Saratoga Business Journal - February 2024

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

SARATOGA BUSINESS JOURNAL

VOL. 28 NO. 12

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The Saratoga Casino Hotel Announces Its The Residences At The Adelphi Hotel Retain 83rd Season Of Harness Racing Programs The Historic Ambiance Of Former Hostelry

Always Watching, the 2023 Saratoga Harness Horse of the Year, competes at the Saratoga Race Course. She is owned, trained, and driven by Jordan Derue.

Live harness racing returned to Saratoga Casino Hotel for its 83rd season on Saturday, February 3. The 2024 schedule will consist of 150 racing programs running through midDecember with a total of over $17 million in purses.

2023 Leading Driver, Jim Devaux, and Leading Trainer, Brett Derue, look to defend their titles this coming season. For Devaux, that would make it four years in a row.

In addition, the track will be hosting NY Sire Stakes races starting in June featuring the best New York bred horses in the state which will race for over $1 million in purses. The premier event of the season will be the 15th Annual Joe Gerrity Jr. Memorial Pace with a $250,000 purse on Saturday, July 20.

“We are looking forward to a tremendous

Photo by Jessica Hallet

season of racing here at Saratoga Casino Hotel,” said Race Secretary Peter Iovino. “Our purses will attract a quality product for our racing fans.”

To kick off the season, the month of February will feature several promotions including up to 15 percent bonuses on all winning wagers on Saratoga Harness races for SaratogaBets account holders while playing on property through the SaratogaBets mobile app or any self-service betting terminal. Interested horseplayers can log on to www.saratogabets.com to sign up for a free account.

On Sunday, February 18, the first 400 customers will receive a long-sleeve T-shirt courtesy of the Saratoga Harness Horseperson’s Association. This will be followed by another Continued On Page 3

An architect’s rendering shows the exterior of the completed Residences at The Adelphi Hotel, a complete renovation of the historic hostelry.

Since first opening in 1877, The Adelphi Hotel at 365 Broadway has epitomized the city’s cultural cornerstones of “health, history, and horses.”

Once a getaway for distinguished visitors and horse racing enthusiasts, the iconic Adelphi now welcomes those who want to call it home with the launch of luxury condominium residences in the heart of downtown Saratoga.

The Residences at The Adelphi Hotel include 79 impeccably designed studio-, one-, two-, threebedroom and duplex penthouse apartments priced from $800,000 to $4 million. Many of the apartments come with expansive outdoor living space and overlook an exquisitely designed courtyard garden or sweeping views of Broadway.

The homes range from 800 square feet to more than 2,500 square feet of interior living space, with fine design details including European-styled

Courtesy of The Beechwood Organization

kitchens, Wolf and Miele appliances, Kohler fixtures, large plank-wood floors and more.

Residents may enter the building through the main hotel entrance on Broadway or through a private residents-only entrance on Washington Street, and have access to their own underground parking garage in the building. Shared amenities with the hotel include a spa, salon, gym, game room, card room, and business center along with two restaurants -- Morrissey’s and Salt & Char.

The $75 million expansion and re-development of The Adelphi is spearheaded by developers and co-owners Michael Dubb, founder and CEO of Beechwood Organization, one of New York State’s top residential builders, and businessman Larry Roth. The duo, who are long-standing members of the thoroughbred racing and Saratoga Springs Continued On Page 14

Over 40,000 People Attended Chowderfest, The Northeast Construction Trades Coalition The Largest Crowd In The Event’s History Provides Options For Trades-Bound Students Discover Saratoga has announced the winners of Saratoga Chowderfest, which was held Saturday, February 10 from 11:00 a.m. to 4:00 p.m. Event-goers sampled a variety of chowder from participating vendors and voted for their favorite. Winners were chosen in eight different categories, which were announced at the Saratoga Springs Heritage Area Visitor Center during the Annual Award Ceremony on Saturday, February 10 at 6:00 p.m.

“What an exceptional year for Chowderfest,” noted Darryl Leggieri, President of Discover Saratoga. “The Saratoga Springs Police Department estimated the largest Chowderfest crowd they have ever seen, exceeding 40,000.

Discover Saratoga would like to thank everyone who participated, sponsored, volunteered, and celebrated Chowderfest. Your support is truly appreciated. And special thank you to our city officials, police, fire, EMS, DPW and Department of Accounts, for your contribution to this event. It wouldn’t have been a success without you.”

A total of 116,383 bowls of chowder were served.

The 2024 Chowderfest winners are: People’s Choice 500 bowls or less: Bentley’s Tavern; People’s Choice 501-750 bowls: Ribbon Cafe;

Vendors on Henry Street, joined in serving up 116,383 bowls of chowder.

Saratoga Business Journal Photo

People’s Choice 751-1,000 bowls: The Mill on Round Lake; People’s Choice 1,001-1,500 bowls: Kindred; People’s Choice 1,501- 2,000 bowls: Clancy’s Tavern; Continued On Page 2

BY PAUL POST Doug Ford couldn’t land a teaching job right after college because the market was flooded, so he took temporary work at a lumber company, just to pay off some bills “I took the job with the intention of working three days and stayed 19 years,” he said. “I fell in love with the industry. They made me a store manager.

When you manage it’s really like teaching.

They would send me to different stores that were challenged. I’d get it up and running and they’d send me to the next one.”

Now he’s vice president of public relations and purchasing at Ballston Spa-based Curtis Lumber Company, where he’s worked the past 27 years. In a related role, he’s also president and co-founder of the Northeast Construction Trades Workforce Coalition, which recently obtained non-profit status.

The organization has a diverse membership ranging from builders and material suppliers to colleges, school counselors and administrators. They all work together with a single-minded goal of attracting young people to the construction trades industry, to alleviate a severe labor shortage that’s reached crisis proportions in both the Greater Capital Region and United States at large.

The coalition is an outgrowth of efforts be-

Doug Ford is the president and co-founder of the Northeast Construction Trades Workforce Coalition. gun several years ago by Curtis Lumber and Saratoga Builders Association. Ford co-founded the organization with Pam Stott, a former Curtis Lumber official, now the coalition’s new executive director.

Continued On Page 13

2 • SARATOGA BUSINESS JOURNAL • FEBRUARY 2024

Personnel Briefs

Kim Weir Joins Therapeutic Horses Of Saratoga As Director Of Strategic Growth Kim Weir, former major gifts fund-raiser at the Thoroughbred Retirement Foundation, has joined Therapeutic Horses of Saratoga (THS) as Director of Strategic Growth. Weir will work closely with Dr. Erin Sisk, Co-Founder of Therapeutic Horses of Saratoga, and the THS Board of Directors and staff to develop and implement a strategic growth plan for the Saratoga Springs-based impact sector organization.

Founded in 2018, the mission of THS is to provide a safe and caring home for retired Thoroughbred and Standardbred racehorses and train them to positively impact the lives of individuals in the local community through equine assisted psychotherapy and other interactive equine programs. Therapeutic Horses of Saratoga partners with ECS Psychological Services to deliver accredited equine assisted therapy. Accredited by the Thoroughbred Aftercare Alliance (TAA) and Global Federation of Animal Sanctuaries (GFAS), THS provides sanctuary to more than 25 retired Thoroughbred and Standardbred racehorses. Therapeutic Horses of Saratoga is a certified practitioner of the Man O’ War Project methodology for Veteran-focused equine assisted psychotherapy.

Weir has joined the THS leadership team with a focus on developing the THS fundraising strategy as well as expanding the engagement of the organization’s herd of retired racehorses through therapy and program utilization. .

“We are excited to welcome Kim to the THS team. I am certain that our team will immediately benefit from Kim’s diverse business background, successful fund-raising skills and her deep relationships across the Thoroughbred industry” said Therapeutic Horses of Saratoga Co-Founder Dr. Erin Sisk.”

“I am honored and incredibly excited to join the team at THS and to share the gift of horses and their healing power,” said Weir. “The work of Therapeutic Horses of Saratoga speaks directly to the two values I hold most dear - helping horses and healing humans..”

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Kim Weir brings years of experience in the equestrian field to Therapeutic Horses of Saratoga.

Courtesy of Therapeutic Horses of Saratoga

Most recently, Weir worked at the Thoroughbred Retirement Foundation as Director of Donor Engagement, contributing to the organization’s visibility raising and new donor development efforts through a series of special projects and events hosted across the United States for the TRF Second Chances Program.

Prior to that, she was the Deputy Executive Director of the Mid-Atlantic Venture Association in Washington, DC. Weir was raised in San Diego CA where pony-club, fox hunting, three-day eventing and the hunter-jumper competition fi lled her childhood with ponies and horses. Weir graduated with distinction from the University of Virginia with a B.A. in Spanish and International Relations and received her M.B.A from the Mason School of Business at the College of William and Mary. She and her husband, Bob, moved to Saratoga Springs NY from the Washington DC area in 2018.

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Wellspring has announced three new members of the Board of Directors in 2024.

Matthew Coldrick, Jeana Labas, and Nicholas DeCelle are Saratoga County leaders who will be influential in furthering our mission of supporting survivors and engaging the community to end relationship and sexual abuse Coldrick currently works for Novo Nordisk. He previously served on Round Lake’s planning board and is currently the Village’s Deputy Mayor. Prior to joining the board, he was already involved with the Men with Wellspring program and volunteered for many Wellspring initiatives.

Labas currently works for Kodiak Construction as their office manager and client selection representative.

DeCelle, a licensed funeral director, manages William J. Burke & Sons Funeral Home in Saratoga Springs. He serves on the Dake Foundation board and is a Leadership Saratoga graduate. He also worked at the Saratoga Springs YMCA and the Mechanicville Area Community Services Center. * * * The Wesley Community has announced the appointment of Eileen M. Nash as Director of Development and Communications for the 37-acre senior living campus and its 700 residents. Nash brings more than three decades of related experience to her new role.

“We are pleased to welcome Eileen to The Wesley Community,” said J. Brian Nealon, CEO of The Wesley Community. “Her extensive experience in communications and development will be of great benefit to the executive team working diligently on behalf of our many constituents and stakeholders at Wesley.”

Nash was Director of Development for more than 25 years at the Double H Ranch in Lake Luzerne. She and her team were instrumental in raising more than $4.4 million annually to fund the operating budget..

“I was very passionate about my role at the Double H Ranch and have brought the same en-

Chowderfest Success Continued From Page 1

People’s Choice 2,001-3,000 bowls: Rhea; People’s Choice 3,001-4,000 bowls: West Ave Pizza; People’s Choice 4,001+ bowls: Druthers Brewing Company.

The 25th Annual Chowderfest was made possible by the following sponsors: Saranac, Happy Dad, White Claw, Iron Glass Productions, D.A. Collins, Westminster Bakers Co., Saratoga’s Star Radio, Townsquare Media, Saratoga Springs City Center, Purdy’s Discount Wine & Liquor, Albany Broadcasting, iHeartMedia, Death Wish Coffee Company, Nemer

Cinema in Wilton Mall Continued From Page 16

out. They still like to have an out-of-home experience, and we are still the least expensive form of that.”

Masher acknowledged that the movie theater will be impacted by the recent actors’ and writers’ strikes.

“That is our next hurdle,” he said. “Some of the studios have pushed their movies off of the 2024 calendar because they weren’t able to finish them or promote them properly because the actors weren’t allowed to promote their movies. So, any hopes for a full recovery in 2024 are low because of the strike. I do think 2024 is going to be a better year than 2023, but, in my opinion, we won’t be back to our pre-pandemic

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ergy and commitment here to Wesley,” said Nash.

“I believe my experience in nonprofit development and fundraising has positioned me well for this vital role.”

Nash earned a Bachelor of Science in Television, Radio and Film Production from Syracuse University’s Newhouse School of Public Communications. * * * The Advisory Council on Historic Preservation(ACHP) Chair Sara Bronin has designated Saratoga Springs Preservation Foundation Executive Director Samantha Bosshart, as chair of the National Preservation Partners Network (NPPN), to be a new Observer to the ACHP for a two-year term ending January 1, 2026.

The ACHP promotes the preservation, enhancement, and sustainable use of the nation’s diverse historic resources, and advises the President and Congress on national historic preservation policy.

Observers serve on the ACHP, attend meetings, and provide advice on topics under consideration by the members. Observers represent organizations, constituencies, or views not already represented on the ACHP. The NPPN is a membership-based nonprofit dedicated to building and strengthening the capacity of individual partner organizations and the collective historic preservation movement through training, networking, knowledge sharing, technical assistance, and semi-annual convenings.

It represents more than 100 local, regional, and statewide preservation organizations across the country.

“I am honored to have the opportunity to serve as an Observer to the Advisory Council on Historic Preservation on the behalf of the National Preservation Partners Network,” Bosshart said.

Chair Bronin also designated Abigail Christman, chair of the National Alliance of Preservation Commissions; Ann Alexander Walker, director of the Preserve America Youth Summit; and Susan Snell Barnes of the ACHP Foundation to serve twoyear terms as Observers.

CJDR of Saratoga, Lia Nissan of Saratoga, TShirt Graphics, Bath Fitter, Upstate Transit, The Saratogian, Saratoga Today, Saratoga. com, Saratoga Casino Hotel, DePaula Auto Group, Well Now Urgent Care, Sysco, Saratoga Maps, Julie & Co. Realty, The Daily Gazette, Adirondack Trust, Reliable Onsite Services, Saratoga Automobile Museum, The Family Counseling Center, and Magic Moon.

Discover Saratoga, known as the Saratoga Convention & Tourism Bureau, is a key economic development engine for Saratoga County. Its mission is to contribute a positive impact on the local economy by promoting and marketing Saratoga County as a world-class destination for leisure travel, meetings, and events.

For more information about Discover Saratoga, visit discoversaratoga.org. levels until 2025.”

Masher remains focused on growing his business nationwide and is exploring the possibility of acquiring another theater chain. He also recently purchased Huck Finn’s Playland in Albany, a place he visited as a child.

“I used to ride a little tiny Ferris wheel which I now own,” he said. “The rides are still in amazing condition even though they are 50+ years old.”

When Huck Finn’s Playland opens for its 72nd season this spring, it will be business as usual. Masher does plan to upgrade the food offerings and promote the birthday party program. He said he also has another possible business venture in the works.

“I hopefully will be able to make another announcement in next few weeks about something on working on,” he said.

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SARATOGA BUSINESS JOURNAL • FEBRUARY 2024 • 3

Saratoga Store Is One Of Two Opened During Marcella’s Appliance Center Expands Its Services The Overland Sheepskin Company’s 50th Year Through The Acquisition Of Saratoga Company

Kate Mija, manager of the recently opened Saratoga Sheepskin Company store on Broadway, displays some of the hand-crafted items they carry.

BY JILL NAGY Overland Sheepskin Co. celebrated its 50th anniversary in business with a growth spurt, adding two new stores including one in Saratoga Springs. Two additional stores planned for 2024 will bring the total number of outlets to 20.

Overland sells hand-crafted natural fiber outerwear, including sheepskin coats, fleece-lined boots and slippers, and some home decor items like rugs. The products and the materials that go into them come from all over the world, said Gabriel Openshaw, president of the company: Turkey, India, leather products from South America, wool from Peru, among the sources.

The company was founded in Taos, New Mexico, in 1973 by Roger Leahy and his brother, Jerry Leahy. Initially, they sold hand-stitched sheepskin coats. The sheepskin coats are still a mainstay of the company’s wares but they have branched out into other wool, leather, and sheepskin products. Today, much of their business is online through the company’s website, www.over-

Saratoga Business Journal photo

land.com.

Openshaw, the company president, is a relative newcomer. He has been with Overland for almost 14 years. Jerry Leahy is no longer active in the business.

The Saratoga store, located at 332 Broadway, is the first to open on the East Coast since 2017. According to Openshaw, coowner Roger Leahy and his wife, Nancy, fell in love with the city during a road trip through the Northeast. They were impressed

by Saratoga’s central location, natural surroundings, historic charm, and year-round attractions, Leahy is quoted in a company statement as explaining. The Leahys and Openshaw live in Iowa.

The Saratoga store opened in May and, Openshaw said, “things are going well; we had a good year.”

The store is managed by Kate Mija and has “about half a dozen” employees. It is open seven days a week from 9 a.m. to 9 p.m.

The telephone numbers are (518) 691-3094 or (866) 687-7198. Mija’s email address is saratogasprings@overland.com.

Marcella’s Appliance Center, one of the largest family-owned appliance dealers in the Capital Region, has expanded its reach north with the acquisition of a similar company based in Saratoga Springs.

The company has announced it has acquired Adirondack Appliance, which has served homeowners and commercial builders throughout the Saratoga and Lake George regions since 1929.

The acquisition will allow Marcella’s to extend its reach farther north. The company, established in 1957, currently operates a flagship showroom on Broadway in Schenectady and Clifton Park location that opened in 2015.

“Extending beyond the Albany-SchenectadyTroy area is something we’ve been building towards,” John Marcella, vice president of Marcella’s Appliance Center, said in a statement. “It started with our Clifton Park showroom in 2015 and now with Adirondack Appliance we will extend our reach well into Saratoga and Lake George to be able to fully service the new construction growth up north in recent years.”

Marcella’s currently offers 70 product lines from all major brands, and offers in-house repair services.

The acquistion is not the only expansion undertaken by the family-owned Marcella’s.

The company recently opened a new 30,000-square-foot warehouse and distribution center in Rotterdam on a five-acre plot located at 57 West Campbell Road. The new facility will allow the company to consolidate three existing warehouses into one centralized location and offers close proximity to I-890, allowing for easy access to all portions of the region.

The new facility also keeps in line with the company’s green initiatives, and includes electric clamp

Harness Track

Continued From Page 1 chance to spin the prize wheel to win a $25$100 free bet on Monday, Presidents’ Day. The winter, spring and fall schedule will include matinee racing on Sunday, Monday and

Marcella’s Appliance Center has acquired Adirondack Appliance in Saratoga Springs.

Saratoga Business Journal photo

trucks, ample natural light and a point-of-sale system that allows for reduced paper usage, according to the news release.

Marcella’s has solar panels installed on the roof of its Schenectady showroom and is the only company in the state to use a polystyrene densifier machine, which recycles polystyrene products.

“With our new warehouse and distribution center, we will now be able to streamline deliveries, allow for greater stock capacity, and create space for a dedicated service center for appliance repairs,” Marcella said. select Tuesdays, post time 12 p.m., and Saturdays, post time 5 p.m. The summer live racing schedule will be Thursday, Friday and Saturday evenings with a post time of 5 p.m.

Go to www.saratogacasino.com for track announcer Mike Sardella’s race picks and biweekly column, and updates to the live race schedule.

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4 • SARATOGA BUSINESS JOURNAL • FEBRUARY 2024

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Owners Of The Saratoga Fred Astaire Dance Studio Embark On An Ambitious Expansion

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BY CHRISTINE GRAF Elizabeth and Sergiy “Grey” Masko, franchise owners and studio directors of the Fred Astaire Dance Studio in Saratoga Springs, have purchased the franchise rights for Southern Maryland and Washington D.C. In their new role as regional directors, they will be overseeing the opening of Fred Astaire Dance Studios in the region.

“There are not any Fred Astaire’s in that area right now,” said Elizabeth Masko. “We’re planning in the next decade to open about ten studios in that area. We will be in charge of the studios, but we won’t be running the day-today operations. We will be training the owners and helping them to grow and expand their business.”

It was after experiencing significant growth at their Saratoga location that the couple made the decision to expand by purchasing additional franchising rights.

“We’ve been growing every year, and we decided to expand because it was the next logical step for us,” she said.

To assist with their new venture, they have partnered with Elizabeth’s mother, Joan Regan Hayner. The former COO of Community Care Physicians, Hayner is also a champion dancer.

“She’s combining her business experience with her dance passion to do this joint venture with us in the D.C. area,” said Masko.

The Maskos will continue in their role as studio directors at their 3257 Route 9 Saratoga Springs studio, one of more than 200 Fred Astaire Studios located throughout the country. Legendary dancer Fred Astaire and his business partners opened the first studio on Park Avenue in New York City in 1947.

“We offer ballroom, Latin, country, and social dancing,” said Masko. “We train people to be able to dance socially and competitively, and a large focus of ours is wedding dance preparation. We do a lot of first dances and father/ daughter dances and things like that.”

Both private and group lessons are available, with the studio offering a full calendar of adult classes in the evenings. The studio also hosts monthly dance parties as well as studio showcases where a portion of the proceeds are donated to charity. If there is enough interest from the local community, children’s classes

Courtesy of Fred Astaire Dance Studio

will be added to the schedule in the future.

Lessons are available for of all levels, from beginner to competitive, and Elizabeth and Grey partner with students to compete at ProAm (professional-amateur) competitions.

“Our focus is now on training the next generation of dancers,” said Masko. “Everyone thinks you are either born with rhythm or you are not, but everybody can dance. If you walk you can dance. There’s a quote from Fred Astaire where he said, ‘Some people seem to think that good dancers are born. All the good dancers I’ve known have been taught or trained.’”

Before opening their own franchise, the Maskos were instructors at the Latham Fred Astaire Dance Studio, one owned by Ukrainian natives Boris and Sasha Spitchka. Grey left his home in Ukraine to work for the Spitchka’s, arriving in the United States in 2013.

“Here in the U.S., the majority of kids take dance classes as a fun hobby, but in Ukraine the kids are training to be professional dancers,” said Masko. “Grey has been actively pursuing dance since he was seven, competing all over Europe. By the time he was eleven, he and his partner were taking trains by themselves to competitions in different countries.”

After meeting at the studio in Latham, the couple became dance partners, competing at professional dance competitions throughout the country.

“We’ve been dancing together ever since,” she said.

In 2017, they opened their own Fred Astaire Dance Studio at 426 Maple Avenue in Saratoga Springs, with Grey proposing to Elizabeth at their grand opening. In 2020, they relocated to the larger space they now occupy at 3257 Route 9.

According to Makso, three of their current instructors fled Ukraine during the ongoing war, brought to America by the Maskos to teach at their studio.

“We helped to support them as long as was necessary for them to go on their feet. We want to help them grow their futures and be able to live the American dream. We want to pay it forward.”

For more information, visit https://www. fredastaire.com/saratoga-springs/

SARATOGA BUSINESS JOURNAL • FEBRUARY 2024 • 5

Real Estate Transactions Are Expedited Due Two Performing Artists Receive Richard Porter To The Work Of Broadway Title Agency Leach Fellowships To Empire State University

Stephen Heidorn, who is celebrating his 20th year in business, provides complete title search services at the Broadway Title Agency.

BY JILL NAGY For 20 years, Stephen Heidorn has operated a successful real estate title company, the Broadway Title Agency, by keeping it small and keeping it local.

“I have found my niche and I am happy with it,” he said, “It’s been a good business.”

Heidorn has only one employee, his secretary. He started out in a basement office, then as the business grew and prospered, he moved to an upstairs office and recently moved to a nicer office upstairs, all in the same building at 480 Broadway, Saratoga Springs.

Most of his clients, including a law firm and some local banks, have been with him throughout those 20 years. The company’s clientele consists mainly of law firms representing people buying or selling real estate and banks that lend them the money for the purchases.

He contracts with a corps of researchers to do the actual title searches. They review real estate records to be sure the buyers and sellers match up and the potential seller really owns the property; they check court records for unpaid judgments or liens; they review probate and tax records. Some of the searching

Saratoga Business Jourenal photo

can be done online, Heidorn said, but to be sure that the results are 100 percent accurate and up to date, it is necessary to look at the actual physical records.

Heidorn then reviews the search results looking for so-called clouds on the title—things that have to be cleared up before the sale can go forward. He notifies his clients of the results of the search and any clouds on the horizon.

A large part of Heidorn’s business and, he said, his main source of income, is selling title insurance.

He sells policies written by two companies. Title insurance is a one-premium insurance policy real estate buyers normally purchase at the time they buy the property. It protects the property owner from problems with the title that did not show up on the search.

Heidorn began his career as a real estate broker.

He worked for a mortgage company and, before beginning his own business, for another title company. He decided 20 years ago to start small, he recalled, and, despite some growth over the years, has remained small—and successful.

Broadway Title Agency is located at 480 Broadway, Suite 252, in Saratoga Springs. They can be reached by telephone at 518-583-6000.

A long-time dancer for the Alvin Ailey Dance Theatre Company and a stage and film actor have been selected to receive Richard Porter Leach Fellowships to attend Empire State University.

Linda Celeste Sims, a dancer from Mahopac, New York, and Adam Chanler-Berat, an actor from Brooklyn, New York, are this year’s recipients of the esteemed fellowship, named in memory of Leach, founder of the Saratoga Performing Arts Center. The fellowship is given to matriculated students who are established and active in the performing arts and pursuing an undergraduate degree at SUNY Empire.

“This year’s recipients of the Richard Porter Leach Fellowship embody the spirit and passion that Mr. Leach had for the dramatic arts in all its forms,” said Marly Norris, executive vice president in the Office for Advancement. “We are delighted to present these fellowships to two highly deserving students, whose careers demonstrate a commitment to the performing arts and its role in the betterment of our society.”

Both students are pursuing a Bachelor of Arts degree in the arts. Sims, a principal dancer with the Alvin Ailey American Dance Theatre in Harlem for more than 24 years, is a dance educator.

She is also a choreographer and visiting assistant professor of modern dance at SUNY Purchase.

As the child of immigrant Latino parents, Sims began her dance training at the age of five at Ballet Hispánico in New York City. She attended the La Guardia High School of the Performing Arts and later joined Ballet Hispánico as a dancer. She went on to serve as the dance school’s rehearsal director.

Sims is the recipient of numerous awards and has appeared on various magazine covers as well as television programs, including “Dancing with

the Stars,” “The Ellen DeGeneres Show,” and “The Today Show.”

Her goal is to get a master’s degree in dance and to promote diversity in dance. “I believe that dance can break barriers and should have no barriers,” Sims said. “It is my wish as a teacher to serve as an example of what could happen for a young artist of color and give a hand and my heart to enable them to achieve their dreams.”

Chanler-Berat is a film and stage actor who was pursuing a degree in musical theater when he landed his first professional acting role in the musical “Next to Normal.” The play was performed on Broadway and off-Broadway and went on to win the 2010 Pulitzer for drama.

He also starred in Broadway productions of “Peter and the Starcatcher” and “Amélie” and films such as “Delivery Man” and “The Life Before Her Eyes.” His television credits include supporting roles on “Law and Order,” “The Good Wife,” and “NCIS: New Orleans,” among others. Since 2021, he has appeared as the teacher Jordan Glassberg in the HBO Max drama, “Gossip Girl.”

Chanler-Berat is currently exploring writing.

“Although my career has continued to thrive, I find myself in a moment of expansion,” he said. “I have started to write, mostly plays and screenplays, and those pursuits made me crave additional education to satiate my appetite for growth.”

The Richard Porter Leach Fellowship was created in memory of Leach, a Phi Beta Kappa Dartmouth graduate and a lieutenant in the U.S. Navy during World War II. In addition to founding SPAC and serving as its director, he was a director of the Empire State College Foundation, now known as the Empire State University Foundation.

Ballet

Continued From Page 16

its premiere in 2017.

Rounding out the season will be two performances of some of Balanchine’s most beloved works, including the classic story ballet Swan Lake; the exuberantly patriotic Stars and Stripes; the SPACcommissioned work The Steadfast Tin Soldier, based on Hans Christian Andersen’s charming fairytale; and scenes from Coppélia, featuring children from the Capital Region, in celebration of the work’s 50th anniversary, which held its world premiere at SPAC in 1974.

“New York City Ballet is thrilled to return to Saratoga Springs as part of our historic 75th Anniversary celebration. We look forward to presenting a rich repertory of works for the fantastic audiences in the Capital Region who always make the SPAC engagement a highlight of our year,” said New York City Ballet Artistic Director Jonathan Stafford and Associate Artistic Director Wendy Whelan.

Tickets will be available beginning on February 22 at 10 a.m. for the general public. Visit spac.org for details.

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SARATOGA BUSINESS JOURNAL

6 • SARATOGA BUSINESS JOURNAL • FEBRUARY 2024

REGIONAL STOCKWATCH

This Year’s Chowderfest Event Marked The End Of The Long-Time Organizer’s Tenure

PROVIDED BY: ROBERT SCHERMERHORN, CFP

18 DIVISION ST.-SUITE 305, SARATOGA SPRINGS, NY 12866 (518) 584-2555

SECURITIES OFFERED THROUGH: LPL FINANCIAL / MEMBER: FINRA AND SIPC

Stock Name

Closing Price 01/12/2024

Closing Price 01/19/2024

Closing Price 01/26/2024

Closing Price 02/02/2024

Albany International Corp.

91.58

88.00

89.57

89.85

Arrow Financial Corporation

26.12

25.89

26.69

24.18

AT & T Inc.

16.48

16.67

17.29

17.83

Ball Corporation

56.36

55.43

57.24

59.48

50.45

50.45

50.45

51.10

Ballston Spa Bancorp, Inc Bank of America Corporation

32.80

32.22

33.43

33.47

Best Buy Co., Inc

73.86

71.00

74.82

75.69

Citizens Financial Group, Inc.

31.64

32.59

33.18

32.06

Espey Manufacturing & Electronics Corp

18.62

20.35

21.03

22.47

General Electric Company

129.79

129.81

131.19

136.54

Hilton Worldwide Holdings Inc.

182.16

187.38

192.63

195.01

The Home Depot, Inc.

355.71

362.41

355.30

357.23

International Paper Company

37.67

36.74

37.57

33.46

KeyCorp

14.20

13.94

14.67

14.37

Lowe’s Companies, Inc.

218.91

220.01

211.98

219.49

Martin Marietta Materials, Inc.

495.88

505.48

501.60

519.91

M&T Bank Corporation

133.08

139.39

141.52

133.49

McDonald’s Corporation

293.47

300.53

292.26

297.05

National Grid Plc

68.68

66.11

67.22

66.88

NBT Bancorp Inc.

39.74

39.51

37.00

34.48

Plug Power Inc.

3.44

2.68

3.40

4.66

Quad/Graphics, Inc.

5.08

5.21

5.72

5.55

Starbucks Corporation

91.98

93.86

92.25

92.99

Sysco Corporation

75.75

75.21

75.15

81.48

Latham Group, Inc.

2.35

2.36

2.74

2.50

Target Corporation

140.91

138.14

142.53

145.49

The Toronto-Dominion Bank

60.05

60.42

61.15

60.26

Trustco Bank Corp NY

29.42

29.11

29.90

27.81

Verizon Communications Inc.

38.56

39.33

42.40

42.13

Walmart Inc.

161.32

162.38

164.27

169.57

*Data sourced from Morningstar **Stock investing includes risks, including fluctuating prices and loss of principal. This is for informational purposes only and not intended to provide specific advice or recommendation for any individual.

GLENS FALLS BUSINESS JOURNAL 9 Broad St. Glens Falls, NY 12803 (518) 581-0600 • Fax: (518) 430-3020 • www.saratogabusinessjournal.com

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When Clifton Park resident Connie Crudo was hired by Discover Saratoga ahead of the 2008 Chowderfest, she didn’t even know what Chowderfest was. At the time, that wasn’t even that unusual—the now-famous chowder cook-off that pits local restaurants against one another had never drawn more than 8,000 attendees But Crudo was about to change that Sixteen years later, everyone in the Capital Region knows Chowderfest, which these days brings in some 40,000 attendees—all thanks to Crudo and her team “I knew just from walking around that first year that this thing had legs—that there was definitely an opportunity to grow it, involve more businesses, and bring more financial contribution to the downtown area,” she says. “I started working on that, and each year we would add something to it. And now it’s grown into the monster that it is.”

Such additions include the shuttle service that now runs from 10 a.m. to 5 p.m. between Saratoga Casino Hotel and downtown, and the now-defunct Doggie Chow Down, which was inspired by Impressions owner Mare Barker’s desire to make chowder for the many dogs that used to accompany their owners to Chowderfest. Other local businesses hopped on board, and at the first-ever Doggie Chow Down in 2008, then-Mayor Scott Johnson’s Mastiff, Dr. Watson, served as the judge.

“The mayor would walk the dog down a red carpet and let him sniff each of the bowls of chowder,” Crudo says. “And then he would loosen the leash and whatever bowl the dog went for was the winner.”

Eventually, Chowderfest grew too large for the event, which was discontinued in 2017 when Discover Saratoga began discouraging people from bringing their dogs at all because of the crowds.

Over the years, the sidewalks became so packed that Crudo began working with the City to shut down streets that saw some of the most foot traffic. The closure came in especially handy in 2013, when Crudo helped organize a flash mob that took to Caroline Street at 11 a.m..

“We were working with a videographer that was going to create a video for us, and I had a dream that you could see red hats bopping up and down,” Crudo says. “So we started selling beanies, and people went wild. They were like, ‘I’ll give you $50 right now for that hat.’”

Every year since then, Discover Saratoga has sold beanies along with the signature Chowderfest T-shirts that, until 2022, featured artwork by artist Hud Armstrong. When the local legend passed away later that year, Mark Jewell of Squid Designs stepped up to design a 2023 Chowderfest logo in Armstrong’s signature style of the now-iconic boy, girl, duck and squirrel in front of 9 Maple, where he bartended for years. This year’s logo features the fab foursome in the Saratoga Spa State Park in honor of the New York Office of Parks, Recreation and Historic Preservation’s centennial.

But that’s not the only milestone anniversary that was celebrated at this year’s Chowderfest: This year marked the annual event’s 25th anniversary.

In honor of the occasion, Discover Saratoga had all sorts of special events planned, from kids activities and photo ops to pop-up dance performances

by Dance Fire Studio and a scavenger hunt for 100 hidden horseshoes. At last count, 86 restaurants were set to serve chowder.

Chowderfest has become such a to-do, that

Chowderfests for the last 16 years have been spearheaded by Connie Crudo.

Saratoga Business Journasl photo

Crudo says she regularly gets calls from out-oftowners who are coming to Saratoga just for the event.

“I literally get phone calls from Canada,” she says. “’We’re coming for Chowderfest, where can I book a room?’ Or, ‘Where does it take place? I live in California and I’ve never been.’”

One year, she even advised a group of aviators from a Long Island-based Piper plane club on how to get from the Saratoga County Airport to Chowderfest, since about eight of them were flying up for the day.

“Covid kind of shut us down,” says Crudo, who remembers her legs being red for days following the frigid Chowderfest of 2015, of the pandemiccaused lull in numbers. “But we’ve gone up every year since.”

Crudo even gets calls from out-of-town restaurant owners who want to compete. “I have people from New Jersey call and say, ‘Well, I won the chowder fest in New Jersey, and I bet I could win in Saratoga too—I want to be entered,’” she says.

“I’m like, ‘No, you can’t.’ The whole reason this was started was to bring business to our downtown establishments during a slow time. I don’t want somebody from New Jersey coming and making $10,000 at our event when that money could have been divided between the downtown businesses.”

If bringing business to downtown bars and restaurants was the whole point of Chowderfest, it’s working.

“Ask any restaurant,” Crudo says. “It’s the busiest day of the year—busier than Travers. Years ago, Will from Esperanto told me that Chowderfest literally keeps his people employed and his lights on for the entire month.”

Speaking of employment, this year’s event marked the last Chowderfest that was organized

by Crudo—she’s retiring later this year.

“I can go on all day about Chowderfest,” she says. “It’s a passion, and it’s been exciting to watch it grow. We’ve worked with so many different people through the years. I love it. But it’s too much.

It’s a young person’s job. I’m not there anymore.”

Of course, retirement doesn’t mean the end of Crudo’s Chowderfest escapades. Next year, instead of organizing sponsor booths and checking in on the 80-plus participating restaurants, you’ll find her bellied up to the bar, belly full of chowder.

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SARATOGA BUSINESS JOURNAL • FEBRUARY 2024 • 7

Golf Simulators Are The Latest Upgrade To The Local Branch Purveys Quality Leather The Van Patten Golf Club In Clifton Park And Canvas Goods That Are Made By Hand

A golf enthusiast practices using the new VIP Suites golf simulator at the Van Patten Golf Club in Clifton Park.

BY JILL NAGY The addition of two “VP Suites” golf simulators is the latest step in the program to convert the Van Patten Golf Club in Clifton Park from a seasonal golf course to a year-round activity center. The simulators were introduced at an open house at the end of January and have been busy ever since, according to Golf Director Bob Kennedy.

“People are playing in it right now,” he reported early on a Friday morning. He sees retirees coming to play in the early morning hours and another rush in the evening with players coming after work. Players have their choice of 85 golf courses, several driving ranges, and other games like corn hole and capture the flag. The simulators can also be used for golf lessons. A curved screen gives participants the illusion that they are within the screen, Kennedy said.

The remake of the golf club began about 18 months ago with renovation of the clubhouse and expansion of the Cooley Kill Restaurant and Bar to a full service dining spot with a new chef and expanded menu. At that time, the club abandoned its previous practice of closing for six weeks mid-winter.

The simulators, large scale computer-controlled video games, accommodate four people at a time. Kennedy estimates that a foursome can complete an 18-hole round of simulated golf in three hours. The machines are rented by the hour at a rate of $50 per hour on weekdays and $60 an

Saratoga Business Journal photo

hour on weekends. They are available from 9 a.m. to 9 p.m. Wednesday through Sunday. Players can book their times online at vanpattengolf.com or “call the golf shop and we will book it for you,” Kennedy said.

Kennedy credited the new machines for “creating an atmosphere to bring people in.” Once at the club, they may play a round of virtual golf, perhaps stay for a drink or lunch, or just hang out for a while.

About Golf, an Ohio company, makes the simulators. They cost between $50,000 and $70,000 each. The club plans to add a third simulator in 2024. Further upgrading plans include the removal of trees, creation of tee boxes, and improvement of the ninth hole, according to the director.

The real golf course is a 27-hole layout in three nine-hole sections. Golfers have their choice of any two sections, in any order. It is a public golf course.

Kennedy has been director of golf at the Van Patten club since December. Before that, he was the golf pro at the Van Schaick Island Golf Club in Cohoes for seven years. He has lived in the area for about 15 years, he estimated. His two older sons play on their college golf teams; the youngest, a 10th grader at Shehendahoa High School, “simply loves football,” as a player and fan.

Van Patten Golf Club is located at 924 Main Street in Clifton Park. The telephone number is 518-877-5400.

Manager Marissa Panzera holds some of the quality leather and canvas products available at The Local Branch in Saratoga Springs.

BY JILL NAGY Four years ago, after some years as an itinerant leather worker with his shop in the back of his van, Blaine Vossler parked the van and opened a shop in Skaneateles.

Last December, his second shop, The Local Branch, opened in Saratoga Springs.

Vossler works in leather and canvas, making clothing and accessories by hand.

Marissa Panzera, who happened to be in Saratoga and looking for a job when he arrived, manages the Saratoga shop with two assistants. Her husband is stationed nearby with the Air Force and, she said, “I stopped here for the winter.” She was there from the beginning, helping unload furniture from a U-Haul truck.

Saratoga Business Journal photo

All the goods sold at The Local Branch are made by hand by Vossler, still living and working in Skaneateles. Recently, he brought on an assistant. He chose Saratoga as his second location, Panzera said, because he has some friends and family in the area.

Sales, so far, have been up and down, she reports. “Christmas was really great…we are looking forward to horse season,” including the bonus season for the Belmont Stakes festivities.

The shop is located at 447 Broadway, the former Coffee Traders site. The telephone number is (680) 241-0737. Their website is thelocalbranch.com. Hours are 10 a.m. to 5 p.m., seven days a week.

8 • SARATOGA BUSINESS JOURNAL • FEBRUARY 2024

SPECIAL SECTION

SARATOGA BUSINESS JOURNAL

Office / HR / Employment •

Business Report Managing the Multigeneration Workforce

BY ROSE MILLER Many managers are finding it difficult to manage today’s multigenerational workforce.

It is becoming clear that younger employees express themselves differently from older employees. As a person in the Boomer category, I struggle too. I’ve had to learn to adapt management strategies to fit the various generations, who work, think, train, and communicate differently.

The workplace is more multigenerational than ever before. It’s not unusual to find employees over 60 working alongside 20-year-olds, and it’s possible to find recent college graduates supervising employees old enough to be their parents.

The primary generations in workplaces today are Baby Boomers (born between 1946-1964), Generation Xers (born between 1965-1980), and Millennials (born between 1981-2000), with members of Generation Z (born from 1997-on) quickly filling a larger share of job vacancies.

The competitiveness of Boomers and the egocentric approach of Gen Xers are causing friction with the younger generations. Layer on a company’s need to preserve institutional knowledge, and it’s critical that older managers begin to transfer knowledge to the younger generations.

Although we should be mindful to avoid stereotypes or try to paint with too broad a brush, there are certain tendencies that a group will commonly identify with. As a group, each generation has different values, attitudes, expectations, needs and motivators. Managers are dealing with employees with shifting views towards job satisfaction, which is tethered to employee retention.

Boomers tend to be characteristically hardworking, loyal to company and career, respectful of hierarchy, and enjoy face-to- face meetings.

They value security, stability, and structure.

Problem: They have trouble letting go of power.

Generation X are characteristically independent, fast learners who are impulsive yet prac-

The Remote Working Option Is Becoming A Thing Of The Past For Employees In Region •

Rose Miller is the president of Suite Advice, LLC. Courtesy Suite Advice LLC

tical, flexible, creative, self-reliant, and cynical. They value work/life balance, a casual and friendly workplace, flexibility and freedom, feedback, diversity, and independence. Problem: They don’t like being told what to do.

Millennials are generationally known as digital natives, who are confident, enjoy variety, crave instant gratification, and are often teamoriented multi-taskers. They value separation of work and life, structured and supportive workplaces, flexibility, challenging and meaningful work, diversity, and constant communication.

Problem: They challenge work structures that don’t align with their values.

Gen Z’s are characterized as digital or technical natives with higher global awareness who use everything with a device, enjoy highly engaged managers, crave continuous feedback, and prefer text for instant communication. They value separation of work and life, workplace Continued On Page 9

Executive recruiter Renee Walrath (right) confers with a client seeking employment through Walrath Recruiting, Inc.

BY SUSAN ELISE CAMPBELL If executive recruiter Renee Walrath has one mission for her business and her clients, it may be “helping people and their families.” As toplevel and mid-level executives and managers move from position to position, Walrath said she and her staff of nine at Walrath Recruiting, Inc. are “dedicated to the perfect fit” as they connect companies and candidates.

The pandemic touched the executive search industry like every other. Employees quickly moved to their homes in great numbers and then slowly have been called back. Now an individual may want to work remote, but the positions are no longer out there, according to Walrath.

“I have no one-hundred-percent remote job openings in the Capital District,” she said.

Last year, in 2023, a “big chunk of organizations made the move back to their offices,” said Walrath. “Now our firm gets calls that ‘my company is calling me back in, but they are out of California or in Boston.’”

“They say, ‘we moved here to New York, like it here, and want to stay here,’” she said.

Only one of her client companies offers working at home full time, but the individual “has to live near headquarters in New Hampshire just in case,” she said.

Hybrid situations may allow some to work at home and at the office for portions of the week.

“But certain positions need to be in the of-

Courtesy of Walrath Recruiting, Inc.

fice, and it seems people always want what they can’t have,” said Walrath. “Where an individual may work is now an important factor in our recruiting.”

“Candidates have to understand at the onset that although we know what their expectations are, they are not going to find remote jobs here in the Albany and Saratoga area unless their field is technology,” she said.

Each individual in Walrath’s team is dedicated to a specific industry. The firm covers attorneys and paralegals, manufacturing and construction, accounting and finance, technology, healthcare, logistics, and more.

The majority of placements are mid-level and contingency-based but for her market, Clevel executive searches, Walrath works primarily on retainer. Related services she offers include resumé writing, compensation analysis, outplacement for those laid off, and helping client firms identify individuals to promote from within.

One challenge for the team is that headquarters or the human resources personnel the recruiters work with may be out of the area and therefore have no presence at the facility in this community, she said.

“It falls on us to get to know the local general manager and the particular hiring manager and to work closely with them,” Walrath said.

“The hiring agreement will be with corporate, Continued On Page 9

MEMBER OF THE SARATOGA CHAMBER OF COMMERCE Brookfield is proud to be an active community partner of the businesses that serve the Saratoga region.

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SARATOGA BUSINESS JOURNAL • FEBRUARY 2024 • 9

Working Remotely Continued From Page 8

but mainly the relationship is where the new hire will be sitting.”

Her recruiters obtain the job description, benefits and salary range before visiting headquarters in person to get to know the client’s needs and corporate culture, she said.

That understanding informs whether Candidate A or Candidate B will be the better fit, she said, giving the example of an assignment to locate a potential new controller.

“One controller is looking for an opportunity to work directly under the CFO in order to be mentored by them,” she said. “Another may be ready for the next step, reporting to the president or owner with a few people under them.”

“Recruiting is like putting together a jigsaw puzzle,” she said. “It’s understanding the company and the candidate that leads to successful connections.”

The process is not always the same for every circumstance, but Walrath said her team adapts for the market, the economy and changing legislation.

A new New York State law enacted two years ago and implemented as of last year is having a huge and positive impact on employees, Walrath said..

Compensation transparency disallows asking an employee their current salary, she said.

Job postings and advertisements now post a salary range. This makes it difficult or employers to discriminate on the basis of salary.

“Prior to 2022 it was an employee market and companies were bringing in new people at a higher salary than those who had been doing the same job for years,” said Walrath.

That could be $10,000 more on an average $90,000 job, she said. Addressing wage discrepancies head-on is good for all.

“Employees never used to disclose salaries, but they do now because they can,” she said.

Walrath said one goal for her company at this time is to add to her team “without getting too big.”

“We have sales goals and professional goals,” she said. “We are all educated and knowledgeable and are certified with the Society for Human Resources Management.”

Walrath Recruiting, Inc. is a state certified woman-owned business that was ranked #1 for executive search firms by Albany Business Review in five of the ten years since 2014. It has consistently been ranked in the top five since 2012 by the same publication.

“We want to help client companies brand their businesses and help organizations grow,” said Walrath.

“My work is definitely gratifying,” she said.

“It is interesting to follow our success stories and see where our placements are today.”

There are two offices, at 3 Winners Circle in Albany and 511 Broadway in Saratoga Springs.

For more information, email Renee Walrath at jobs@walrathrecruiting.com.

Multigeneration Workforce Continued From Page 8

flexibility, environmental concerns challenging and meaningful work, diversity, and constant communication. Problem: They are impatient when things don’t move quickly enough.

The best practice is to learn to understand the different generational characteristics, motivators, and values and overcome communication barriers. A manager recently told me he was having a particular problem with communication. He was trying to talk to an employee who was failing in the performance of tasks outlined in the job description. The Millennial employee responded with, “You are not talking to me in a way that I can process.” Fortunately, the Boomer manager didn’t act on his first impulse, which was to say, “Process this- you’re fired.”

Managers are struggling the most with managing Millennials and Gen Z. Some insights are: • Millennials need a mentoring system.

Pairing Millennials with older generations can strengthen cohesiveness and collaboration. They need to know their career paths and how to advance. Impose structure and stability, cultivate teams, and help them develop problem-solving skills. Teach effective communication skills using conventions other than just text.

• Provide Gen Z with interesting experiences that allow for professional growth.

Provide plenty of online learning. Provide clear feedback often, demonstrating how work aligns with their personal values.

• With both Millennials and Gen Z, back up work-life balance policies with reality. A Millennial director just told me a story of when she asked her boss to add staff. The senior manager told her that the expectation is to work 50–60-hour weeks. The director had to remind the senior manager that one of the reasons she took the job was the company’s commitment to work-life balance.

The workforce will continue to be multigenerational as older workers postpone retirement and more Generation Zers enter the workplace.

It is unwise to ignore generational differences.

Good management of generations can preserve critical institutional knowledge by ensuring knowledge is transferred to younger generations. To bridge generational gaps, managers need to learn how they all work, think, train, and communicate. Here’s your tip sheet: Generally speaking, Baby Boomers prefer face-to-face meetings; Gen Xers dislike meetings and prefer email; and Millennials and Generation Zers like texting and some face time with the boss.

Clarity is critical. Managers can’t assume younger workers understand how to navigate the corporate world. They may lack basic knowledge about work hours, work locations, dress code, technology usage, and ways to com-

municate.

No single management style is perfect for any generation because there are also individual personality types. While there is no one-sizefits-all approach, some best practices can help managers adapt and learn strategies that leverage everyone’s strengths.

City Officials Commit To Work To Increase The Quality Of Life In Saratoga Springs The Saratoga Springs State of the City was a little different this year as each city official provided an update on where things stand in their respective departments.

That being said, one common refrain from the City Council members was the city would not operate without the city employees.

“The mayors can come and go every couple of years and the deputies can do the same, but the heart and soul of the city are the people in charge of the various departments,” said Mayor John Safford, who earned his first term in office with a victory over former mayor Ron Kim in November.

City officials took turns underscoring the accomplishments of the various departments they oversee, while also speaking brief ly of goals they have for the year ahead.

Safford closed the meeting reiterating his message of harmony from inauguration day and challenged everyone to once again imagine what Saratoga Springs will look like for their children and grandchildren.

Safford is seeking to limit the amount of time it takes the majority of applicants to get a building permit in the city to anywhere from four to six weeks. The building department conducted over 2,100 inspections last year but only issued just over 800 permits.

The grand opening of the city’s third fire station is expected to take place in mid-March. Work on the facility was largely completed in 2023 and will receive final touches over the next month or so, according to Public Safety Commissioner Tim Coll. Finance Commissioner Minita Sanghvi said the city was able to hire 16 new firefighters for the department under the SAFER Grant and has set up a reserve

account to pay for those positions once the grant money is gone.

Participatory budgeting will continue in the city for a third year. A number of projects have come to fruition through the program which provides residents with an opportunity to determine which projects get funded with a portion of the city budget, including the creation of a pilot program to promote participation in the sport of curling and the addition of a water fountain for dogs in the dog park.

“Short-term rental will be regulated,” said Accounts Commissioner Dillon Moran. Legislation on the matter is expected in the coming weeks. He said he plans to have more public conversations around the topic. Four community conversations have already been held.

Helping Hands, a program aimed at providing unhoused individuals an opportunity to gain workforce development skills, will continue to expand in 2024, Public Works Commissioner Jason Golub said.

Golub is also looking to implement a seasonal tourism parking program with the goal of generating revenue for the city.

More is expected to come over the next couple months regarding the program.

Coll said the city has expanded its Community Engagement Officer program to two officers. The officers will meet with local businesses, residents and work with the nonprofits organizations as well as unhoused individuals.

The Belmont Stakes Racing Festival June 6-9 was mentioned by almost every city official as an exciting opportunity for the Spa City. Each promised to do their part to make sure the four-day event goes off without a hitch. Following the meeting Safford indicated that the city will lead communication efforts regarding the various events and organizations involved in pulling off the event.

10 • SARATOGA BUSINESS JOURNAL • FEBRUARY 2024

SPECIAL SECTION

SARATOGA BUSINESS JOURNAL

Legal / Accounting

Business Valuation And Fraud Detection Services Provided By Forensic Accountants

BY CHRISTINE GRAF Of the approximately 675,000 CPA’s in the United States, less than one percent are certified to practice as forensic accountants. In addition to investigating financial crimes, forensic accountants work with companies to develop internal controls intended to prevent and detect these types of crimes.

While many business owners believe that it is the job of internal or external auditors to detect financial crimes, that is not the case. The job of an auditor is to ensure that a company is adhering to generally accepted accounting principles (GAAP), the default accounting standard used by companies based in the United States.

The savings and loan scandal of the 1980s and 1990s was a driving force behind the creation of the field of forensic accounting, but it was Internal Revenue Service CPA Frank Wilson who is considered the father of forensic accounting. In 1930, after reviewing more than two million documents, Wilson found evidence that notorious mobster Al Capone has committed tax fraud. The following year, after being found guilty, Capone was sentenced to 11 years in prison.

During the past decade, the field has evolved, with firms specializing in forensic accounting opening their doors throughout the country.

One of these firms, FAZ Forensics, is located at 268 Broadway in Saratoga Springs.

“We specialize in forensic accounting and valuation work mostly in a litigation environment,” said partner Stephen Ferraro. “We’ve all done traditional accounting and tax work, but now we focus 100 percent in this area.”

FAZ Forensics was founded seven years ago after two CPA firms that had merged decided to split.

“When that happened, our forensic group went independent,” he said. “At the time, there were six of us who spun off and started FAZ, and we currently have 16 people.”

According to Ferraro, he and some of his

•

Business Report

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Navigating The Corporate Transparency Act

Stephen Ferraro is a partner with FAZ Forensics.

Courtesy FAZ Forensic

colleagues have been practicing forensic accounting for decades, long before the field even had a name.

“We kind of fell into it about 30 years ago.

We were doing mostly traditional CPA work, and we got a call from a claims adjustor who was working with a local automobile dealership that had had a fire. He had to help the owners of the company determine what their lost profits might be.”

By reviewing the dealership’s financial statements, they were able to come up with an estimated value of what the company’s profits would have been had it not been for the fire.

“After that, we started doing insurance loss accounting, which is a piece of forensic accounting,” said Ferraro. “So, we were doing forensic accounting before we even knew what forensic accounting was.”

Although most people think of forensic accounting in terms of fraud detection, Ferraro Continued On Page 11

BY CHRISTINE E. TAYLOR, ESQ. As of January 1, 2024, businesses across the United States are now burdened with an additional filing obligation due to the implementation of the Corporate Transparency Act (CTA). This legislation mandates that businesses not subject to an exemption must file a Beneficial Ownership Information Report (BOIR) with the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN).

Understanding the Reporting Timeline; For businesses in existence before January 1, 2024, the clock is ticking as they must file their BOIR by January 1, 2025. Meanwhile, new entities created or registered in 2024 or later only have a 90-day window to submit the report to FinCEN. Businesses should not wait; there is an urgent need for businesses to familiarize themselves with the requirements imposed by the CTA and act promptly to ensure compliance.

Applicability For Business Entities The CTA casts its regulatory net wide, applying to both limited liability companies and corporations throughout the U.S. Regardless of size or industry, companies falling within these categories are obligated to adhere to the reporting requirements set forth by the legislation. The CTA provides 23 exemptions from reporting requirements. Companies meeting any of these exemptions are relieved from the obligation to submit a BOIR to the CTA, offering a degree of flexibility within the regulatory framework. Exempt entities include investment companies, banks, insurance companies, tax-exempt entities, large operating companies, and more. Large operating companies are classified based on three criteria: having over 20 full-time employees in the United States, maintaining a physical office in the U.S., and filing a federal income tax return or information return in the U.S. for the preceding year, showcasing gross receipts or sales exceeding $5 million, excluding those from sources outside the United States.

For a full list of the exemptions, please visit: https://www.fincen.gov/boi/small-entity-compliance-guide What Information Must be Disclosed?

Under the CTA, companies must fill out the report denoting specific information to FinCEN, including its legal name and current U.S. address. For foreign-based compa-

Christine E. Taylor, Esq. is an attorney with The Towne Law Firm, PC. Courtesy of The Towne Lsw Firm, PC

nies, this address may represent their U.S. operational location. Additionally, businesses are required to provide a taxpayer identification number and specify the jurisdiction where they were formed or registered.

For businesses established post-January 1, 2024, the reporting mandate extends to information about the business itself, its beneficial owners, and company applicants. This encompasses comprehensive data such as names, addresses, birthdays, identification numbers (e.g., license or passport number), and the jurisdiction of relevant documents.

However, businesses established before this date are exempt from disclosing information regarding company applicants but still required to provide the required information about its beneficial owner(s), which includes similar data as what is required for company applicant(s). Note: this is the government’s movement towards businesses being more ‘transparent’ about ownership.

Who’s a “Beneficial Owner”?

Defining “Beneficial Owner” is instrumental to your reporting obligation. A “Beneficial Owner” is an individual who either has substantial managerial control over a Reporting Company or directly or indirectly owns over 25% of the ownership interests of a Reporting Company. There can be more than one and if so, that information should be disclosed in the report.

Who’s a “Company Applicant”?

Continued On Page 15

SARATOGA BUSINESS JOURNAL • FEBRUARY 2024 • 11

CPA Paul Dowen Works To Ensure His Clients Get Maximum Benefit From Their Businesses

BY SUSAN ELISE CAMPBELL Accounting firms country-wide are having as much trouble as other businesses finding enough people to hire, according to Paul Dowen, CPA, a principal of Whittemore, Dowen & Ricciardelli, LLP. WDR is headquartered in Queensbury and provides accounting, advisory and tax services primarily for small businesses.

“Even the IRS can’t find enough people to help resolve tax issues,” said Dowen.

“You can rarely get someone to answer the telephone.”

One reason for the shortage of qualified accountants may be the five years or 150 credit hours it takes to earn the degree.

“College students weighing their options wonder if they really want to take on an extra year of schooling and the extra debt,” he said.

For the last three years, the Covid years, Dowen and his associates have had to turn down income tax preparation for individuals, referring them and some smaller businesses who were not already clients “to the big box companies.”

“We’ve had to be selective, which we never had to do before,” he said. “We would be forced to raise our fees to price out those smaller returns, even though we would like to help them out.”

The client base at WDR is primarily businesses ranging from $250,000 to $2.5 million in gross receipts. Dowen said his firm wants to know each client well, “not just crank out tax returns.”

“It comes down to the relationship,” he said. “I want to know who you are, what are your life goals. Do you want to get ready to retire, sell your business or turn it over to family members?”

“I want the relationship for your lifetime, and I want to make sure you’re making money,” he said. “Not all accountants take the time to build that relationship.”

Once a company tax return is filed Dowen said he can analyze why a client may not be making the profits they expect and “see how we can get this fixed or increase improvements.”

“But if our practice is short on staff, these are the kinds of things I don’t get to, and I don’t like that,” he said.

The bottom line on the advisory side of an accounting firm is to not only help a business grow but also reduce the taxes it pays, for which there are different acceptable methodologies and approaches the professional recommends. Expensing versus depreciation is one area where advisor and client may not be on the same page, Dowen said.

“I always tell people, if you didn’t owe money on your tax return, this means you didn’t grow your business this year,” he said.

Profits can be legally reduced or eliminated using Section 179 expensing or bonus depreciation on qualified equipment.

Dowen said he may recommend depreciating those items over a period of time if the client believes the business is going to be making more money in future years.

“Businesses pay typically 40 to 45 cents on the dollar between federal, state, social security and other taxes,” he said. “Making 50 cents or more is still better than making nothing. But some want zero tax liability

Paul Dowen is a principal of Whittemore, Dowen & Ricciardelli, LLP. Courtesy of Whittemore, Dowen & Ricciardelli, LLP

now.”

Some businesses will purchase new equipment and write off the entire cost as a Section 179 expense for that purpose, which Dowen said “may not be the best move.”

“The idea is to pay the least amount of tax that you can over time,” he said. “So maybe we write off half of it now and the other half over five years, so that you’re paying some tax but at a lower average rate.”

Dowen said an additional $100,000 of profits the next year would be taxed at 22 percent or even 37 percent, whereas profits could have been reduced by using an applicable depreciation formula on that equipment, he said. Recommendations such as this help “smooth out” the company’s tax liability but the decision is dependent on the business owner’s view of future profit levels.

“We don’t want our clients to cost themselves money in the long run by pushing themselves into higher tax brackets,” he said.

Like a coach, Dowen encourages clients to ask themselves in the everyday course of their business if they are maximizing sales and minimizing the costs they can incur to order to make a profit, he said.

That may mean looking at where products are purchased, if they are negotiating the best price, and whether their marketing maximizes where they can sell to, he said.

“I’m not an expert in my clients’ businesses. They are,” he said. “But I can help them analyze the things that I see based on my other clients and what they’re doing.”

Dowen used the example of a restaurant business.

“We have the ability to look at our restaurant clientele to see what their food and beverage costs are and see if this business is on the norm,” he said. “There are also published industry standards to compare their average costs.”

If his client’s costs are higher on a percentage basis, Dowen wants to know why.

“I just want to guide them, and that’s what about 50 percent of my clients want,” he said. “That’s the kind of client we want.”

WDR conducted their annual tax seminar on Saturday January 28th, at which Dowen explained a new reporting requirement that affects nearly every business.

Forensic Accoutants Continued From Page 10

said the field itself is much broader.

“There are several specialties within forensic accounting that we work on. Investigating fraud and embezzlement is one piece of that. A lot of the work that we do is in litigation.”

FAZ Forensics works with attorneys on a wide variety of cases involving financial disputes. For example, in cases related to matrimonial disputes, they may be asked to look for hidden assets or to value businesses that need to be divided.

“We work on any cases where there is any kind of financial dispute at all. When there is any contention over money, we’ll get called in to help settle the issue,” said Ferraro.

According to Ferraro, there are two components to the firm’s work.

“It’s mostly reactive—reacting to some type of financial concern, but we also have a proactive piece to our business, which is fraud prevention. We make sure that there are internal controls within a business so that fraud is not perpetrated. It’s hard to perpetrate fraud when

you have good segregation of duties and other internal controls in place.”

FAZ Forensics also works on business valuations for non-litigation purposes.

“We also value businesses for trust and estate gifting purposes as well as exit plans,” he said. “If someone is looking at the next chapter of their life and they own a privately-held business, that is typically their largest asset. We can come in and help determine what the business is worth and explore options of how best to transition to their next chapter.”

Demand for the firm’s services continues to increase, prompting FAZ Forensics to open a small office in Boston.

“It’s a very specialized niche, and there’s not a lot of competition in our space,” said Ferraro.

“We’ve got some fairly aggressive expansion plans. We want to continue to grow, and we are looking to replicate what we’ve done in Boston and New York City as well as Washington D.C.” For more information, visit fazforensics. com.

“The IRS enacted the Corporate Transparency Act of 2024 requiring all US companies including S corps and LLCs to disclose its beneficial owners to the federal crimes network, the same people who monitor foreign bank accounts,” he said. “The goal is to discourage hiding assets from the government.”

The majority of WDR’s clients fall under the requirements. Fortunately, he said, existing companies have the full year to file the form, so filling out that paperwork can be postponed until after tax time. But new companies and start-ups have to file within 90 days.

“I’m a little concerned about the guy who opened up his business yesterday,” Dowen said. “Anyone who started more than three months ago has already failed the reporting

requirements. The fines are steep.”

Whereas individuals setting up shell companies had no such reporting before, now the federal government will have names and social security numbers that will be accessible by law enforcement only, not the general public.

CPAs like Dowen and all tax preparers are awaiting final regulations on some potential changes to Section 179 depreciation rules, which would decrease certain writeoffs from 100 percent to 80 percent, “which is in reality still a big write-off,” he said.

“It’s politics,” said Dowen. “Otherwise there is not a lot going on with tax law changes for businesses.”

Visit Whittemore, Dowen $ Ricciardelli, LLC at www.wdrcpa.com for more information.

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12 • SARATOGA BUSINESS JOURNAL • FEBRUARY 2024

SARATOGA BUSINESS JOURNAL

SPECIAL SECTION

Construction Planning Munter Enterprises Is Currently Busy With A F. H. Alexander Company Will Travel Far Variety Of Industrial And Commercial Projects Afield To Deliver Quality Services To Clients

A Munter Enterprises construction crew sets a Zinter Handling top-running girder crane at Espey Manufacturing in Saratoga Springs.

F. H. Alexander completed an Alltown Fresh location at 141 Saratoga Road, in Moreau a few months ago. This is the third location for Alltown Fresh, joining the Schenectady and Livingston locations.

Courtesy Munter

BY CHRISTINE GRAF Middle Grove-based Munter Enterprises, a construction and real estate development company that recently celebrated its 50th anniversary, continues to experience high demand for their services. The family-owned business offers design-build and general contracting services to commercial and industrial clients, providing them with comprehensive guidance through all stages of construction.

“We’re seeing a lot of activity in terms of our manufacturing clients that are needing to expand and build. This is good news because that means more jobs, and these local manufacturing jobs are vitally important to keep our economy strong,” said Michael Munter, vice president of Munter Enterprises.

The company has numerous projects in the works including two at the WJ Grande Industrial Park in the City of Saratoga Springs. Within the park, they are constructing a 50,000-square-foot building for Soleno, a Canadian company that manufac-

Chuck Ciaccia 30 years

Jude Gosh 35 years

tures drainage pipe used for storm water management. For Soleno, it will be their first U.S. manufacturing facility. The company has announced that they will consider adding a 25,000-square-foot expansion to the building in the coming years if demand for their product continues to rise.

Their second industrial park project is a 30,000-square-foot expansion to a building Munter Enterprises originally designed and constructed for AgroChem in 2015. AgroChem produces advanced chemical solutions that help dairy farmer produce highquality milk with maximum efficiency.

Both projects will be completed before the end of the year.

Munter Enterprises is also building a 25,000-square-foot building for Espey Manufacturing & Electronics in Saratoga Springs. Espey designs and manufactures specialized parts used on ships, armored vehicles and locomotives for the military, defense contractors, aerospace manufacturers and shipbuilders.

Continued On Page 15

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BY CHRISTINE GRAF F. H. Alexander of Schaghticoke has been providing commercial construction, design/build, and commercial renovation services to customers throughout the Northeast since 1991. Last year was a busy one for the company, with crews working on projects in Ticonderoga, Moreau, Oneonta, Plattsburgh and beyond In Moreau, they built an Alltown Fresh truck stop, one that opened just a few months ago. For F. H. Alexander, it was their third Alltown Fresh. The others are located in Schenectady and Livingston.

The company also completed construction of a Hoffman Car Wash in Oneonta as well as a Dunkin Donuts in Plattsburgh. Construction of Paper and Pencil, a new restaurant in Ticonderoga, will wrap up after all of the kitchen equipment arrives.

“We have absolutely nothing local going on at the moment,” said company president Frank Alessandrini. “We do have a small fitness center addition to the Marriott Fairfield at Exit 12 in Malta that’s coming up this spring. We also have a structural renovation project in Albany that’s also supposed to happen in the spring.”

Currently, F. H. Alexander has three Dunkin Do-

nuts remodels underway in Plattsburgh. This summer, they will start construction of a new Dunkin Donuts in Malone, one that will include a restaurant, donut production facility, and retail rental space.

The company typically has three to four fairly large projects underway at any given time. On average, they bid 90 to 100 total jobs per year.

F. H. Alexander has worked on projects as far away as Springfield, Massachusetts, and the company provided project management for a customer in Southern New Jersey. They have worked in Pennsylvania and Connecticut and are currently bidding on several projects in Vermont.

“We tend not to venture too far west of Syracuse, and we try to focus on the eastern half of New York State, north of Westchester County,” said Alessandrini. “It depends a lot on the customer. For a customer that is a repeat customer and that we have a good relationship with, we will go just about anywhere.”

According to Alessandrini, one of these repeat customers is a restaurateur who operates throughout northern New York.

“He is a very good customer, and we do the lion’s share of his work. We will go wherever he needs us Continued On Page 14

SARATOGA BUSINESS JOURNAL • FEBRUARY 2024 • 13

Trades

Continued From Page 1 “I think 2024 is going to be much better than 2023 in terms of new construction, especially during the second half of the year,” Ford said. “Interest rates are coming down to a point now where people are thinking about jumping back in. Material prices have decreased to some degree. Things are pointing back in the right direction. The biggest factor right now remains labor.”

“It’s pretty much across the board,” he said.

“All trades have been impacted.”

Anthony Cerrone, Hoosick Valley Contractors vice president pre-construction, said, “There’s 300,000 to 400,000 open jobs (nationwide) every month in construction. We have an aging workforce that’s retiring and the young generation moving in is not enough to fi ll that void.”

One of the coalition’s biggest challenges is overcoming the misconception that trades are just “guys on the roof, people in the ditches” performing extremely hard, physical work at relatively low pay in somewhat dangerous conditions, Ford said.

Or that trades are primarily for kids who can’t cut it academically.

“It’s not true,” Ford said. “Technology has really changed the industry. There’s a lot of other people behind the scenes in trades such as project managers, design and inspection people. That’s one of the issues why there aren’t enough young women getting into the trades. They don’t realize there’s all these other jobs. There’s a lot more to trades than the people you see.”

“There’s math, science, technology,” Cerrone said. “The STEM skills are used every day in construction.”

In March, the coalition will host a Speed Trading day, where 80 school counselors from throughout the area will meet with various trades professionals, from roofers to design specialists, to understand exactly what they do.

“Our industry has done a terrible job historically of working with schools,” Ford said.

“Sometimes counselors don’t know how to talk to kid about trades. That’s one of the things we’re trying to change. Lumber yards like us and suppliers need to be in schools just like colleges and the armed services, talking to counselors and engaging students.

Sam Ratti, Northville Central Schools middle and high school principal, said fewer students are pursuing four-year colleges right out of high school.

“So we need to adjust our approach to exposing students to alternate pathways to find success in life,” he said. “The coalition helps engage kids with trades professionals to see what they do. We’re bringing schools together with businesses, businesses together with lobbyists. Together we can make a difference not only in our communities, but the lives of students we work with.”

Efforts to reach young people begin in the elementary grades and continue right through high school.

“In the beginning we were short-sighted,” Ford said. “We focused on high school juniors and seniors. We quickly realized this problem is much bigger and is going to take a lot longer.

Now we have a toolbox program in elementary schools where we send builders in and build toolboxes with kids. While working with them we talk about the trades and plant the seeds.

Then kids go home with toolboxes and talk to their parents about it.”

In July, the coalition in conjunction with Whitbeck Construction LLC, will host a weeklong camp in Wilton for fift h- and sixth-grade girls who will take part in hands-on projects, visit construction sites and engage with various trades people.

The program is made possible with funding secured by Assemblywoman Carrie Woerner, D-Round Lake.

Recently, the coalition hosted a “She Shed” building project for girls in six area high schools.

“Each school had a female contractor who taught what to do,” student Arlie Rickson said.

“We had to use a lot of air-powered tools, set up equipment and use our muscles. Within five hours we were all successful in building a shed, which is kind of crazy.”

“I really like working and designing things on computers and watching things come to life,” she said. “That’s the amazing thing about trades. You start from nowhere and out of nothing you have this amazing project and feel a great sense of accomplishment. The coalition has exposed me to so many opportunities.”

For young people, the benefits of a building trades career couldn’t be more obvious. First, because of the extreme labor shortage, jobs are readily available for everyone from electricians and carpenters to heavy equipment operators.

Equally important, the pay scale is extremely rewarding.

“It’s very attractive,” Ford said. “A person graduating from a BOCES program will be making more than a teacher within two years.

That’s a fact. That’s how fast the pay rates are moving. There’s a much steeper curve to the pay scale just because of the labor shortage.

What used to take several years doesn’t take nearly as long now. Young people applying themselves and doing what they need to do will rise very fast.”

“If you’re willing to work and learn you will succeed in construction,” Cerrone said.

And there are several different ways to enter the field, not just through BOCES. “You can certainly get into the trades through college, engineers and all that, or a two-year school,” Ford said. “Then there’s the union route. They all work. It’s wide open for everybody.”

Lance Plumbing Is On Track For A Banner Year Of Serving Their Capital Region Clients

BY CHRISTINE GRAF Master Plumber Roy Lance, owner of Lance Plumbing, has been servicing the Capital Region for more than 20 years. His Saratoga Springs-based company has a reputation for providing high-quality products and completing projects on schedule.

According to Lance, he and his staff of four employees have been busier than ever.

“2023 was our busiest year on record, and 2024 looks good so far. We have a lot of projects in the works, and right now we are working on a project for Munter Enterprises at the Espey location.”

Located in Saratoga Springs, Espey Manufacturing produces magnetic components and power conversion electronics for the military. As part of their local expansion, the company hired Munter Construction to construct a 25,000-square-foot building on their Ballston Avenue property.

Although Lance Plumbing will be working with Munter Enterprises in the spring on a project for Saratoga Shelters, Lance said the majority of his company’s work is performed in the residential sector.

“We are 70 percent residential and 30 percent commercial. Our main gig is construction work and installation work. We do some service work, but we’re mostly installers on construction sites.

We do a lot of work for Witt Construction and R&M Homes,” he said.

Although based in Saratoga County, Lance Plumbing works on projects throughout the Capital Region as well as in Glens Falls and Lake George.

When it comes to prices, Lance said the plumb-

Distillery Piping for Yankee Distillery in Clifton Park by Lance Plumbing.

Courtesy Lance Plumbing

ing industry as a whole continues to deal with rising material costs.

“Material costs on plumbing items have gone way up since 2020. Water heaters are double what they were. There are certain items that have gone way up and others that have stabilized.”

According to Lance, shortages that impacted the supply chain during COVID have stabilized and that he no longer has difficulty obtaining fixtures and parts.

“Right now, we’re not really having any issues.”

The Saratoga Builders Association Announces The Availability Of Scholarships For This Year The Saratoga Builders Association, Inc. has announced their continued monetary commitment to education and will be awarding two student scholarships in 2024.

One is the SBA $1,000 Scholarship award and the other is the $1,000 “Bob Best” Memorial Scholarship award. The organization makes these cash scholarships available annually to students who are planning to pursue a construction or industry education.

These scholarships are open to any high school senior or college or undergraduate in Saratoga County who is planning to pursue a construction education at a two- or four-year accredited college, university, technical school or for students who would like to purchase tools and/or equipment for employment/career or to start a business in the construction industry.

Students must have a GPA of 3.0 or higher. They must demonstrate current or past involvement in the construction field, including classes taken in high school or college, to be eligible for these awards. Each applicant must also submit a high school or college transcript or list of trade classes taken plus a short essay or video describing why

they are interested in a construction industry career.

Applications for the Saratoga Builders Association Scholarship program must be postmarked on or before April 1, 2024. Only the first 25 completed applications will be accepted so please apply early.

The winners and their schools will be notified by June 1, 2024. To receive a scholarship application, please contact Barry Potoker, Executive Director, at 518-366-0946 or bpotoker@saratogabuilders. org.

The Saratoga Builders Association, Inc. is a specialized professional trade association representing an industry basic to the well-being and economy of the people of Saratoga County. Its membership includes residential and commercial builders, developers, remodelers, building material suppliers, sub-contractors, financial institutions, architects, engineers, realtors, attorneys and other industry professionals. SBA is committed to the continued growth, prosperity and quality of life in Saratoga County. The SBA has contributed nearly $1.6 million to local charities through their annual fall event - The Saratoga Showcase of Homes, now celebrating its 28th Anniversary in 2024.

14 • SARATOGA BUSINESS JOURNAL • FEBRUARY 2024

Adelphi Hotel

Continued From Page 1 communities, have transformed the property while still staying true to its rich history.

“We are creating a very high caliber of grandeur with The Residences at The Adelphi Hotel. Owners can expect all the luxuries of living in a five-star hotel while maintaining their own private residence within the property. We are opening a new chapter of this historic property and look forward to being part of its future,” said Dubb.

“Saratoga Springs is a highly sought out location. With this project, we have created the most luxurious five-star hotel residence in the region and have further cemented The Adelphi as a destination point for people coming from places such as New York City, Boston, Montreal or Buffalo,” said Roth.

The 79 condominium residences were care-

fully constructed to complement the architecture and character of the recently expanded Adelphi Hotel, which grew from 32 to 65 guest rooms and encompasses the adjoining property, the former Rip Van Dam Hotel, which are now connected as one.

Apartments will be ready for fi rst occupancy in early spring with time to settle in before June’s Belmont Stakes at the Saratoga Race Course. The building is expected to be fully completed in late 2024.

“Th is property is unlike any I had the privilege to be part of and sets a standard of luxury never before seen in the region. Mike and Larry set out to design a luxury living experience for future residents. It can be felt the moment you walk inside any of the apartments. Coupled with 24- hour concierge service, the overall living experience is a truly elevated one,” said Shannon McCarthy, the exclusive listing agent for The Residences at The Adelphi Hotel.

Interested buyers are encouraged to visit adelphiresidences.com.

Country Corner Cafe Is Named The Best Place For Comfort Food By LoveFood.com

Mark and Julee O'Callaghan operate the 32 year old Country Corner Cafe, known as one of the best breakfast places in Saratoga Springs at the corner of Church and Woodlawn Avenue.

Country Corner Cafe

BY JILL NAGY The Country Corner Cafe, a Saratoga Springs institution for more that 32 years, was recently voted New York’s best place for comfort food by the followers of LoveFood.com., a U.K.-based website devoted to all things food.

The cafe is located at 25 Church Street, just off Broadway, and is open seven days a week for breakfast and lunch. Specialties include four versions of eggs Benedict: southern, sunrise, traditional, and Cali, according to Julee O'Callaghan, who has owned the restaurant since buying it in January 2023 from founding owner Roseanne Hotaling.

O'Callaghan has not changed much in her year as owner. She still offers oatmeal pancakes, prepared according to a recipe from the Hotaling family, and biscuits with sausage and gravy. A selection of homemade jams

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and jellies is rotated each week. For lunch, the Saratoga chopped salad, served with pita bread, is very popular, O'Callaghan said, as is the homemade tomato soup.

Of the 23 employees, one has been there since Country Corner opened and, O'Callaghan said, “the majority of the team has been here a very long time.”

The cafe occupies two storefronts, two doors apart. One seats 50 people; the other, 23. They also prepare food for take-out, ordered online or in-person. No delivery, however.

Poughkeepsie radio station 94.3 Lite, in announcing the award, wrote, “[T]here are days you want to skip all the pomp and circumstance for a down-home meal that connects your soul through your taste buds and belly.”

Their announcement goes on to quote LoveFood: “Upstate New York isn’t short on supercute, mom-and-pop style restaurants, and the Country Corner Cafe is one of the most popular.”

The LoveFood website is based in the U.K. but has writers around the world, including, the United States. It is published by digital publisher LoveIncorporated.

The cafe is open from 7:30 a.m. to 1:30 p.m. seven days a week. The telephone number is 518-583-7889.

F. H. Alexander

Continued From Page 12 to go, and we did a couple of Kentucky Fried Chicken renovations for him a few years ago in Messina and Canton.”

With a staff of 14 employees, F. H. Alexander specializes in project management. The company relies heavily on sub-contractors, performing some of the carpentry and concrete work themselves.

Alessandrini reports that the commercial market remains strong but that the skilled labor shortage has prevented his company from expanding.

“We’re a small company, so we can generally stay busy whether the economy is good or bad. We are seeing a similar flow of estimates and available projects for us, but the shortage of labor has kept us from growing the way I would like and from taking on more projects.”

Faced with a situation that he described as “horrendous,” Alessandrini said it is nearly impossible to hire qualified employees.

“It’s a bad situation. I think the education system in this country has done a tremendous disservice by not encouraging people to get practical education.”

At F.H. Alexander, the labor shortage has placed additional stress on the company’s field managers who are forced to pick up the slack.

Adding to the problem for smaller companies is when trained employees are lured away by larger companies.

“Over the years, I have trained people in field supervision and they’ve been snapped up by companies with fancy front offices and much deeper pockets than mine,” he said. “That’s the way of the world, and I certainly don’t begrudge somebody trying to better themselves.”

For more information, visit fhalexander.com

SARATOGA BUSINESS JOURNAL • FEBRUARY 2024 • 15

Munter Enterprises

Corporate Transparency Act

Continued From Page 12

“This new facility is replacing a dated structure on their property. It is being built specifically to accommodate a contract they were awarded to conduct testing for the U.S. Navy. We anticipate completion in the second quarter of this year,” said Munter.

Other projects that are currently underway include a 1,200-square-foot fitness center expansion at The Water’s Edge Community on Saratoga Lake as well as a 12,000-square-foot addition for G&G Industrial Lighting. With a new location in Malta at the former NYSERDA property, G&G manufactures innovative LED lighting products for harsh environments. Both projects have estimated completion dates in June.

“Additionally, we are in the ground on a 40,000-square-foot manufacturing and shipping expansion at Environment One in Niskayuna where they manufacture sewer ejector pumps and ship them worldwide,” said Munter. “If all goes as expected, this one should be done in December.”

Work is also in progress for Luizzi Brothers at their industrial park expansions in Watervliet and Green Island where Munter Enterprises has been contracted to install over 200,000 square feet of concrete foundations and furnish and erect the steel buildings.

Work will begin this summer on the second of two 80-boat storage buildings the company was enlisted to build for Yankee Boats in Lake George. The first building was completed in late 2023, just in time for the winter storage season.

“Being a design/build contractor, at any given time, we have as many projects on the drawing board as we do in the field. One notable one right now is a new clubhouse for the Ballston Spa Country Club. That project

is currently in design, and construction will commence this fall when the golf season tails off,” said Munter.

Although material prices continue to rise, Munter reports that prices have generally stabilized.

“Now, we are just seeing the typical market increases. We are no longer seeing the big swings that we did when we were coming out of the pandemic. The price of lumber came back to close to normal, but steel did not. It is continuing to go up.”

While lead times have improved for most products, shortages still exist.

“We are still experiencing some long lead times on items—specifically on the electrical side. For some jobs, we have to wait over a year to get the panels needed,” said Munter. “We have jobs that are done but that are sitting there waiting for electrical gear.”

Munter Enterprises has 40 employees and relies on subcontractors for mechanical, electrical, plumbing, and other specialty trades. With an industry-wide skilled labor shortage that remain critical, Munter said his company is “always hiring.”

As the chair of the Saratoga, Warren, Washington Workforce Development Board, Munter is working with their local Career One Stop job centers as well as industry leaders and organizations including WSWHE BOCES and the Northeast Construction Trades Workforce Coalition. They are collaborating on a variety of initiatives to encourage and enable young people to pursue skilled trade careers.

“We are optimistic about our workforce development efforts,” he said. “More young people are interested in the trades and our goal is to be able to facilitate better paths for them to get training and find career opportunities.”

Continued From Page 10

A “Company Applicant” is an individual who fi led the initial creation documents for a domestic reporting company or fi led the documents for a foreign reporting company to do business in the United States. Again, information about company applicants is only required for companies that were created before January 1, 2024.

Updates or Inaccuracies from Initial Filing If there are any changes or updates to the information fi led previously to FinCEN, reporting companies have 30 days to submit an updated report. Additionally, if any information fi led previously is discovered by a reporting company to be inaccurate, there is only a 14-day window for the reporting company to submit a corrected report after the date when the reporting company becomes aware of or has reason to believe that any previously submitted required information was inaccurate upon fi ling stands as inaccurate.

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16 • SARATOGA BUSINESS JOURNAL • FEBRUARY 2024

Scene One Owner Joseph Masher Has Plans To Saratoga Performing Arts Center Announces Reopen An Eight-Screen Cinema In Wilton Mall This Year’s Season For The New York City Ballet

BY CHRISTINE GRAF Troy native Joseph Masher, owner and CEO of Scene One Entertainment, has announced plans to reopen the cinemas at Wilton Mall.

Prior to establishing Scene One, Masher was COO of Bow Tie Cinemas, the oldest movie theater chain in America. After purchasing Bow Tie in August, he established his headquarters in the Capital Region and renamed the company Scene One Entertainment.16 “I just moved back home after being away for 34 years,” he said. “My connection to the area is very strong.”

Masher has decades of industry experience and managed his first movie theater when he was just 17 years old. He is an executive board member of the National Association of Theater Owners, a member of the Library of Congress Film Board, and the past-president of the Theatre Historical Society of America. He currently operates theaters in Schenectady, Manhattan, South Carolina, Virginia, New Jersey, Texas, and Colorado.

According to Masher, he hopes to have the Wilton Mall theaters opened by mid-February.

“I want to get them open as soon as possible. I would open it today if I had the projector parts, but the projectors need upgrading. The theater is fully intact and ready to go, and we’re just waiting for projection parts.”

During Masher’s time at Bow Tie, the company operated the eight-screen cinema at Wilton Mall, one that was closed as a result of the pandemic.

“I opened those theaters on my birthday in 2013, and I’m really excited to get them back open again,” he said.

The theater will be staffed by two to three full-time employees and 25 part-time employees. Although ticket prices have not been finalized, Masher said prices will be “family friendly” and more affordable than other local theaters. Discounted family four packs will also be available for sale.

The concessions menu will feature hot food offerings including chicken tenders, mozza-

Film aficionados can soon indulge their passion for movies at a new Wilton Mall cinema.

Saratoga Business Journal Photo

rella sticks, French fries, and mini-pizzas. Beer and wine will be served as soon as the theater receives its liquor license.

“In the future, I’m looking at doing a beer garden that goes out from the front of the theater to the food court. That’s something I am exploring, and there are no solid plans for that yet,” said Masher. “We’re also looking to do some live comedy shows and open mic nights.”

The theater industry suffered greatly as a result of the pandemic, but Masher is bullish when it comes to the future.

“As long as we get a steady diet of movies for every taste as we were getting pre-COVID, the industry will be fine and will have a full recovery,” he said. “We suffered post-COVID when people were scared to come back. People blamed streaming, and that might be responsible for some of the loss in the movie theater business, but just because you have a kitchen in your home doesn’t mean that you don’t want to go out to a restaurant. People still like to get Continued On Page 2

starts with

This ballerina, along with many other talented dancers, will perform when the New York City Ballet returns to the Saratoga Performing Arts Center for its 2024 season.

Saratoga Performing Arts Center (SPAC) has announced its 2024 New York City Ballet (NYCB) season featuring four unique programs from July 9-13 as part of NYCB’s historic 75th anniversary and its 58th season in Saratoga. Called “the foremost creative ballet troupe in the world” by The New York Times, New York City Ballet will bring its roster of more than 90 dancers under the direction of Artistic Director Jonathan Stafford and Associate Artistic Director Wendy Whelan, accompanied by the New York City Ballet Orchestra, led by Music Director Andrew Litton.

“This season marks the occasion of our beloved New York City Ballet’s historic 75th anniversary. We look forward to an incredible week celebrating our shared history over the past nearly six decades, while also pointing toward our exciting future together,” said Elizabeth Sobol, president and CEO of Saratoga Performing Arts Center.

Opening the season on July 9 is “NYCB On and

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Photo by Erin Baiano

Off Stage,” hosted by NYCB principal dancers for a unique “behind the curtain” experience featuring excerpts from the week’s ballets and culminating with a celebratory after party. Highlighting the residency is George Balanchine’s three-act work Jewels, returning for the first time since 2016 and featuring Fauré’s elegant Emeralds, Stravinsky’s jazz-inflected Rubies, and Tschaikovsky’s symphonic Diamonds.

Also featured are two evenings dedicated to works by contemporary choreographers including a new work by Amy Hall Garner, which is set to hold its world premiere as part of NYCB’s 2024 spring season; Gustave le Gray No. 1, a SPAC debut choreographed

by Pam Tanowitz and set to the music of Caroline Shaw; Ulysses Dove’s dynamically charged, abstract work Red Angels, set to a riveting score for electric violin, and Justin Peck’s sneaker ballet The Times are Racing, heralded by audiences and critics alike since Continued On Page 5

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