Saratoga Business Journal - July 2020

Page 1

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

SARATOGA BUSINESS JOURNAL

VOL. 25 NO. 05

HH The Business Newspaper of Saratoga County HH

PRSRT STD U.S. POSTAGE

PAID

GLENS FALLS, NY 12801 PERMIT #600

JULY 2020

www.saratogabusinessjournal.com

Rochester Company Buys Former State Farm Ballston Spa Mayor Says Opening Street For Building In Malta, Starts To Lease Space Outdoor Dining Space Has Been Successful

Flaum Management Co. Inc has purchased this former State Farm Operations Center located off Northway Exit 12 in Saratoga County. It will be leased as commercial space. BY CHRISTINE GRAF Rochester-based Flaum Management Co. Inc has purchased the former State Farm Operations Center located off Northway Exit 12 in Saratoga County. The building sat empty for approximately two years before being auctioned off in March by Ten-X Commercial, an online real estate platform. The two-story, 124,171-squarefoot building was purchased by John Senese, owner of Calco Construction

©2020 Saratoga Photographer.com

in Farmington, Con., for $1.36 million, according to the Flaum. After purchasing the property, Senese sold it to Flaum Management Co. for $2 million. Flaum Management owns office, retail, and industrial properties throughout the state, including two properties in the Capital Region. Last year, the company purchased Latham Farms in a joint venture deal with Boston-based the Davis Continued On Page 20

A section of Front Street is closed to vehicles 4-10 p.m. Thursdays, Fridays and Saturdays to allow for more outdoor dining space during the virus pandemic that has limited restaurant capacity. BY ANDREA HARWOOD PALMER The Village of Ballston Spa has closed down a main commercial street during the coronavirus pandemic to make more space for outdoor dining for restaurants. A section of Front Street is closed to vehicles from 4-10 p.m. those specified days every Thursday, Friday and Saturday. “The Village of Ballston Spa is open for business,” said Mayor Larry Woolbright. “It’s been going great. People are coming out. The restaurants are doing

©2020 Saratoga Photographer.com

good business. People really appreciate being able to get out again. We have a nice 15-foot-wide pedestrian path blocked off down the middle of the street so everyone has plenty of space to get where they’re going,” he said. “Restaurants are all out with their tables on the sidewalks, with plenty of space on the side streets. They’re doing good business, and they’re all relieved to be able to open back up after being shut down for Continued On Page 9

Grey Ghost Bicycles Inundated With Work GlobalFoundries Puts Plan In Works To Buy As People Take To Cycling During Pandemic More Land In Malta For Future Expansion BY JENNIFER FARNSWORTH Interest in bicycling has grown as a safe alternative for transportation, combating boredom and staying in shape during the COVID-19 pandemic. Local bike shops, like Grey Ghost Bicycles in Glens Falls and Saratoga Springs, didn’t anticipate what that would mean for them. They have worked tirelessly to keep us with customer demand. “I never in my wildest dreams could have imagined the spring we had,” said Grey Ghost manager Steve Fairchild. With an established business in Glens Falls, Grey Ghost opened its second location in the plaza at 60 West Ave. in Saratoga Springs just before the pandemic hit. They were deemed by the state as an essential business, a determination that Fairchild said he thought may bring some challenges. But he never expected to experience the demand that he saw almost immediately. “As soon as the weather started to warm up in late March, early April, the demand just skyrocketed. Our inventory was almost immediately cleared out. Many of the bikes we sell are made in China and since most of the manufacturers closed, we couldn’t even order bikes. They just were not being made,” said Fairchild. The second part of the demand on the business was repairs. That is the primarily focus now at both locations, since the availability of new bikes is scarce. Fairchild said people are digging bikes out of basements and garages, many of which haven’t been used in years. “We have bikes coming in that need repairs of parts that are no longer being made. Some

Niles Gagnon, Grey Ghost Bicycles sales manager, is masked for virus safety. ©2020 Saratoga Photographer.com

of these bikes are up to 30 years old. We do our best to get them operating with parts we have in stock,” he said. “We can’t even order some parts because either they are no longer available, or the supply can’t keep up with the demand. It has been a challenge to say the least.” Fairchild said bicycle mechanics can be hard to Continued On Page 6

GlobalFoundries announced it has secured a purchase option agreement for approximately 66 acres of undeveloped land adjacent to what it calls its most advanced manufacturing facility, Fab 8 in Malta near the Luther Forest Technology Campus (LFTC). The land parcel is located at the southeast end of the New York State Energy Research and Development Authority (NYSERDA) Saratoga Technology + Energy Park (STEP) campus, adjacent to Stonebreak Road Extension, between the Fab 8 facility and Hermes Road. Exercising the option to purchase the land and commencement of development to expand the company’s Fab 8 facility will be subject to zoning regulations and client demand, company officials said. “GlobalFoundries continues to demonstrate its commitment to economic growth in Saratoga County and Upstate New York,” said Darren O’Connor, Malta town supervisor. “I am pleased to hear that this latest step will enable future growth opportunities for GlobalFoundries for years to come.” The parcel is being sold at fair market value, with a purchase price determined by an independent appraiser, the company said. “Amid growing consensus in our nation’s capital for investment in semiconductor manufacturing, it’s more important than ever that we are ready to fast track our growth plans at GlobalFoundries’ most

GlobalFoundries has secured a purchase option agreement for approximately 66 acres. Courtesy GlobalFoundries

advanced manufacturing facility in the U.S.,” said Ron Sampson, GlobalFoundries senior vice president and general manager of U.S. fab operations. “With this agreement option, we now have additional flexibility to expand our footprint and position Fab 8 for future growth in Saratoga County and New York state, while strengthening U.S. leadership in Continued On Page 16


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