SARATOGA SPRINGS — Hay Creek Hotels and Restaurants have expanded its presence in the Northeast with three management deals, including the former location of Longfellow’s Hotel and Restaurant in Saratoga Springs.
“Introducing a variety of properties into our system is a critical part of our growth strategy as we remain intentional in our approach to build a portfolio of boutique, independent hotels that vary in size, segmentation, and geographic location,” Hay Creek CEO Gary Sims said in a statement.
The property will now be called The Brookmere Hotel, according to a press release by Hay Creek Hotels. The hotel is located a mile from Saratoga Racetrack and sits on a 10-acre site abutting Saratoga National Golf Course with private access to Lake Lonely.
The project is the total transformation of the former Longfellows into Brookmere, an upper-upscale hotel with 88 rooms and suites, Clover Restaurant & Bar with seasonal outdoor porch, 3,500 square feet of meeting and event space, including an additional seasonal courtyard, and an upscale spa.
Hay Creek will be working closely with Spring City Development, Bonacio Construction and interior design firm Sims Patrick Studio and will begin operations upon its opening slated for mid-summer 2024.
“Historically, the word boutique has been synonymous with small in scale, but at Hay Creek that word simply signifies an opportunity for us to customize and curate a guest experience for a diverse collection of hotels ranging in size and complexity, which is evident in this current mix of new hotels we’ve brought into the portfolio,” Dan Mahoney, SVP of development at Hay Creek Hotels and Restaurants, said in a statement.
Photo by Saratoga County Chamber of Commerce, provided by Jones Steves Grassi LLP.
SARATOGA SPRINGS — Jones Steves, LLP has officially announced a new named partner, as the Saratoga Springs-based firm has become Jones Steves Grassi, LLP.
The law firm is best known for its work in land use and development, representing companies such as GlobalFoundries, Saratoga Hospital, Albany Medical Center, Skidmore College, RISE Housing, and more. The name change adds partner Justin Grassi, Esq. to the firm’s title, who originally became a partner in April 2021.
Grassi said the new name does not change any operations at the firm, saying he will continue to work with fellow partners Matthew Jones and Bruce Steves.
“Largely, there’s three partner attorneys here,” said Grassi. “We’ve always collaborated, we will continue to collaborate. It doesn’t change anything other than becoming a financial partner with the office.”
The firm has existed in some form since 1980 under Jones, the senior partner. Steves and Grassi both attended Albany Law School, and each joined the firm after graduating, Grassi said.
“I think we’re all excited to have found the three of us,” Grassi said. “The firm, almost certainly, will grow, but will have the backbone of the three of us. We’ve worked together now for over a decade, which is awesome.”
Grassi said adding his name will help clients associate him as a partner.
“When they see the name on the sign, and they know you’re a partner, it’s just a little bit of a different dynamic,” said Grassi. “They understand that you have that experience, that you have that knowledge to have made it there.”
Grassi grew up in Schuylerville and currently lives in Saratoga Springs, he said, noting it is enjoyable to see and assist with development in the local community.
“We see all these projects come forth, we get to be involved with them, and watch them grow and end up building up our city,” Grassi said. “In that regard, it’s a very fun area of law to practice in. … Living here, watching that happen, it’s fun for me to talk with my family about the projects we have.”
For those unaware, Silicon Valley Bank became the first bank to fail since 2020 and the largest bank to fail since the Global Financial Crisis in 2008-2009. Is our current situation an echo of the last financial crisis, or is it a one-off? While the circumstances surrounding their failure are mostly unique to them, it is important to look at the implications for the rest of the banking industry.
To truly understand this story, we first need to look at the preceding 10+ years of low interest rates and how the seeds were sown for the situation we are in today. A low interest rate environment allowed money to flow freely into companies that had big dreams about their future potential but were short on current profits. A lot of these companies are concentrated in Silicon Valley in California, which is where our story picks up.
Given this backdrop, the foundation for this failure was in place – the pandemic was the catalyst to set it into motion. We all remember the COVID economic environment: stimulus checks and soaring stock prices. This created a mountain of cash, especially in Silicon Valley, that needed somewhere to go, and personal and corporate checking and savings accounts at SVB saw a large influx of cash.
When you deposit money at a bank, that money becomes a liability for the bank because they need to be prepared to give that back to you on demand. Simplistically, banks need to offset those liabilities from deposits with assets in the form of loans to customers or investments held by the bank. The appetite for loans was not enough to offset the growing deposit base, so SVB chose to invest this excess money in high-quality bonds. The problem with these bonds is that they were exposed to the risk of rising interest rates, which manifested itself last year as interest rates rose, driving the prices of these bonds down. Executives at SVB did not take enough action to hedge this interest rate risk, so they were vulnerable to needing to meet any large-scale withdrawal of money from checking and savings accounts.
The Federal Reserve’s actions to quell inflation have primarily focused on raising the rates on short-term bonds. This had a dual-pronged effect on SVB’s balance sheet. First, higher interest rates slowed the growth prospects for many of its customers’ businesses, which led to these companies withdrawing some of this cash to pay for continuing operations. Second, there became an opportunity cost for holding cash in a checking account, paying close to 0% interest. People started withdrawing cash to buy things like Treasury Bills. These withdrawals left SVB in an unenviable position of selling some of their bond holdings that were at a loss, which raised some red flags, and caused account holders to try to withdraw their money at once. Just like that, a 40-year-old institution was forced to close up shop.
The banking system is built on trust, and things can get messy once that trust erodes. The government has taken steps to alleviate concerns about other similar banks, but nobody truly knows how this will play out, which can be unsettling. However, this is nothing like 2008 which saw our largest financial institutions with truckloads of bad loans on their books from making questionable lending decisions. This is not the first time something like this has happened, and it won’t be the last.
David Rath, CMT, CFA, is the Chief Investment Officer at Continuum Wealth Advisors in Saratoga Springs. Continuum Wealth Advisors, LLC is a Registered Investment Advisor registered through the Securities and Exchange Commission. For more information, visit contwealth.com.
Bret Hasel (left) and Christopher R. Dowd (right). Photo provided by Ballston Spa National Bank.
BALLSTON SPA — Ballston Spa National Bank (BSNB) announced that Bret Hasel has received the bank’s 2022 SUMMIT Employee of the Year award. BSNB President and CEO Christopher R. Dowd, along with Jaime Griffen, BSNB’s customer service committee chair, recently recognized Hasel for his exceptional dedication to customer service and the bank’s core values of teamwork, respect, accountability, integrity and leadership.
“Excelling in customer service is one of the key ways BSNB differentiates ourselves in the market. Bret is a shining example of someone who is willing to push up his sleeves and put in the necessary work to find solutions that benefit our customers”, said Dowd. “Bret’s customer service skills go above and beyond our already high standards and this recognition is very well deserved.”
The following quarterly Summit Award winners were also recognized for their contributions and commitment to the bank’s customer service objectives: James Formosa, Jared Dean, and Bonnie Demers.
Danielle A. Pelletier. Photo provided by Saratoga National Bank.
SARATOGA SPRINGS — UHY Advisors, Inc. (“UHY”) has announced that Eric Scaringe, CPA has joined UHY’s Tax Services group. Eric brings to the Capital Region team a broad spectrum of tax services experience spanning the federal, individual, international, state and local, as well as commercial and non-profit spaces.
Scaringe has nearly two decades of diverse public accounting and industry experience in both domestic and international tax. He advises public and privately held clients on tax savings opportunities, credits, strategies, solutions to tax issues, and other business operational matters. Eric specializes in the financial services, technology, cryptocurrency, retail, and asset management industries, including those of Fortune 50 companies.
“I’m thrilled to be joining UHY’s Saratoga Office,” said Eric Scaringe, Principal at UHY. “UHY’s reputation as a premier, national leader in the industry precedes it, and I’m excited to continue to grow the firm’s practice in Saratoga Springs and beyond the region. There is an abundance of opportunities within Upstate New York, and I look forward to working with clients to lend my expertise and help them fulfill their business objectives and needs. I’m both excited and passionate about problem-solving and am eager to help clients throughout the region and elsewhere understand and synthesize complex tax information.”
“We’re thrilled to have Eric join our Tax Services team in Saratoga Springs. He brings a wealth of experience in domestic and international tax from his background, and it melds well with our growing practice and firm strategy,” said Michael J. Mahoney, UHY Advisors CEO. “With Eric’s addition, we will be able to better assist our clients with their tax and advisory needs.”
Prior to joining UHY, Scaringe held a leadership position consulting with an international accounting firm.
Scaringe is a member of the American Institute of Certified Public Accountants and the New York State Society of Certified Public Accountants. He is a licensed CPA in the state of New York. Scaringe holds a B.S. in accounting from Siena College.
BALLSTON SPA — A Stewart’s Shop in Ballston Spa is now equipped with Tesla Superchargers that can be used by both Tesla and non-Tesla vehicles, one of the first of its kind.
This newly installed Supercharger can be found at the Stewart’s Shop, located at 2951 State Hwy 9, Ballston Spa, right off Exit 13N of Interstate 87. There are only a few locations in the United States where you can access this charger. This Supercharger is open to Tesla vehicles and non-Tesla vehicles with CCS compatibility. This shop is equipped with 8 Superchargers that are available 24/7 and charge up to 250kW.
“Stewart’s is proud to support our EV customers by working with Tesla to bring these chargers to our location in the Town of Malta,” said Chad Kiesow, Senior VP of Facilities at Stewart’s Shops. “Now not only Tesla, but any EV owner can stop by to refuel the car and themselves.”
Stewart’s Shops currently has 11 locations equipped with electric vehicle charging stations, six of them being Tesla Superchargers and five with NY EVolve stations. All Stewart’s EV chargers are Level 3 Direct Current Fast Chargers or DCFCs.
These types of chargers take about 20-30 minutes to reach full battery and the cost to charge depends on a variety of factors. All Stewart’s EV charging stations, Tesla and NY EVolve, are placed in strategic locations that make sense in their respective market areas to reduce range anxiety and boost daily convenience.
SARATOGA SPRINGS — The business professional group Networking @ Night is teaming up with the Saratoga Center for the Family for a night of networking for good.
The organization is holding an event on Thursday, April 13 from 6 to 9 p.m. at Bailey’s Cafe in Saratoga Springs (37 Phila St) as an opportunity for local professionals and entrepreneurs to grow their businesses by connecting with like-minded people.
Featuring a taco bar, drink specials from local breweries, a silent auction, and networking, there’s no charge for this event. However, a suggested donation of $20 per guest benefits the Saratoga Center for the Family.
Made possible by community support, the Center offers individual and group counseling for children, families, and adults through their main office in Saratoga Springs and through their Student Empowerment Services in local school districts, regardless of the patient’s ability to pay.
This event is capped at 70 people, so interested individuals should register beforehand at NetworkingAtNightEvent.eventbrite.com.
Networking @ Night was founded in 2022 by Andrea Gorgen and Shelagh Conley for the greater Saratoga region. Meetings are held on the second Thursday of every month. Follow the group on Instagram: @Networking_at_night.
Dr. Richard Falivena, Saratoga Hospital vice president, chief medical and physician integration officer, and Jill VanKuren, Saratoga Hospital president and CEO, join Dr. David Strauss and Dr. David Hindson, Millennium Medical Imaging president and vice president, respectively. Photo provided by Saratoga Hospital.
SARATOGA SPRINGS — Millennium Medical Imaging will continue its longstanding philanthropic support of Saratoga Hospital by donating $337,500 over the next five years.
The radiology practice has provided medical imaging services at Saratoga Hospital locations since 2000 and has contributed over $1 million to support Hospital programs and fundraising efforts.
Millennium’s latest pledge includes $250,000 for advanced imaging equipment. The remaining $87,500 will provide five years of sponsorship support for Saratoga Hospital’s three annual fundraising events: the Cantina Kids Fun Run, the Gala, and the Golf Invitational. The Fun Run supports children’s health care services, the Gala benefits the Hospital’s Saratoga Community Health Center, and the Golf Invitational supports the Hospital’s Nursing Scholarship Program.
For Millennium, philanthropic support is another way to serve Saratoga Hospital, their patients, and the community that is home to many members of the medical imaging practice.
MILTON — The town of Milton and the village of Ballston Spa continue to discuss an agreement for Milton to purchase the Woods Hollow Nature Preserve from the Village.
The nature preserve is located in the town of Milton but is currently owned by the village of Ballston Spa. Milton Town Supervisor Scott Ostrander said the town has been paying for maintenance of the preserve for “probably the last 30 years,” at a cost of roughly $8,000 to $10,000 per year.
A memorandum of agreement was signed between the municipalities on March 17. The agreement is not a formal contract nor legally binding but is a mutual understanding between the two parties to work toward the listed terms.
The memorandum states the sale price would be $360,000, and that the preserve would receive a conservation easement designating it as ‘forever wild,’ with minor exceptions.
Exceptions would be for maintenance and emergency response vehicles, for forest management work, and construction of minor unenclosed structures and benches, Ballston Spa Mayor Frank Rossi, Jr. said in a Facebook post.
The deal would also ensure that the Village of Ballston Spa does not face any liability for the cancellation of its contract with the Saratoga Land Management Corporation (LUMAC), who the Village had hired to conduct tree-cutting on dead or dying trees in the preserve. Rossi said that no trees in the preserve were taken down under the contract.
Milton has raised funds for the purchase through “the sale of land to the Community Emergency Corps, monies paid in lieu of parklands by our development committee, and through the Saratoga County Open Space Preservation Grant Program,” according to a statement released on the town’s Facebook page.
As part of the agreement, Milton would establish water districts within four to six months of the sale, and handle snow removal, treatment, and brush pickup in the Colonial Hills neighborhood for the next five years. The town would also recognize the need to increase its annual support for the Ballston Spa Public Library and the Ballston Spa Village Pool, according to the memorandum.
The Town of Milton would plan to make some improvements to the preserve, but Ostrander said they are mainly looking at “preserving it the way it is.”
“We basically want to keep it forever wild, like it looks now,” Ostrander told Saratoga Today on March 22.
He said the town would look to pave the main parking lot off Northline Road and pull-in entrances off Rowland Street, add more benches throughout the preserve, and clean up trails and surrounding areas.
The Town of Milton voted to approve the terms of the memorandum at their Town Board meeting on March 22.
Ballston Spa held a Board of Trustees meeting on March 27, where the Board voted against placing Woods Hollow into the village surplus. Some trustees at the meeting raised concerns over proper publicization of the agreement, as well as rights to water in the preserve.
The memorandum states, “The Village retains any and all water and mineral rights but neither party can mine.” Rossi said that while some Village trustees spoke of concerns over potentially signing away future water rights in the preserve, he felt it was “resolved” based on feedback from the audience at Monday’s meeting.
Declaring surplus is a needed step to move forward in the sale process, Rossi said.
“That was disappointing that we weren’t able to get there, but we’ll see where it goes,” said Rossi.
Ostrander also said it was “disappointing” that the Village was unable to move forward.
“At this point, the attorneys are trying to work out the details,” Ostrander said on Wednesday. “Like I said, we signed the memorandum. The Town of Milton’s all set on their end.”
The Ballston Spa Village Board of Trustees will hold a special meeting on April 6 to discuss sidewalk and ethics codes, Rossi said. The next Board of Trustees regular meeting will be 7 p.m. on April 10. Rossi said on Wednesday he was unsure of which meeting the topic will be brought up again, saying the Village has to advertise the terms of the agreement.
“I’m just not sure what the timing will be on that,” said Rossi.
Gateway House of Peace Thrift Store. Photo by Dylan McGlynn.
MILTON — The Gateway House of Peace Thrift Store officially opened its doors this month, helping to raise funds for end-of-life services provided by the Gateway House of Peace.
Located at 408 Geyser Road, proceeds from all of the thrift store’s sales go toward the Gateway House of Peace’s services. Elaine Pearson, director of the Gateway House Thrift Store, said they began renting the space in December before officially opening on March 1.
“It’s been wonderful,” said Pearson of the experience since opening. “We’ve been blessed with a lot of donations from the community. Our sales have been great. The community has been very supportive.”
The Gateway House of Peace offers end-of-life care at no cost to its residents or their families. Typically, the Gateway House has raised money through a variety of fundraisers. Pearson said the thrift store will allow Gateway to see a year-round revenue stream.
“We’re hoping the thrift store is going to help alleviate all the fundraising that we have to do,” Pearson said. “That was our ultimate goal. We’ve talked about it for five to ten years now, doing this, and we just never did it. Finally, we said, ‘We’re just going to do it.’”
After searching for a location for roughly two years, Pearson said the Geyser Road location became available “out of the blue.” She said having the space available is “a wonderful feeling.”
“It’s an accomplishment,” said Pearson. “We’ve been planning for so long, and for our dream to come true, it’s an absolutely wonderful experience and wonderful feeling.”
The Gateway House of Peace runs an annual yard sale to help raise funds, with Pearson saying the thrift store began as an extension of the yard sale.
“We have hundreds and hundreds of people that come through,” said Pearson of the yard sale. “That’s really why we wanted the thrift store, because the yard sales were such a big hit, and great fundraiser.”
Pearson said the funds raised at the thrift store will go toward day-to-day operations at the Gateway House, including paid nursing staff, utilities and bills, and more. The thrift store has just one paid employee, manager Cassandra Roner, who is assisted by a variety of volunteers.
Roner said it has been “amazing” to see how many volunteers have offered their time to the store.
“I’m involved in a lot of organizations, from sports to my church, and sometimes it’s hard to get volunteers,” said Roner. “So to see people come in here and want to volunteer their time, it shows you what the mission of Gateway House means to people.”
Pearson also mentioned the community has been very supportive, noting that many local businesses helped provide various donations when the store was being prepared for opening.
“So many of the businesses, there’s so many of them that have donated to us with paint, and jewelry counters, and shelving,” Pearson said. “They’ve been absolutely wonderful, donating items to us to get started.”
The store’s location on Geyser Road is also an advantage, just over a mile from the Gateway House of Peace. Pearson said that while the thrift store’s current location is “a little bit too small,” it provides strong connectivity between the two locations.
“I really wanted to stay close to Gateway House,” Pearson said. “I didn’t want to leave the area for a bigger space. It’s connected. People know, just go around the corner and there’s Gateway House.”
The store will hold a ribbon-cutting ceremony “once the weather gets nicer,” said Pearson. She said they hope to eventually raise $100,000 yearly for the Gateway House of Peace.
“What I’d like to see is $100,000 a year,” said Pearson. “That’s my ultimate goal. If we make that, I’d be very happy.”
