theedgewatercompany.com

ABOUT THE LIST Information was provided by representatives of listed organizations and their websites.

Other groups may have been eligible but did not respond to our requests for information.

While The Business Journal strives to print accurate information, it is not possible to independently verify all data submitted. We reserve the right to edit entries or delete categories for space considerations.

Central New York includes Broome, Cayuga, Chemung, Chenango, Cortland, Herkimer, Jefferson, Lewis, Madison, Oneida, Onondaga, Oswego, St. Lawrence, Seneca, Tioga, and Tompkins counties.

WANT TO BE ON THE LIST?

If your company would like to be considered for next year’s list, or another list, please email: vmarriner@cnybj.com

NOW SURVEYING FOR THE BOOK OF LISTS! MAKE SURE YOUR COMPANY IS REPRESENTED IN THIS VITAL BOOK. EMAIL VMARRINER@CNYBJ.COM TO SUBMIT YOUR COMPANY’S INFORMATION

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Utica First Insurance Company readies for leadership transition

BY ERIC REINHARDT ereinhardt@cnybj.com UTICA — Utica First Insurance Company will have a new president and CEO when the calendar turns to 2026.

Ryan Fleming will succeed retiring president and CEO Scott Shatraw. The firm announced Fleming’s appointment on Sept. 16.

Fleming joined Utica First Insurance in 2024 Fleming as VP of marketing and agencies and has “demonstrated his ability to lead the company into the future, advancing its vision and

promoting its core values.” Prior to joining Utica First, he worked at The Travelers Indemnity Company.

His responsibilities have included working with the marketing team to increase brand awareness, building strong relationships with key industry partners, retail agents, and wholesalers, and enhancing the agent/broker experience.

He has more than 25 years of insurance industry leadership experience, with a niche in sales and marketing.

“Utica First has an incredibly strong 122-year tradition of putting our agents, brokers, and customers first,” Fleming said in the announcement. “I’m honored and enthusiastic about continuing to build

on that legacy with an emphasis on personal service, innovation, and collaboration.”

Fleming earned a bachelor’s degree in business administration from Marquette University.

Shatraw was appointed Utica First’s president and CEO in 2018. He joined the company in 1990 as controller and subsequently held positions of increasing responsibility, including senior vice president and CFO. “Ryan’s business acumen, industry knowledge, and agent/broker and customer focus have already made a tre-

mendous impact on Utica First,” Shatraw said in the announcement. “He’s ideally suited to continue to grow the company as President and CEO while providing the best possible service and products to all of our partners and customers.”

Under Shatraw’s leadership over the past seven years, Utica First has “successfully anticipated customer needs while achieving profitable growth,” the company said.

Utica First Insurance Company has more than 100 employees, 100,000 written policies, and agents in nine states. n

Community Financial System appoints Vaccaro as new independent director

BY JOURNAL STAFF news@cnybj.com DeWITT — Community Financial System, Inc. (NYSE: CBU) announced it has appointed John A. Vaccaro to its board of directors as a new independent director, effective Oct. 1.

Vaccaro is chairman emeritus of MML Investors Services, LLC, Vaccaro a national broker-dealer and registered investment advisor with more than $285 billion in

assets under management, and chairman of MassMutual Private Wealth & Trust, FSB, both subsidiaries of Massachusetts Mutual Life Insurance Company. Vaccaro led MassMutual Financial Advisors and served as CEO of MML Investors Services from 2009 until March 2025, when he stepped down as CEO in connection with his upcoming retirement in 2026. In that post, he led a team of more than 7,500 financial advisors and 3,000 support staff across more than 1,600 locations nationwide, according to the Community Financial System announcement.

With Vaccaro’s appointment, the Community Financial System board now consists of 13 directors, 12 of whom are independent. He also joined the board of directors of Community Bank, N.A., the company’s banking subsidiary, and will serve on its trust committee.

“John brings to the Board a proven track record of scaling a complex, large financial services business with substantial market position. His experience, track record, reputation and network in the wealth management space will be very additive as we continue to grow our Company along our diversified financial services

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strategy,” Dimitar A. Karaivanov, president and CEO of Community Financial System, said in the announcement.

Community Financial System, Inc. is a DeWitt–based financial services company that is focused on four main business lines — banking services, employee-benefit services, insurance services, and wealth-management services. Community Bank, N.A., is among the nation’s 100 largest banking institutions with more than $16 billion in assets and operates about 200 branches across upstate New York, northeastern Pennsylvania, Vermont, and western Massachusetts. n

SPECIAL REPORT:

EMPLOYEE BENEFITS/HR/INSURANCE Solvay Bank names branch manager for upcoming East Syracuse–area branch

BY ERIC REINHARDT ereinhardt@cnybj.com DeWITT — Briana Fox will serve as AVP, branch manager for Solvay Bank’s upcoming East Syracuse– area location at the Wegmans plaza on James Street in the town of DeWitt.

It will be the 10th branch for Solvay Bank, the oldest community Fox bank established in Onondaga County, per the Nov. 6 announcement.

Fox joined Solvay Bank in 2016 as a banking solutions representative at its Fairmount office. Along the way, Solvay Bank promoted Fox to assistant branch manager at Solvay Bank’s DeWitt location, and most recently, branch manager for the North Syracuse office.

The future 2,200-square-foot Smart Office, located in the Wegmans plaza on James Street, is making “significant” progress, with framing now complete and further phases “actively underway” Solvay Bank noted. This branch will offer personal, business, and municipal-banking products and services.

The Solvay Bank board of directors pictured at the May 12 groundbreaking of the bank’s upcoming 10th branch at the Wegmans plaza on James Street in the town of DeWitt. On Nov. 6, Solvay Bank announced the branch manager for the upcoming location.

PHOTO CREDIT: REVETTE STUDIO VIA SOLVAY BANK

Founded in 1917, Solvay Bank currently has nine branch locations in Solvay, Baldwinsville, Camillus,

Cicero, DeWitt, Liverpool, North Syracuse, Westvale, and downtown Syracuse in the State Tower

Building, as well as a commercial lending presence in the Mohawk n Valley.

Sheriff’s union has new tentative labor contract with Onondaga County

BY ERIC REINHARDT ereinhardt@cnybj.com SYRACUSE — The Onondaga County Deputy Sheriff’s Police Association (OCSPA) has a tentative new labor contract with the Onondaga County government.

The Onondaga County Legislature will vote to finalize the deal in December, according to the county’s Nov. 19 announcement.

The four-year pact includes a wage increase of 3 percent per year as well as an adjusted salary structure for 2026, the office of Onondaga County Executive Ryan McMahon said in its announcement.

The labor agreement addresses topics such as workday holiday premiums, longevity premiums, and required on-call occurrences premiums.

OCSPA came to the county executive and his team, hoping to obtain a contract that solved three areas of concern, Bill June, president of the OCSPA union, said.

“We wanted a contract that allowed us to recruit the best potential candidates, we

wanted to have a contract that helped us retain Deputies beyond their potential 20-year retirement, and we wanted our Deputies to earn a wage that is fair and equitable compared to the other agencies within Onondaga County,” June said. “Executive McMahon and his team were able to meet all our objectives and then some. The Deputies, Sergeants, and Lieutenants of OCSPA want to thank Executive McMahon and his team for supporting us and giving us the tools and the contract we need to continue to meet our goals and objectives.”

The four-year agreement starts retroactively to Jan. 1, 2025 and continues through Dec. 31, 2028.

Speaking during a media availability on Nov. 19, McMahon called the tentative labor contract a “really big win for us.”

“Our police officers, as we know, across the country were having challenges recruiting into these ranks and certainly we think we’ve come to an agreement that will help (A) recognize the unique sacrifices of these individuals, these men and women, and (B) help us retain [recruits],”

The union representing Onondaga County sheriff’s deputies has reached a tentative contract agreement with Onondaga County.

PHOTO CREDIT: ZOEYADVERTISING.COM

McMahon said. “Public safety is really the number one responsibility of this government and this helps us tremendously.”

McMahon congratulated June on a successful negotiation with the county’s team.

CNYBJ monitored the McMahon availability on the Onondaga County Executive Office YouTube channel.

Onondaga County Sheriff Toby Shelley called it more than a contract; it is a “recognition of the dedication, professionalism, and sacrifice our deputies demon-

strate every single day.”

“The men and women of the Onondaga County Sheriff’s Office are among the most highly trained and premier law enforcement professionals in New York State, and they deserve to be compensated in a way that reflects their commitment to this community,” Shelley said in the county’s announcement. “I am immensely proud of the work they do, and grateful to everyone who helped make this agreement a reality.” n

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EMPLOYEE BENEFITS/HR/INSURANCE

I 9 CNYBJ.COM

AAA Western and Central New York names new director of insurance

Is Your Team Getting the BOOST They Deserve for 2026?

By Joe Courcy, Ass’t. VP Group Benefits, CH Insurance

BY ERIC REINHARDT ereinhardt@cnybj.com AMHERST — AAA Western and Central New York says it has a new director of insurance.

Jen Ketchum brings 21 years of experience in both insurance sales and service to the role, which oversees all insurance operations across AAA’s regional footprint in Western and Central New York.

She will manage the entire insurance team from AAA’s corporate headquarters in the Buffalo suburb of Amherst.

Throughout her career, Ketchum has specialized in different aspects of personal insurance, along with commercial lines, which will be her focus at AAA. “AAA Insurance has built an exceptional culture, and my goal is to further strengthen that foundation by driving growth and alignment across our personal and commercial lines.” she said in the Nov. 10 AAA announcement. “I’m passionate about leading and empowering high-performing teams, developing strong leaders, and fostering collaboration across business units.

I’m excited to work alongside the outgoing and dynamic team at AAA.” Ketchum, who holds property and casualty and life and health licenses, has been responsible for hiring and onboarding, promoting growth in insurance, developing carrier relationships, and streamlining processes and proce-

Year-End Benefits Check:

As we close out 2025 and finalize employee benefits for the coming year, there’s one question every small to medium-sized business owner should ask: Are your employees truly understanding—and maximizing—the benefits you’re providing them?

I’m Joe Courcy from CH Insurance, and I’ve seen this scenario play out countless times. Business owners invest significantly in their employee benefits packages, yet many team members don’t fully grasp the value they’re receiving. This disconnect becomes especially critical now, as insurance rates continue climbing across the board. When employees don’t understand their benefits, they can’t appreciate them—and that’s money left on the table for everyone involved.

That’s precisely why we created BOOST: Benefits Optimization Opportunities for Small Business Teams.

What Makes BOOST Different?

Jen Ketchum PHOTO CREDIT: AAA

dures in various roles over the past two decades, AAA said.

“I enjoy collaborating with individuals to help them discover their own value and achieve career success, as well as solving problems to identify the most efficient solutions for long-term growth,” she noted.

Ketchum earned a bachelor’s degree in psychology and MBA degree from St. Bonaventure University, as well as her CPCU (short for Chartered Property n Casualty Underwriter).

Here’s the reality: companies with fewer than 100 employees typically can’t afford dedicated HR departments or benefits specialists. You’re competing for talent against corporations with extensive HR resources, yet you’re expected to navigate complex benefits decisions alone. BOOST changes that equation entirely.

Through the proprietary BOOST program, your small to medium-sized business gains access to enterprise-level HR resources and expertise— without the enterprise-level price tag. As an independent agency, CH Insurance brings you the power of choice from multiple carriers and plans, not just one-size-fits-all solutions. We evaluate options across the marketplace to find the right fit for your specific team and budget.

But BOOST goes beyond just selecting plans. We provide hands-on guidance through every step: plan selection, implementation, compliance, and critically important—employee education.

The Education Advantage

SRC appoints director of autonomous collaborative systems

BY JOURNAL STAFF news@cnybj.com CICERO — SRC, Inc. has promoted Michael Addario to director of autonomous collaborative systems (ACS).

In this role, Addario will oversee the ACS business unit’s strategic vision, program execution, financial performance, business development, customer satisfaction and Addario engineering excellence, the Cicero–based company said in a Nov. 10 announcement.

Addario joined SRC in 2003 as a digital design engineer. Since then, he has taken on roles of increasing responsibility in digital engineering, most recently serving as senior program manager for ACS. He holds a master’s degree in electrical engineering

from the Georgia Institute of Technology and a bachelor’s degree in computer engineering from Clarkson University.

“With his extensive experience and proven record of entrepreneurial leadership, Michael is well prepared to excel in this new role,” Kevin Hair, president and CEO of SRC, said. “His results-driven approach fosters efficiency and innovation, and I am confident he will positively contribute to our mission of helping keep America and our allies safe and strong.”

SRC is a not-for-profit research and development company that says it combines information, science, technology, and ingenuity to solve problems in the areas of defense, environment, and intelligence.

It employs more than 1,400 people. In addition to its Cicero headquarters, SRC has locations across the U.S., as well as sites in Canada, the United Kingdom, and n Australia.

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This is where BOOST truly shines. We offer virtual or in-person meetings with your employees to walk them through their benefits package in plain language.

We explain what they have, how to use it, and how to extract maximum value from their coverage. In an era of rising costs, employees deserve to understand exactly what they’re getting.

These sessions transform benefits from sometimes confusing paperwork into tangible value that employees can see and appreciate. When your team understands their healthcare options, retirement contributions, and additional perks, it strengthens retention and demonstrates your investment in their wellbeing.

Expertise and Guardianship With BOOST, you get my personal expertise and that of our entire group benefits and HR resources team standing in your corner—every day, every way. We monitor your plans, identify optimization opportunities, and proactively address issues before they become problems. Think of us as your dedicated benefits department, working tirelessly to ensure you’re getting exponentially more value, even as rates increase.

Experience the CH Insurance Difference Our commitment extends beyond insurance policies. Check out our reviews online and hear what other business owners have to say about our five-star customer service. Follow us on social media to see true stories of how CH gives back to the community—it’s vital to our DNA and who we are and it says a lot about the kind of experience, you can expect to have with us by your side.

As you finalize your 2026 benefits, ask yourself: Does your current broker provide this level of support, education, and advocacy? Can you truly say that your insurance broker is in your corner all year long, not just at renewal time? Visit us at chinsurance.cc to learn how BOOST can transform your benefits program and ensure your team truly understands the value you’re providing them.

Joe Courcy is Asst. Vice President of Group Benefits at CH Insurance. He leads the firm’s BOOST program, which helps small to mid-sized companies design, communicate, and optimize employee benefits that build both trust and retention. Learn more about CH’s 100 Under 100 program and how it helps businesses in Central New York compete for top talent.

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THE CENTRAL NEW YORK BUSINESS JOURNAL I NOVEMBER 24, 2025

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WNY health insurer affiliates with MVP Health Care

BY ERIC REINHARDT ereinhardt@cnybj.com SCHENECTADY — A Western New York health plan is affiliating with Schenectady– based MVP Health Care.

Independent Health will join MVP’s family of companies, subject to regulatory approvals. The boards of directors of both organizations unanimously approved the transaction, per MVP’s Nov. 18 announcement. Neither health insurer released financial terms of their agreement.

In their affiliation, MVP and Independent Health will serve nearly 1 million members and employ more than 3,000 people across the region with $7 billion in annual revenue.

“As our family grows, we remain steadfast in our purpose: putting people at the center of their health journey,” Chris Del Vecchio, CEO of MVP Health Care, said in the announcement. “This is not just about aligning organizations; it is about creating a future-focused health care system that empowers individuals to live their healthiest, most vibrant lives. By accelerating innovation, rethinking the care experience, and embracing bold changes, we are taking a critical step forward to meet the growing needs of our members and communities.”

As MVP Health Care explained it, the health-care industry continues to face

“significant” challenges, including rising medical and pharmaceutical costs, regulatory pressures, and the “complexities of delivering care in a rapidly changing landscape.” Recognizing these realities, MVP Health Care and Independent Health say they are working proactively to “shape a system that prioritizes individuals over processes.”

“Independent Health has long been recognized for our focus on delivering the highest quality care and service to our members and our community,” Dr. Michael Cropp, president and CEO of Independent Health, contended in the MVP announcement. “Joining the MVP Health Care family allows us to innovate further while staying true to the communities we serve. By aligning our strengths and shared values, we are not only preparing for today’s challenges — but we are designing health care for the future, where every person feels empowered and supported to achieve their best health.”

About the health plans

Besides its Schenectady headquarters, MVP Health Care also operates an office in Rochester. It previously operated an office in Syracuse.

MVP Health Care serves customers in Central New York counties that include Broome, Cayuga, Chenango, Cortland, Herkimer, Jefferson, Lewis, Madison,

Schenectady–based MVP Health Care, which has subscribers in several counties of Central New York, on Nov. 18 announced an affiliation agreement with Independent Health of Buffalo. Pictured here are Chris Del Vecchio (left), CEO of MVP Health Care, and Dr. Michael Cropp (right), president and CEO of Independent Health.

PHOTO CREDIT: MVP HEALTH CARE

Oneida, Onondaga, Oswego, Seneca, Tioga, and Tompkins, per the 2025 Book of Lists.

Established in 1980, Buffalo–based Independent Health offers HMO, POS, PPO and EPO products, Medicare Advantage and Medicaid plans, individual Exchange products, consumer-directed plans, health savings accounts, and cover-

age for self-funded employers.

Its subsidiaries and affiliate companies include a third-party administrator of health benefits, pharmacy-benefit management, specialty pharmacy, and the Independent Health Foundation.

In all, Independent Health and its affiliates serve a total of more than 550,000 customers across the country. n

Allyn Family Foundation set for leadership transition

BY ERIC REINHARDT ereinhardt@cnybj.com SYRACUSE — The not-for-profit organization behind the Salt City Market in Syracuse and the renovation project at the nearby Chimes Building will have a new leader in 2026.

Meg O’Connell, executive director of the Allyn Family Foundation, says she will retire at the end of 2025. The Allyn Family Foundation’s board of directors has selected Maarten Jacobs as the next executive director, effective Jan. 1, 2026.

O’Connell announced her intention to retire in an email message on Nov. 13.

She forwarded the communication to CNYBJ. “Rarely does a person wake up every day and love their job as much as I have. It has been a privilege to work alongside a deeply committed Board of Directors and an extraordinary team that brings heart and integrity to every decision we make. Together, we’ve learned that real impact happens when we come together as a community to challenge inequities and create opportunities,” O’Connell wrote.

She has served as executive director from 1994-1998, 2001-2012, and from 2013 until now. From 2012-2013,

O’Connell served as interim president of Onondaga Community College and from 1998-2000, O’Connell and her family lived in London, England, per her biography on the webO'Connell site of the Allyn Family Foundation.

O’Connell’s efforts have included spearheading the founding of a new nonprofit entity, the Syracuse Urban Partnership, that Jacobs constructed the Salt City Market in downtown Syracuse, her biography said.

New leader

Since 2019, Jacobs has served as director of community prosperity at the Allyn Family Foundation.

In that role, he oversaw the design, construction, and management of the Salt City Market, as well as the renovation of the Chimes Building in downtown Syracuse, O’Connell wrote in the email.

“As I step aside, I do so with immense gratitude and full confidence in the Foundation’s future,” she noted in the message. n

NOVEMBER 24, 2025 I THE CENTRAL NEW YORK BUSINESS JOURNAL

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Gender-Based Violence & the Workplace Policy Mandate Goes into Effect It’s for bidders on NYS contracts

A

s part of this year’s budget, New York State added Section 139-m to the State Finance Law, which requires bidders on competitive state procurements to certify that they have a written policy addressing gender-based violence and the workplace and that such policy meets certain requirements. The law went into effect on Nov. 5, 2025.

The statute requires competitive bids to

contain the following statement: “By submission of this bid, each bidder and each person signing on behalf of any bidder certifies, and in the case of a joint bid each party thereto certifies as to its own organization, under penalty of perjury, that the bidder has and has implemented a written policy addressing gender-based violence and the workplace and has provided such policy to all of its employees, directors and board members. Such policy shall, at a minimum, meet the requirements of subdivision 11 of section five hundred seventy-five of the executive law.”

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Applicable New York State procurement guidelines define a “bidder” as “any individual, business, vendor or other legal entity, or any employee, agent, consultant or person acting on behalf thereof, that submits a bid in response to a solicitation.”

While this certification is mandatory for all bids that are legally required to be competitive, it may also be required for bids on noncompetitive contracts at the discretion of the public entity awarding the contract.

Accordingly, employers who contract with New York State agencies should review new or renewed contracts for any new requirements or obligations, including the new requirements under State Finance Law Section 139-m.

A bid that fails to comply with the new requirements will not be considered or be awarded the contract. The law also states that if a bidder cannot make the required certification of compliance with the new requirements, the bidder shall state so and provide a signed statement detailing the reasons for noncompliance with the submitted bid.

The New York State Office for the Prevention of Domestic Violence (OPDV) published guidance, including what gender-based violence and the workplace policies must contain, which specifically include, at a minimum, the following provisions: Share Information: Employers must provide information regarding gender-based violence where employees can see and access it. This includes displaying the NYS Domestic and Sexual Violence Hotline information and a gender-based violence and the workplace poster. When possible, materials should be available in an employee’s primary language.​ Refer Employee Survivors to Services: The policy must require that the employer refer employees who disclose current or past victim status to the NYS Domestic and Sexual Violence Hotline and/or a local service provider. For bidders outside of New York state, referrals should be made to a local provider or statewide hotline. While referrals are required to be provided by the employer, it is not required for the employee to access services.

Prohibit Retaliation: The policy must include a clear statement that discrimination or retaliation against employees who identify as victims or survivors of gender-based violence is prohibited.

Comply with Laws: The policy must follow state law. As a reminder for employers based in New York state, this means that the policy and employers must follow the SAFE Leave Act, which is more commonly referred to by employers as the NYS Paid Sick Leave Law, which includes qualifying reasons and protections for employees seeking to use accrued leave time

COLIN P. SMITH STEPHANIE H. FEDORKA Viewpoint

for reasons related to domestic violence.

The policy and employers must also follow the New York State Human Rights Law, which includes protections against sexual harassment as well as protections for victims of domestic violence (including the obligation to provide reasonable accommodations to victims of domestic violence for reasons related to the domestic violence). Employers should also follow any other relevant laws and regulations that may apply.

Offer Implementation Support: The guidance also reminds employers that OPDV is able to assist employers in developing and implementing this policy. Per the guidance, employers must provide information to supervisors and human resources about this technical assistance from OPDV. The OPDV guidance states that covered employers should distribute the gender-based violence and the workplace policies to all employees, board members and directors upon hire and annually.

Employers that bid on competitive contracts with New York State should develop and implement a compliant gender-based violence and the workplace policy, consistent with the guidance from OPDV. Employers that contract or may contract with New York State agencies should also review any new or renewed contracts with such agencies, or other updated information from said agencies for any changes in expectations, including adoption and incorporation of this provision mandating development and implementation of a gender-based violence and the workplace policy.

OPDV has published a model policy, but we encourage employers to carefully review and customize any policy to fit their workplace.

While neither the law nor the guidance currently requires employers to provide training on this topic, employers should nevertheless consider training supervisors, human resources personnel and others who will interface with employees so that they understand the protections afforded to victims of domestic violence and comply with the employer’s relevant n policies.

Colin P. Smith is an associate attorney in the Rochester office of Syracuse–based Bond, Schoeneck & King, PLLC. Contact him at csmith@bsk.com. Stephanie H. Fedorka is also an associate attorney with Bond, Schoeneck & King. Contact her at sfedorka@bsk.com. This article is drawn and edited from the firm’s New York Labor and Employment Law Report blog.

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OPINION

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Electric Mandate Delay is a First Step Toward Common Sense N ew York State’s decision to suspend the implementation of the All-Electric Buildings Act is a major victory for families and businesses across the state. The measure would ban all new homes of seven stories or less from using natural gas and fossil-fuel-based equipWILL ment. It is unfortunate BARCLAY it took this long, but it is a relief to see the voicOpinion es of utility customers, builders, business owners, and cost-minded officials finally being heard.

The federal lawsuit that led to this delay raised many important points about the shortcomings of the legislation. Among those concerns are its hefty price tag and the legitimate fear that creating more hurdles for homebuyers would only damage the state’s already fragile economy.

It is also important to note that this fight is far from over. While a delay is great — the law was set to take effect on Jan. 1 — there is still a real possibility it will eventually be implemented. Remember what we saw in 2024 with congestion pricing? When faced with

more, have been unworkable the controversial implementafrom the moment the bill was tion of a tax on drivers entering “It is also passed. Now that we have lower Manhattan, Gov. Kathy made critical progress in putHochul first paused the pro- important to note ting one of the most burdengram in June, citing cost consome elements of the state’s cerns. But she reversed that that this fight is energy plan on hold, we must decision less than six months continue to let the green enlater, reinstating the commuter far from over.” ergy-obsessed zealots pushtax safely after Election Day. ing these polices know more While the All-Electric Buildings delay is a pleasant surprise, must still be done.

It is unfathomable to demand so much the major benchmarks of the Climate Leadership and Community Protection Act from residents who are facing unprece(CLCPA), the blueprint for the state’s ener- dented taxes and outrageous utility costs. gy plans, remain intact, and there are still We don’t need to add to the reasons New many other costly environmental policies Yorkers are fleeing. I hope the overwhelmcoming down the pipeline. For example, ing celebration of this delay by residents, demanding all school buses in New York developers, businesses, and local lawmakmust be zero-emission by 2035 could cost ers sends a clear message to the Albany as much as $15.25 billion, according to es- Democrats responsible for this legislation: timates. That is simply unacceptable, and We need a better, more balanced approach we must continue to advocate for consum- to our energy needs. This is a start, but n er choice, common sense, and cost effec- this fight is certainly not over. tiveness if we are to save our energy grid.

The Assembly Minority Conference William (Will) A. Barclay, 56, Republican, has consistently called for reasonable, is the New York Assembly minority leadcost-effective energy policies. The man- er and represents the 120th New York dates imposed on New Yorkers by the Assembly District, which encompasses all of CLCPA, which impact everything from Oswego County, as well as parts of Jefferson housing to transportation, land use and and Cayuga counties.

Political violence undermines our nation's democracy

I

was in Congress for 34 years. During that time, I attended scores, possibly hundreds of public events. They were held in all kinds of places, in nearly every circumstance that you can imagine. I can recall only one incident of potential violence.

There were sometimes heated disagreements, but almost never LEE people reject the traHAMILTON did dition of free speech and Opinion nonviolent discourse that our Constitution established. I think that record is a tribute to the people of Indiana, which I represented and where many of the events took place.

But that one threatening incident left an impression. Political violence is a problem in our country, and it is growing worse.

Americans are deeply polarized and increasingly prone to see their political opponents as the enemy. Threats are becoming more common.

The incident that I refer to took place during a parade in a small Indiana town.

I was riding in the back of a convertible, often jumping out to shake hands with voters as the car inched along the street.

Suddenly, a middle-aged man emerged from the crowd and headed toward me. I could clearly see that he was carrying a knife. He was waving his hands and walking in a determined way toward the car in which I was riding. He had an angry look on his face and was shouting, but I couldn’t

understand what he was saying.

As it happened, a police officer was right behind me in the parade. He saw the man and moved to intercept him and bring him to the ground. Other officers arrived promptly, and the parade went on without further incident. I never saw the assailant again. I thanked the police officer profusely, and I’m still grateful for what he did.

We have always had political violence in this country, of course. Four U.S. presidents were assassinated while in office.

John F. Kennedy was killed shortly before I was first elected to Congress. Less than five years later, Robert Kennedy and Martin Luther King, Jr. were assassinated.

President Ronald Reagan was nearly assassinated by a gunman in 1981. But those incidents were rare during my time in office.

They didn’t change how you did the job.

Today, elected officials are often the targets of hateful messages on social media, which can escalate into violence. Town halls and public meetings can turn angry and chaotic. Researchers have documented a large increase in the frequency of attacks on politicians.

We can’t overlook Jan. 6, 2021, when supporters of Donald Trump stormed the Capitol to try to prevent Joe Biden from being certified as president; some of them chanted, “Hang Mike Pence.” In 2017, House Majority Whip Steve Scalise and three other people were wounded when a gunman fired at a group practicing for a congressional baseball game. In 2022, a man broke into the home of then House Speaker Nancy Pelosi and attacked her

husband with a hammer. Trump faced two assassination attempts in 2024. Most recently, the conservative activist Charlie Kirk was killed during a speaking engagement on a college campus in Utah. Three months earlier, a man stalked and killed Minnesota legislator Melissa Hortman and her husband and targeted other lawmakers and advocates.

This violence is changing how elected officials behave. Some are fearful of attending events and mingling with the public. As a result, they are less likely to hear input and have less understanding of how issues affect their constituents. The quality of their representation suffers.

This problem deserves our focused attention, but many of our elected leaders are too busy pointing fingers to address it. Discussion of political violence devolves into debates over which side, the left or the right, is to blame.

It should go without saying that political violence is wrong, no matter who is responsible. It is wrong, and it is doing grave n damage to our democracy.

Lee Hamilton, 94, is a senior advisor for the Indiana University (IU) Center on Representative Government, distinguished scholar at the IU Hamilton Lugar School of Global and International Studies, and professor of practice at the IU O’Neill School of Public and Environmental Affairs.

Hamilton, a Democrat, was a member of the U.S. House of Representatives for 34 years (1965-1999), representing a district in south-central Indiana.

14 I

THE CENTRAL NEW YORK BUSINESS JOURNAL I NOVEMBER 24, 2025

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BUSINESS CALENDAR Email event listings to: calendar@cnybj.com

DECEMBER 3 n Family Business Awards from 8:30-10:30 a.m. at SKY Armory, 351 S. Clinton St., Syracuse.

The Family Business Awards will recognize and honor family-owned businesses in Central New York, in seven categories: Business Innovation, Community Service Excellence, Family Business Leader of the Year, Fastest Growing Family Business, Manufacturing Excellence, MultiGenerational Family Business, and WomanOwned Family Business. For more information, including the list of honorees and a link to tickets, visit: https://www.cnybj.com/event/familybusiness-awards-2/ DECEMBER 9 n GOFCC Holiday Social from 4:30-7:30 p.m. at Kristen’s Kitchen at Battle Island State Park Golf Course, 2150 New York 48, Fulton. This festive event gives the business community

an opportunity to network while enjoying food, beverages, and live music. Cost is $35 for members, and $50 for non-members. For more information and to register, visit: https:// centerstateceo.com/events/12/2025/gofccholiday-social DECEMBER 11 n Greater Binghamton Chamber of Commerce Connect Over Lunch event from 11:45 a.m.1:15 p.m. at Tri Cities Opera, 315 Clinton St., Binghamton. The chamber’s Connect Over Lunch is a popular networking event held on the second Thursday of each month at various locations throughout the community. There will be an opportunity to meet one another, display literature, participate in the included raffle, and give a brief introduction to the entire group. More information, including registration, is available through this link: https://shorturl.at/MuXqy n Tompkins Chamber Women in Business

Roundtable from 3-4:30 p.m. at Viva Taqueria & Cantina. 215 E. State St., Ithaca. We’ll gather for meaningful conversation and connection with fellow women business and nonprofit leaders. As always, our Women in Business Roundtable gatherings are known for important conversations, real-time brainstorming, and a supportive environment. All women-identifying business owners, leaders, and employees from Tompkins Chamber or Trumansburg Chamber member organizations are welcome to attend.

For more information and to register, visit: https:// business.tompkinschamber.org/events/details/ women-in-business-roundtable-at-viva-taqueriacantina-194029 DECEMBER 12 n Greater Utica Chamber of Commerce Business of the Year Awards event from 11 a.m.-1 p.m. at Delta Hotel by Marriott, 200 Genesee St., Utica.

The chamber’s annual Business of the Year Awards event honors finalists across five categories for their commitment to the region, staying power, and chamber involvement. The winners will be revealed at the awards luncheon, attended by a diverse group of individuals and organizations from the local business community. More information, including registration, is available through this link: https://shorturl.at/HtEWV

JANUARY 7 n Dannible & McKee, LLP Annual Nonprofit Conference 2026 held virtually from 8:30 a.m.12:30 p.m. This virtual conference is designed to deliver valuable insights into the financial and operational challenges facing the nonprofit sector — and strategies to overcome them. You’ll walk away with practical knowledge and skills to better manage your organization or serve more effectively on a board. CPE credits are available for attendees. Don’t miss this opportunity to enhance your expertise and make a greater impact. More information is available at: https://www.cnybj.com/ event/annual-nonprofit-conference-2026/. The event website is at: www.dmcpas.com/events.

JANUARY 22 n 2026 CenterState CEO Economic Forecast Breakfast from 8-9 a.m. at the Oncenter Nicholas J. Pirro Convention Center, 800 South State St., Syracuse. Join CenterState CEO members, business leaders, and executives for the forecast presentation. Registration & networking is at 7:30 a.m., with program & breakfast beginning at 8 a.m.

Cost is $109 for members; $139 for non-members.

For more information, including a registration link, visit: https://centerstateceo.com/events/1/2026/ economic-forecast-breakfast

Ask Rusty: Consider the “Wearing Out” Factor in Deciding When to Claim SS DEAR RUSTY: I enjoyed your recent articles on claiming Social Security (SS) benefits. I feel, however, any decision making should also include what I call the “wearing out” factor. Yes, financial need, health, and longevity are definite criteria for a decision. The inevitable problem (I just turned 83) is the speed at which many of us descend down the back side of that hill after we hit around age 65. Yes, one might live to age 85-90 but as you age after 65, many physical limitations begin to appear. Only then does one realize their earlier retirement decision (waiting to max out SS) might not have been honestly evaluated to the extent needed. I speak from experience: after having reached 60 in excellent health, I took early retirement from work, then Social Security at 62, and glad I did so. I figure the degree of slope on the backside of that “hill” will increase with age (it did quickly for me). So, one should start enjoying a retirement life as soon as financially possible.

Signed: Glad I claimed at 62 Dear Glad I claimed at 62: Thank you very much for your excellent perspective on the “wearing out” factor.

And please know that I wholeheartedly concur with your opinion that waiting for a higher Social Security benefit is not always the most prudent choice. For perspective, however, we have found that far too many people claim Social Security as soon as they are eligible at age 62 simply because “it is there,” without fully analyzing whether that is the best option considering their personal circumstances.

You are correct — enjoying your retirement life while you are still physically able is a valid consideration. And that is why we always suggest that evaluating both your financial needs as well as your health and life expectancy is important. Fulfilling one’s “bucket list” is, indeed, an important consideration and if claiming Social Security at age

62 (after evaluating all factors) enables one to do that, then that is exactly the right choice. It obviously was for you.

Age does, indeed, tend to slow us down, so if taking the SS money early means being able to enjoy life while you still can, then that is a good decision. But having more money as you age can also make your “golden years” a lot more comfortable.

As we have recently witnessed, inflation has an insidious way of reducing our financial comfort in retirement.

Despite having a retirement pension from your primary working career, imagine how another 25 percent in your monthly Social Security payment — had you claimed at full retirement age instead of age 62 — would help make your senior years more comfortable.

The fact is that no one can predict how long they will

live nor whether they will do so in good health. All we can do is evaluate all our options under varying circumstances and make our claiming decision based on that analysis. And that is precisely what we advocate for at the AMAC Foundation’s Social Security Service. In no way did I intend to say that claiming at 62 was never the right choice; only that everyone should look at their complete personal circumstances when deciding when to do so. n

RUSSELL GLOOR

Social Security Matters

Russell Gloor is a national Social Security advisor at the AMAC Foundation, the nonprofit arm of the Association of Mature American Citizens (AMAC). The 2.4-million-member AMAC says it is a senior advocacy organization. Send your questions to: ssadvisor@amacfoundation.org.

Author’s note: This article is intended for information purposes only and does not represent legal or financial guidance. It presents the opinions and interpretations of the AMAC Foundation’s staff, trained, and accredited by the National Social Security Association (NSSA).

The NSSA and the AMAC Foundation and its staff are not affiliated with or endorsed by the Social Security Administration (SSA) or any other governmental entity.

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NOVEMBER 24, 2025 I THE CENTRAL NEW YORK BUSINESS JOURNAL

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Theory and Practice of Monetary Policy Implementation T

he theme of [this article] is the theory and practice of monetary-policy implementation. Central banks differ in their objectives, strategies, and approaches to monetary-policy implementation — all of which influence how they supply reserves, manage balance sheets, and control short-term inJOHN C. rates.

WILLIAMS terest But like Neapolitan Viewpoint and New York-style pizzas, central banks also share similarities. These were spotlighted in the ways they responded to the global financial crisis and the onset of the COVID-19 pandemic. Many central banks expanded their balance sheets through various quantitative-easing programs, funded in large part by increases in central-bank reserves.

These experiences fundamentally changed the ways many central banks approach the provision of reserves while maintaining control of short-term interest rates. As a result, central banks have reviewed, and [sometimes] modified, their strategies for supplying reserves and controlling interest rates in ways that reflect the unique features of their jurisdictions.

Although their approaches differ in specifics, they share common elements that reflect the fundamental factors that shape the supply and demand for reserves.

I will [cover] the monetary-policy implementation frameworks that central banks use to manage the supply and demand for reserves, emphasizing the common features and mechanisms of these approaches. I’ll also discuss in more detail the Federal Reserve’s ample-reserves framework.

Framing the Frameworks

Monetar y-policy implementation frameworks are [vital] to the conduct of monetary policy. They encapsulate the mechanisms and tools used to steer operational targets in line with the desired policy stance and provide liquidity to the financial sector.

In supplying reserves to the banking system, central banks have multiple goals that frequently involve trade-offs. First, they target a level of the policy interest rate and aim to minimize the variability of the policy rate around that target.

In addition, they have objectives related to supporting financial stability and the smooth functioning of financial markets.

For example, central banks may see advantages or disadvantages to interbank lending in money markets, as well as costs and benefits related to central-bank lending into markets.

The core of any operational framework is the central bank’s supply of reserves, which ranges from a low level, or “scarce,” to “ample” and “abundant.” The “price” of reserves is the spread between the market interest rate and the rate earned for holding reserves at the central bank.

When reserves are scarce, the slope of the demand curve for reserves is steep. A small change in the quantity of reserves results in a meaningful change in the

spread. When reserves are ample, the slope of the demand curve flattens but still slopes downward, so that small changes in the quantity of reserves have modest effects on the spread. And when reserves are abundant, the demand curve is essentially flat.

A central bank has two sets of tools it can use to supply reserves. First, it chooses an ex ante aggregate level of reserves to supply to the banking system. Second, it may make available a lending facility to the banking system that offers loans to financial institutions at an interest rate determined by the central bank. If the ex-ante supply of reserves is sufficiently low, the additional demand at [the lending facility interest rate] will be met by the lending facility. Note that both tools are a means to supply reserves. In the first, the supply is set in advance, while with the latter, it adjusts endogenously to market conditions.

Central banks deploy various combinations of tools depending on the institutional and market structures in their jurisdictions, as well as preferences over the trade-offs involved in their use. These choices represent different points among the set of options for using the two tools.

Despite differences in tactics, each of the approaches can achieve the goals of strong interest-rate control and smooth market functioning. It is worth emphasizing that the two tools can be mutually reinforcing in achieving desired outcomes.

For example, lending facilities limit upward movements in interest rates on days of high demand, thereby reducing the ex-ante supply of reserves needed to control short-term rates.

The European Central Bank, the Bank of England, and the Reserve Bank of Australia have chosen to operate with a relatively small amount of ex-ante reserves supply and provide additional reserves as demanded at a rate near the policy target rate. Counterparties can then draw upon as much or as little as they choose based on their needs, subject to their ability to provide eligible collateral.

In this way, even with a smaller ex-ante supply of reserves, tight interest-rate control is maintained amid significant movements in the demand for reserves.

Federal Reserve: Ample Reserves and Tools

Like that of other central banks, the Fed’s operational framework has evolved over time, reflecting its experience with large balance sheets since the global financial crisis. In January 2019, when the decline in the Fed’s asset holdings implied that the quantity of reserves would soon fall below an “abundant” level, the FOMC formally adopted an ample-reserves strategy.

The FOMC has defined this framework as one in which “control over the level of the federal funds rate and other short-term interest rates is exercised primarily through the setting of the Federal Reserve’s administered rates, and in which active management of the supply of reserves is not required.” Accordingly, the ex-ante supply of reserves is chosen to be sufficiently large to meet the demand for reserves on most days.

One important tool the FOMC has established to ensure interest-rate control is the overnight reverse repo facility (ON RRP), which, alongside the interest paid on reserve balances (IORB), helps set a floor for the federal funds rate. Through the ON RRP, eligible counterparties “lend” to the Federal Reserve at the rate set by the FOMC, currently at the bottom of the target range for the federal funds rate.

Usage of the ON RRP adjusts automatically to market conditions, rising and falling with supply and demand, which is important in a dynamic market.

The ON RRP has proven to be an effective, flexible tool to support interest-rate control to the downside. When Federal Reserve asset holdings push reserves above ample, the ON RRP relaxes the tight relationship between balance-sheet size and reserves and acts as a safety valve in supporting smooth transmission of monetary policy to markets. As the size of the balance sheet falls, market rates rise above the rate offered at the ON RRP and, as a result, usage of the ON RRP declines to low levels. The ON RRP was used extensively when it was economically sensible for the Fed’s counterparties to do so. By contrast, it has limited usage when repo rates are well above the ON RRP rate, as is the case today.

In 2021, the Federal Reserve introduced the Standing Repo Facility (SRF), which complements the ON RRP by providing interest-rate control to the upside.

The SRF rate is set at the top of the FOMC’s target range for the federal funds rate. This combination of an ample supply of reserves and an SRF rate at the top of the target range reduces the day-to-day reliance on the facility except during periods of significant upward pressure on rates resulting from strong liquidity demand or market stress.

By ensuring that adequate liquidity will be available in a variety of circumstances, the SRF plays a critical role in capping temporary upward pressure on rates and assures markets of effective interest-rate control and smooth market functioning.

It’s best thought of as a way of making sure that the overall market has adequate liquidity consistent with the FOMC’s desired level of interest rates. In that regard, it differs from other lending facilities — such as the discount window — that aim to provide individual banks with liquidity when the need arises.

The SRF has been effective as reserves have moved from abundant toward ample.

Over the past two months, SRF usage has risen from essentially zero to having greater frequency and higher volume of take-up, especially on days of temporary repo-market pressures. Like the ON RRP facility, the SRF’s effectiveness relies on market participants availing themselves of the SRF based on market conditions, free of worries about stigma or other impediments.

Federal Reserve: The Way Forward

At the onset of the pandemic, the Fed, along with central banks around the world, responded quickly to restore market functioning, causing reserves to rise well above ample, as they did in many jurisdictions.

In June 2022, the Fed began the process of reducing the size of its balance sheet to transition toward an ample level of reserves. The FOMC said it intended to stop balance-sheet runoff when it deemed reserves were somewhat above ample, and then allow reserves to decline further as other liabilities, such as currency, grow.

The process has worked according to plan. The Fed’s securities holdings have shrunk from a peak of about $8.5 trillion in 2022 to $6.25 trillion today. At its [Oct. 2829] meeting, the FOMC decided it would conclude the reduction of its aggregate securities holdings on Dec. 1. This decision was based on clear market-based signs that we had met the test of reserves being somewhat above ample. In particular, repo rates have increased relative to administered rates and have exhibited more volatility on certain days. Accordingly, we have been seeing more frequent use of the SRF. And the effective federal funds rate has increased somewhat relative to the IORB after years of that spread being at a stable level. These developments were expected as the supply of reserves closed in on ample Looking forward, the next step in our balance-sheet strategy will be to assess when the level of reserves has reached ample. It will then be time to begin the process of gradual purchases of assets that will maintain an ample level of reserves as the Fed’s other liabilities grow and underlying demand for reserves increases over time. Such reserve-management purchases will represent the natural next stage of the implementation of the FOMC’s ample-reserves strategy and in no way represent a change in the underlying stance of monetary policy.

Determining when we are at ample reserves is an inexact science. I am closely monitoring a variety of market indicators related to the fed-funds market, repo market, and payments to help assess the state of reserve-demand conditions. Based on recent sustained repo-market pressures and other growing signs of reserves moving from abundant to ample, I expect that it will not be long before we reach ample reserves.

Conclusion

The FOMC’s implementation framework combines an ample supply of reserves with facilities to maintain strong interest-rate control and flexibility regarding changes in the size of its balance sheet. This operational framework has proven to be highly effective — and it continues to work as designed. n John C. Williams is president and CEO of the Federal Reserve Bank of New York.

This article is drawn (and edited for space) from a speech, as prepared for delivery, that he gave on Nov. 7 at the ECB Conference on Money Markets 2025, at the European Central Bank in Frankfurt, Germany. In his speech, Williams gave the standard Fed disclaimer that the views he expressed were his alone and do not necessarily reflect those of the FOMC or others in the Federal Reserve System. The full, unedited text of the speech is available at: https://www.newyorkfed. org/newsevents/speeches/2025/wil251107

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