Changing shape of real estate banking
NBT Bank executives tell the Albany Business Journal that 2022 has been a hot market for commercial lending. Despite labor challenges, materials shortages, and rising interest rates, the bank says that the pent-up demand that grew during the pandemic is driving commercial purchases up. They do not expect the number of projects to dwindle too much, but they do see the size of the projects lowering with the rise in rates, the story says.
Schenectady State Theater sold for mixed-use
Cass Hill Development of Latham has purchased the former State Theater building in downtown Schenectady and will turn it into a mixed use building of ground floor commercial space and upper floor apartments, the Albany Business Journal says. The location is actually two properties totally 55,000 square feet. They plan for 80 apartments and 14,000 square feet of commercial space, the story says.
NY-113, Republican drops out, Catalfamo, De Witt remain
Carrie Woerner, a Democrat in a newly drawn district, will face a Republican challenger this fall, but it will not be Michael York, of Saratoga Springs, a story in the Post-Star says. This, despite the fact that he was endorsed by the Warren County Republican committee. According to the story, Glens Falls Republican Chairman Michael Borgos said York could not collect enough signatures to get on the ballot. David Catalfamo, from Wilton, and Scarlett De Witt, from Glens Falls, are the remaining Republicans in the primary fight.
Speed cameras in work zones
New York State is speed cameras in work zones as part of a pilot program to get people to slow down. State officials are asking the driving public to put down their cellphones and slow down in work zones. All of this comes after a DOT truck was hit by a car at top speed, a story in the Times Union says. In that recent case, no one was injured, but last year, a similar accident left two DOT employees injured and only one is back at desk duty, the story says. Expect automatic fines if you speed through the zone, the story says.
Central Warehouse: Another last-ditch effort
Evan Blum, owner of the former Central Warehouse in Albany filed paperwork in federal bankruptcy court on Tuesday. The aim is to allow him to sell the building at auction to the highest bidder, rather than hand it over to the county to pay back taxes and other fees, a story in the Times Union says. The county first tried to seize the property last May, and Blum has been fighting since. The County is fighting this latest move. They have a purchaser ready, at $50,000.