Glens Falls Business Journal - December 2021

Page 1

PRSRT STD U.S. POSTAGE

GBJ P.O. Box 766 Saratoga Springs, NY 12866

VOL. 33 NO. 10

PAID

GLENS FALLS, NY 12801 PERMIT #600

HH The Business Newspaper of Warren and Washington Counties HH

www.glensfallsbusinessjournal.com

DECEMBER 2021

Flamingo Resort On Lake George Purchased Owner Of Sutton’s Marketplace Hopes To By Massachusetts Real Estate Developer Make The Business A Shopper’s Destination

The Flamingo Resort on Lake George was sold by George Pasternak and his sister Chrystyna Panycia, whose parents started the business. The buyer is a Massachusetts real estate developer. Muroff Hospitality Group announced the sale of The Flamingo Resort on Lake George. Chris Kozaczka, a Massachusetts real estate investor and tax analyst, and his family purchased the 65-year-old Flamingo Resort located at 3914 Lake Shore Drive, Diamond Point. The seller was Flamingo Resort Holding LLC and Flamingo Lake George Inc., which is George Pasternak and his sister Chrystyna Panycia, whose parents started the business. The sales price was $6,5 million. Mitch Muroff of Muroff Hospitality Group

Courtesy Muroff Hospitality Group

represented the Seller and secured the buyer in an exclusive listing. The business transaction closed on Tuesday, Nov. 30 in Glens Falls. The Flamingo Resort is in the prestigious Diamond Point section of Lake George. Muroff said the resort has been family owned for nearly 65 years, and the sellers were successful in finding a buyer that would continue their legacy of maintaining a traditional family resort. The 4.63-acre property features 59 one-, two- and three-bedroom cabins, most with full Continued On Page 11

Mario DiSiena, who operates the Furniture House at Suttons’s Marketplace in Queensbury, is updating buildings on the parcel to attract restaurant, gift shop, and retail tenants. BY JILL NAGY Mario DiSiena plans to return Suttons Marketplace in Queensbury to its former glory now that he owns the entire parcel. His Furniture House has been in the location since 2014. Now, he is updating the rest of the parcel and looking for a restaurant, gift shop, and other businesses to move in. The existing buildings have “good bones,” he said, and only need painting and minor repairs to bring them up to speed. He has already had the roofs replaced.

Sutton’s Marketplace, he recalled, used to be an “unbelievable destination” that dominated the Glens Falls area. Buses pulled in for breakfast and lunch at the cafe and for people to patronize the gift shop. His core business, the Furniture House, has also undergone changes. The major American furniture companies whose products he used to sell are no longer in existence. Instead, he stocks “made in America” furniture from Amish sources, Continued On Page 10

Survey Shows Shoppers In New York ‘Excited’ State Plans To Add 860 Acres To Moreau Lake About Holidays; Some To Spend More State Park Along Stretch Of Hudson River Two-thirds of New Yorkers, up from 59 percent a year ago, are somewhat or very excited about the upcoming holiday season according to a new statewide survey of consumers recently released by the Siena College Research Institute (SCRI). While a plurality, 43 percent, plan to spend as they did last year, only 17 percent plan to increase their spending compared with 37 percent that say they will spend less. Nearly half, 47 percent, plan to conduct at least 50 percent of their shopping online, down from 57 percent last year, according to the poll. When considering the delays and shortages caused by supply chain disruptions, 70 percent of consumers have already or plan to shop earlier than usual, 52 percent will shop more in person forgoing online shopping and a majority, 56 percent intend to spend less than they had planned. Up from only 26 percent a year ago, over a third, 34 percent, now say that they believe in Santa Claus. At the same time, 44 percent believe that cryptocurrencies like Bitcoin are legitimate currency. “Belief in Santa and Bitcoin is an odd combo this season but perhaps we’re seeing a changing of the guard,” according to Don Levy, SCRI director. “Belief in Bitcoin’s legitimacy is highest among younger consumers and lowest among those age 65 and above while saying I believe in Santa is most difficult for those 18-34 years of age to express.” “While most New Yorkers are planning to either spend less or hold the line on spending, 17 percent plan to spend more than last year and 18 percent, down from 32 percent a year ago, will spend $1000 or more. Plans to shop online are down from last

year as over two-thirds of residents say they will visit local independent stores, small-to-medium chain stores and 59 percent will frequent big box retailers. Two-thirds of us have gift cards on our list and 28 percent plan to buy experience gifts like concert or sporting tickets or spa gift cards. Still, hanging over the head of this season only a quarter of all New Yorkers are better off financially than they were last holiday season,” Levy said. He said a majority of New Yorkers of every income bracket are excited about the holiday season, intent to spend as well as assessments of their financial wellbeing vary widely between those making $100,000 or more and those earning $50,000 or less. Among higher earners, equal percentages say they will spend more or spend less, almost three times as many say they are doing better financially than are worse off and nearly 40 percent will spend more than $1,000 on gifts, said Levy. Among those earning $50,000 or less, four times as many will spend less rather than more, over twice as many are worse off financially rather than better off and only 7 percent will spend more than $1,000 on holiday gifts. “This time of year many of us look forward to many aspects of the season but number one is spending time with family and friends,” said Levy. “We’re clearly ambivalent when it comes to spending money on gifts, we love the shopping and giving gifts to our loved ones but in difficult economic times, we worry about our spending. It might be a joke but topping the list of things we dread during the holiday season is eating fruit cake,” Levy said. “Needless to say, it’s been a rough year. Most New Yorkers are hopeful that 2022 will be a better year than 2021 has been. Here’s hoping they’re right.”

New York state is expanding Moreau Lake State Park by 860 acres. The new lands include natural habitat along an undeveloped stretch of the Hudson River that will be known as Big Bend Point. “The acquisition at Big Bend Point guarantees the protection of a critical habitat and pristine natural resource,” Gov. Kathy Hochul said. “Moreau Lake State Park is visited by hundreds of thousands of outdoor enthusiasts each year for camping, swimming, and exploring its popular trail network. With more people than ever visiting our parks, this acreage will expand options for outdoor recreation in the region and preserve open space in fast-growing Saratoga County.” The $1.6 million purchase of Big Bend Point was funded by the Environmental Protection Fund. It brings the Moreau Lake State Park’s total acreage to 6,250 acres, making it one of the ten largest parks in the state park system. With its proximity to both Lake George and Saratoga Springs, the park is attractive to visitors year-round as it offers ice fishing, cross-country skiing, snowshoeing and other winter activities. New York State Parks partnered with the Open Space Institute (OSI) to protect the former logging site at Big Bend Point in the town of Moreau. Bounded by two miles of the Hudson River, Big Bend Point includes wide, established logging roads that can be converted into an accessible trail network for year-round walking, bicycling, birding

and wildlife viewing, equestrian riding, and non-motorized winter sports such as crosscountry skiing or snowshoeing. State Parks plans to install car-top boat/ kayak launches, and permit hunting inseason. With its sandy soils, isolation from developed areas, and open meadows, officials said Big Bend Point offers an exceptional habitat for thousands of native species of plant and wildlife, including the federally endangered Karner blue butterfly. Over the past two years, the OSI engaged in a habitat restoration project to create a new home for the Karner Blue, which is expected to support a minimum of 3,000 rare butterfly specimens annually. State officials said the unique topography, biodiversity, and expansive acreage also offer new destinations for Moreau Lake State Park’s robust Nature Education program. State Parks is developing a site plan that aims to welcome visitors in 2022. Kim Elliman, president and CEO of OSI, said land conservation efforts “have helped protect and expand Moreau Lake State Park for its spectacular beauty and popular recreational offerings. With this latest OSI addition to Moreau Lake, we are excited to say that we have now tripled the size of this fantastic outdoor destination that not only welcomes the public for exploration and enjoyment, but also serves as critical wildlife habitat in this fast-growing region.” State Sen. Daphne Jordan said, “It’s great to Continued On Page 10


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