State pension fund posts 11.5 percent return in fiscal year

Get our email updates

Stay up-to-date on the companies, people and issues that impact businesses in Syracuse, Central New York and beyond.

ALBANY — The New York State Common Retirement Fund produced a return of 11.55 percent for the state fiscal year ending March 31, 2024. That’s

LaFave appointed State Fair director as event approaches

Sports, Entertainment & Tourism, Subscriber Only

GEDDES — Julie LaFave has spent much of 2024 serving as the interim director of the New York State Fair. She assumed the top leadership role after the state announced the departure of previous director Sean Hennessey back in February. On July 10, Gov. Kathy Hochul removed the interim tag. LaFave served as the State

Already an Subcriber? Log in

Get Instant Access to This Article

Become a Central New York Business Journal subscriber and get immediate access to all of our subscriber-only content and much more.

Learn More and Become a Subscriber

GEDDES — Julie LaFave has spent much of 2024 serving as the interim director of the New York State Fair.

She assumed the top leadership role after the state announced the departure of previous director Sean Hennessey back in February. On July 10, Gov. Kathy Hochul removed the interim tag.

LaFave served as the State Fair’s operations director in 2023, managing the day-to-day operations of the Fairgrounds, including the oversight of contracts, budgets, more than 50 buildings spread across 375 acres, and over 100 full and part-time staff.

Prior to joining the State Fair in 2023, LaFave was commissioner of the department of parks, recreation, and youth programs for the City of Syracuse

LaFave was selected for the position after a nationwide search that “attracted a diverse pool of highly qualified candidates,” Hochul’s office said.

“Julie’s experience as Operations Director and Interim Director, coupled with her creativity and knowledge, are incredible assets to the long-term growth and vitality of The Great New York State Fair,” Hochul said in the announcement. “I am proud to officially welcome her as the Director of one of our most beloved traditions, and look forward to working with her as we continue to invest in and grow this extraordinary showcase of New York’s farmers, products, culture, and diversity.”

As the interim director, LaFave has led the planning of the 2024 State Fair. The state contends her efforts will result in a Fair with “one of its most diverse, dynamic, and family-friendly entertainment lineups with shows ranging from acts geared toward children to Grammy winning artists and Rock-and-Roll Hall of Fame performers.”

Additionally, LaFave has worked to develop several attractions that demonstrate the importance of the state’s agricultural initiatives in boosting New York’s economy, tourism efforts, and educational endeavors, Hochul’s office said.

“I couldn’t be more excited to be named Director of The Great New York State Fair and play a role in growing a summer tradition that has captivated New Yorkers for over 175 years,” LaFave said. “I’m grateful to Governor Hochul for appointing me to this important role and to my team here at The Fair who are working tirelessly to ensure that fairgoers leave with the feeling that the 2024 Fair was one of the best yet.”

This year’s State Fair opens Aug. 21 and continues through Labor Day on Sept. 2. Admission, parking, and tickets to the Fair’s midway are now on sale and can be purchased by visiting the State Fair’s website.

Comptroller prompts Little Falls to adopt 2021 audit recommendations

Law, Accounting & Taxes, Mohawk Valley

LITTLE FALLS, N.Y. — New York State Comptroller Thomas P. DiNapoli’s office is taking the City of Little Falls to task three years after it

Warren Real Estate expands to the Albany market

Construction, Design & Real Estate, Small Business, Southern Tier, Subscriber Only

ITHACA — Ithaca–based Warren Real Estate is venturing east with a newly opened office in the Capital region town of Guilderland. The new office continues the firm’s expansion, which until now has headed west and south of Warren’s Ithaca base. As with its other expansions, the idea originally came from one of Warren’s agents, who

Already an Subcriber? Log in

Get Instant Access to This Article

Become a Central New York Business Journal subscriber and get immediate access to all of our subscriber-only content and much more.

Learn More and Become a Subscriber

ITHACA — Ithaca–based Warren Real Estate is venturing east with a newly opened office in the Capital region town of Guilderland.

The new office continues the firm’s expansion, which until now has headed west and south of Warren’s Ithaca base.

As with its other expansions, the idea originally came from one of Warren’s agents, who suggested the market would be a good fit for the agency, Bryan Warren, president and principal broker at Warren Real Estate, says.

“She has been doing quite a bit of business in the Albany market,” he says of the agent. After due diligence, Warren says Guilderland seemed like the perfect fit for a new Warren Real Estate office.

“It’s very similar, I’ll say, to Ithaca,” he says.

Warren Real Estate got its start in Ithaca in 1953 with his grandmother, Ann Warren, at the helm. In its early years, the real-estate agency primarily served Cornell University and industries in the Ithaca area. It remained a family-only business until the late 1970s when Warren’s father, James, joined the business and began hiring other agents outside of the family.

James Warren grew the business throughout the next two decades, and Bryan Warren joined the agency in 1998, starting in sales before taking over when his father retired in 2005.

Warren Real Estate continued to grow, adding new agents and gradually spreading beyond the immediate Ithaca area.

Today, Warren Real Estate has eight offices — two in Ithaca along with locations in Corning, Elmira, Binghamton, Vestal, Watkins Glen, and now Guilderland.

“We purchased a building there,” Warren says of the new location. Located at 2555 Western Ave. in Guilderland, the building was once home to a wheelchair sales and service store. Warren remodeled the 3,000-square-foot space with 1,500 square feet of offices and conference room space for the real-estate agency and has 1,500 square feet available to lease. Ideally, a tenant in a complementary line of business, such as insurance, will rent the space, Warren says.

With the new space, Warren continued a couple of practices. The first was to buy a building because it’s important to invest in the community, he says. Additionally, about half of the real-estate agency’s locations are investment properties that include tenant space.

“We’re very well-funded and cautious to take on any debt,” Warren says, so he carefully considers any expansion projects before taking the next steps.

Warren Real Estate has already hired two new agents for the Guilderland office, while the agent who suggested the expansion is also based in that office. The agency is looking to hire more, but agents must be the right fit, says Tam Warren, regional VP and manager for the company.

Warren Real Estate is unique in a market that’s full of some small brokerages and a lot of big ones. As a mid-sized brokerage, Warren can offer the best of both worlds with all the technology, “but we’re still able to give that quality service and personalized touch,” she says.

The agency also focuses on the success of its agents, wanting them to pursue real estate as a full-time career and not just as a side hustle, she says.

“We have a full-time company trainer,” she notes, that helps agents expand their knowledge base to provide the best possible service. That’s especially important in changing times like now, she adds, when changes by the National Association of Realtors mean that beginning on Aug. 17, everyone working with a realtor will have to sign a buyer-representation agreement.

“We’re staying ahead of the curve with training,” Bryan Warren notes.

While the agency works hard to keep on top of technology and industry changes, one thing that doesn’t change is the way it does business. Warren Real Estate remains family owned and committed to supporting its agents.

Looking ahead to future expansion, Bryan Warren says he’s not ruling anything out, but doesn’t have any plans either.

“As any opportunity comes our way, we’ll consider it,” he says, adding, “We recognize bigger isn’t always better.”

The agency plans to host a ribbon cutting at the Guilderland office at a future date.

Warren Real Estate employs about 175 agents and handles more than $600 million in annual sales.

Commercial market remains on steady heading, banker says

Construction, Design & Real Estate, Banks & Credit Unions, Subscriber Only

SYRACUSE, N.Y. — The commercial real-estate market in Syracuse and surrounding areas remains stable post-pandemic, bucking the trend some other cities are seeing with increasing vacancy rates. The much-feared recession hasn’t happened, says Lindsay Weichert, senior VP and commercial group practice manager at Community Bank, and the market has avoided any big swings. Across the

Already an Subcriber? Log in

Get Instant Access to This Article

Become a Central New York Business Journal subscriber and get immediate access to all of our subscriber-only content and much more.

Learn More and Become a Subscriber

SYRACUSE, N.Y. — The commercial real-estate market in Syracuse and surrounding areas remains stable post-pandemic, bucking the trend some other cities are seeing with increasing vacancy rates.

The much-feared recession hasn’t happened, says Lindsay Weichert, senior VP and commercial group practice manager at Community Bank, and the market has avoided any big swings.

Across the nation, news headlines have decried vacant commercial spaces in urban areas, but Syracuse just isn’t seeing that, she says.

“Generally, it’s been fairly quiet,” Weichert says. There is some movement, much of it is businesses moving between locations, which isn’t impacting the overall vacancy rate.

According to the Downtown Committee of Syracuse’s Spring 2024 commercial occupancy report, the vacancy rate for Class A space is 22.37 percent, 11.7 percent for Class B accommodations, 39.64 percent for Class C space, and 79.36 percent for manufacturing space.

On the flip side, retail space saw an increase in occupancy, dropping its vacancy rate to 19.5 percent.

“We’re definitely starting to see more stores coming in than leaving,” Weichert says of downtown. According to the report, 12 businesses closed between September 2023 and April 2024, but 14 new businesses opened during the same period.

Downtown appears to be bustling, Weichert says, with increased foot traffic and full parking garages. She attributes that in part to more people returning to in-person work at the office following the pandemic.

Looking ahead, Weichert expects the arrival of Micron to have some significant impacts on the greater Syracuse market, with increased demand for commercial space and even more demand on an already competitive housing market.

“In Syracuse and Central New York, the multifamily market is very strong,” she says, adding that Syracuse is becoming one of the most competitive markets with rent growth of about 20 percent in recent years with a vacancy rate of just 1 to 2 percent.

A few class A projects in the region have achieved $3-per-square-foot rents, while the average rent is closer to $1.52 per square foot for all classes of apartments, Weichert says.

Area experts, including CenterState CEO, say the area needs to add 2,500 new housing units annually to meet the current demand, but the average is only 350 units right now.

With Micron coming to the area, population growth of anywhere from 75,000 to 100,000 people is projected, which will definitely crunch the market even more, Weichert says.

Much of the new developments have focused on higher-income tenants, but there is a growing need for workforce housing, she says. “That’s something I think we definitely need to focus on.”

Current higher interest rates may be combining with a wait and see approach that has delayed any real housing development activity so far, Weichert notes. “Once the shovels start, that’ll be a pretty good indicator it’s [Micron] really happening,” she adds.

Another area of growth the market needs to focus on for the future is the hospitality segment, Weichert advises.

“I would say pretty definitively … we do not have enough high-quality rooms here,” she says. With two hotels recently pulling out of the hospitality business to transform into apartments and student housing, the area has lost nearly 500 rooms it couldn’t afford to lose, she says.

“The university can’t solicit NCAA tournaments,” Weichert says. “We may find ourselves off the convention circuit [too].”

She praises the city’s and county’s efforts to head off the crisis by reinvesting occupancy tax dollars into funding opportunities to spur hotel development.

“Our local politicians are definitely trying to do a good job, to be proactive,” she says.

Ashley McGraw expands into Boston area with acquisition

Construction, Design & Real Estate, Manufacturing & Engineering, Small Business, Subscriber Only

SYRACUSE — Syracuse–based Ashley McGraw Architects, D.P.C. has expanded its footprint into the New England region, acquiring studioMLA Architects of Brookline, Massachusetts, near Boston. Founded in 2006, studioMLA Architects — a 15-person architecture and landscape design firm — focuses on the design of early-education facilities along with nature-inspired playscapes for young children. The acquisition closed

Already an Subcriber? Log in

Get Instant Access to This Article

Become a Central New York Business Journal subscriber and get immediate access to all of our subscriber-only content and much more.

Learn More and Become a Subscriber

SYRACUSE — Syracuse–based Ashley McGraw Architects, D.P.C. has expanded its footprint into the New England region, acquiring studioMLA Architects of Brookline, Massachusetts, near Boston.

Founded in 2006, studioMLA Architects — a 15-person architecture and landscape design firm — focuses on the design of early-education facilities along with nature-inspired playscapes for young children.

The acquisition closed on July 1, Derek Goodroe, director of marketing at Ashley McGraw, tells CNYBJ in an email. The firm didn’t include any financial details of the acquisition agreement in its announcement.

As part of the acquisition, studioMLA Architects will become the early-childhood education studio within Ashley McGraw Architects. In addition, Mike Lindstrom, studioMLA founder, will become the seventh partner of Ashley McGraw.

“As we emerged from the challenges of COVID, a vital component of our strategic plan was to build a more resilient business by diversifying our markets,” Matthew Broderick, president and CEO of Ashley McGraw Architects, said in a statement. “We aimed to build one of the best community-focused design practice in the Northeast and Mid-Atlantic, expanding our capacity to make an impact and creating more opportunities for staff. This strategic acquisition provides Ashley McGraw a Boston–based office and a national practice centered on early childhood education, expanding our demographic diversity to include a much younger age group and anchoring our geographic diversity in New England.”

“To acknowledge studioMLA’s national reputation and longstanding partnerships,” the firm will use a dual logo during the transition, Goodroe tells CNYBJ. As the integration progresses, the studioMLA name will “gradually phase out, culminating in full alignment” under the Ashley McGraw Architects brand and logo, he adds.

As the founding principal of studioMLA Architects, Lindstrom has more than 30 years of experience and specializes in the design of play and learning environments for children. He has been a member of the National Association for the Education of Young Children (NAEYC) and regularly presents at the group’s annual conferences nationwide.

“We are excited about the new opportunities and resources that this strategic partnership provides to our clients and to the studioMLA team,” Lindstrom said in reaction to the acquisition. “Given the similarities in cultures and shared focus on high-quality design, I anticipate a seamless transition and look forward to a host of new possibilities.”

The acquisition furthers Ashley McGraw Architects’ geographic footprint in the Northeast and Mid-Atlantic, the firm said. The new Boston–area office joins the firm’s headquarters in Syracuse and its office in Washington, D.C. to bring Ashley McGraw Architects’ total employee count to 79.

Kirk Park overlook closed for kayak/canoe launch construction

Construction, Design & Real Estate, Sports, Entertainment & Tourism, Subscriber Only

Should reopen in September SYRACUSE — The overlook at Kirk Park in Syracuse is closed temporarily for construction of a kayak and canoe launch. The closure was scheduled to begin on July 15 with an anticipated reopening in September, the City of Syracuse said in announcing the project on July 9. The Kirk Park kayak

Already an Subcriber? Log in

Get Instant Access to This Article

Become a Central New York Business Journal subscriber and get immediate access to all of our subscriber-only content and much more.

Learn More and Become a Subscriber

Construction of grape-research lab in Geneva to start this fall

Construction, Design & Real Estate, Education & Training, Energy, Environment & Sustainability, Subscriber Only

GENEVA — Cornell University says that construction of the National Grape Improvement Center at the Cornell AgriTech campus in Geneva is expected to start this fall. Cornell and the U.S. Department of Agriculture’s (USDA) Agricultural Research Service (ARS) broke ground for construction on June 26, the office of U.S. Senate Majority Leader Charles Schumer (D–N.Y.)

Already an Subcriber? Log in

Get Instant Access to This Article

Become a Central New York Business Journal subscriber and get immediate access to all of our subscriber-only content and much more.

Learn More and Become a Subscriber

GENEVA — Cornell University says that construction of the National Grape Improvement Center at the Cornell AgriTech campus in Geneva is expected to start this fall.

Cornell and the U.S. Department of Agriculture’s (USDA) Agricultural Research Service (ARS) broke ground for construction on June 26, the office of U.S. Senate Majority Leader Charles Schumer (D–N.Y.) said in a separate announcement that same day.

Cornell anticipates the project will be completed in early 2027.

The project is happening a few years after Schumer secured a nearly $69 million federal investment for it, the senator’s office said in announcing the project.

The upcoming facility — which will cover more than 70,000 square feet — will help establish Geneva and the Finger Lakes as the “center of innovation and [research and development (R&D)] for wine and viticulture,” Schumer’s office said.

It will bring new technology and top scientists to ensure New York’s and America’s wine grapes are the “highest quality, hardy against diseases, and thrive in diverse climate conditions in order to produce wines that will be renowned worldwide,” the office added.

“From the wines made here on Seneca Lake to concords grown for juice & jelly, this region has time and time again proven itself as the leader in innovation when it comes to America’s grape culture,” Schumer said in the announcement. “This massive 70,000 square foot lab will help cement the Finger Lakes legacy within the global wine industry and marks the start of a new chapter for something greater. In 2018, I promised to push for this center and secured the $70 million federal investment to make today possible. Now with shovels hitting the ground we can finally pop the cork to say the future of America’s wine will flow through the Finger Lakes.”

The facility will house and enhance the USDA’s Grape Genetics Research Unit, which for years was limited by its small, leased space from Cornell, Schumer’s office said. It’ll also house the USDA’s Plant Genetic Resources Unit, which will improve the cultivation of other vital New York crops like apples and tart cherries and new crops like hemp.

Schumer’s office cited the National Association of American Wineries’ 2022 National Economic Impact Study of the Wine Industry as indicating the New York wine industry has created 92,731 jobs, generating $5.64 billion in annual wages, and contributing nearly $15 billion in direct economic impact to New York state.

NYSDOT closes Spencer Street bridge over I-81

Construction, Design & Real Estate, Subscriber Only

Part of project on Syracuse’s North side, Inner Harbor areas SYRACUSE — The Spencer Street bridge over Interstate 81 (I-81) in Syracuse is now closed, and a newly constructed bridge will open next summer. The closure is necessary to construct a longer bridge

Already an Subcriber? Log in

Get Instant Access to This Article

Become a Central New York Business Journal subscriber and get immediate access to all of our subscriber-only content and much more.

Learn More and Become a Subscriber

Part of project on Syracuse’s North side, Inner Harbor areas

SYRACUSE — The Spencer Street bridge over Interstate 81 (I-81) in Syracuse is now closed, and a newly constructed bridge will open next summer.

The closure is necessary to construct a longer bridge that will accommodate the expanded future Business Loop 81 (existing I-81) as part of the I-81 viaduct-replacement project, the New York State Department of Transportation (NYSDOT) said in its announcement.

The bridge closure is part of the third construction contract of the I-81 viaduct-replacement project that is targeting Syracuse’s North side and Inner Harbor area.

New York State awarded the nearly $219 million contract to Salt City Constructors, LLC, per the office of Gov. Kathy Hochul.

The detours planned around the closure of the Spencer Street bridge over Interstate 81 in Syracuse. IMAGE CREDIT: NYSDOT

Contract work

NYSDOT says the third contract includes the construction of new on and off ramps to North Clinton Street from southbound I-81 (future Business Loop 81). It also involves a new bridge that will connect Bear Street to future Business Loop 81, improving access to the North side and Inner Harbor.

The work will also involve replacing three bridges at Bear, Court, and Spencer Streets, which will be longer to accommodate the expanded future Business Loop 81.

All three new bridges will include sidewalks, while shared-use paths will be included on the Court and Spencer Street bridges to accommodate both bicyclists and pedestrians, connecting them from the North side to the Inner Harbor.

Additional contract elements include more than 700 new trees, decorative street lighting, improved access to the Empire State Trail, new traffic signals and safety improvements at the on-ramp from Bear Street to Interstate 690 westbound, NYSDOT said.

Spencer Street detours

In its announcement, NYSDOT advised drivers of the signed detours associated with the bridge closure.

Westbound traffic will be directed to North State Street, north on Lodi Street, west on Court Street, south on North Clinton Street, and west on Spencer Street.

Eastbound traffic will be directed to North Clinton Street, east on Court Street, south on Lodi Street, south on North State Street, and east on Spencer Street.

To access I-81 southbound, motorists traveling westbound on Spencer Street should follow the signed detour to North State Street, north on Lodi Street, west on Court Street, south on North Clinton Street, east on West Division Street, south on Genant Drive, to I-81 southbound.

Labrador Lumber upgrades infrastructure with NYSEG grant

Construction, Design & Real Estate, Energy, Environment & Sustainability, Mohawk Valley, Nonprofits, Small Business, Subscriber Only

BERKSHIRE — Labrador Lumber Company, Inc. — based in the town of Berkshire in Tioga County — has received a $57,667 Agriculture Capital Investment Incentive Program Grant from New York State Electric & Gas (NYSEG) to help upgrade its electrical infrastructure and add new jobs, NYSEG announced. The upgrades will support economic growth in Tioga

Already an Subcriber? Log in

Get Instant Access to This Article

Become a Central New York Business Journal subscriber and get immediate access to all of our subscriber-only content and much more.

Learn More and Become a Subscriber

The upgrades will support economic growth in Tioga County by providing jobs and expanding local business operations.

“We understand the importance of investing in the communities in which our employees live and work,” NYSEG Manager of Economic Development Joe Sayre said in a news release. “By supporting Labrador Lumber, we’re contributing to the community development and economic prosperity.”

With the electrical infrastructure upgrades, Labrador Lumber will increase its load capacity, allowing the business to revitalize a vacant industrial sawmill site and add finished milling to its operation.

The grant-funded project will retain four jobs at Labrador Lumber and create 3-5 new jobs.

“NYSEG made the growth and expansion of our business possible,” Labrador Lumber co-owner Shannon Etienne said. “Their involvement in the community through this grant is truly remarkable.”

Labrador Lumber is a provider of wood products for log homes. It supplies wood products made with sustainable practices by using every part of the raw log with no waste. Customers include log homebuyers, builders, general contractors, and do-it-yourselfers.

“We are happy to see NYSEG investing in Tioga County,” Martha Sauerbrey, Tioga County Legislature Chairwoman, said in the release. “Supporting local businesses in our community promotes a stronger and healthier economy.”

Through the Agriculture Capital Investment Incentive Program, NYSEG provides agricultural businesses with financial support toward electric-related infrastructure improvements on company-owned or customer-owned equipment up to $100,000. In many instances, the goal of the program is to help the agricultural industry by converting single-phase to three-phase power to grow businesses and install new technology.

New York State Electric & Gas Corporation is a subsidiary of Avangrid, Inc., an Orange, Connecticut–based sustainable-energy company. NYSEG operates about 35,000 miles of electric distribution lines and 4,500 miles of electric transmission lines across more than 40 percent of upstate New York. It also operates 8,150 miles of natural gas distribution pipelines and 20 miles of gas transmission pipelines. It serves 894,000 electricity customers and 266,000 natural gas customers.

Get our email updates

Stay up-to-date on the companies, people and issues that impact businesses in Syracuse, Central New York and beyond.

Get our email updates

What's New

Upcoming Events

Greater Binghamton Chamber Connect Over Lunch

NOFA-NY 43rd Annual Winter Conference

Central New York Political Leadership Institute Information Session

CNYBJ Job Board

Get Instant Access to This Article

Get Instant Access to This Article

Get Instant Access to This Article

Get Instant Access to This Article

Get Instant Access to This Article

Should reopen in September

Get Instant Access to This Article

Get Instant Access to This Article

Part of project on Syracuse’s North side, Inner Harbor areas

Contract work

Spencer Street detours

Get Instant Access to This Article

Get our email updates