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New York home sales decline 4 percent in May, NYSAR says
New York realtors sold 10,430 previously owned homes in May, down 4.4 percent from the 10,913 homes sold in May 2018. That’s according to the New York State Association of Realtors’ (NYSAR) new monthly housing-market report issued June 24. Sales data The May 2019 statewide median sales price was more than $273,000, up 6 percent […]
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New York realtors sold 10,430 previously owned homes in May, down 4.4 percent from the 10,913 homes sold in May 2018.
That’s according to the New York State Association of Realtors’ (NYSAR) new monthly housing-market report issued June 24.
Sales data
The May 2019 statewide median sales price was more than $273,000, up 6 percent from the May 2018 median of nearly $258,000, according to the NYSAR data.
Pending sales totaled 13,604 homes in May, a rise of 0.4 percent from 13,552 a year prior.
The months’ supply of homes for sale rose nearly 2 percent at the end of May to a 6.2-month supply, NYSAR reported. It stood at 6.1 months at the end of April 2018. A 6-month to 6.5-month supply of homes for sale is considered to be a balanced market, the association says.
The number of homes for sale totaled 69,118 in May, off 0.1 percent from May 2018.
Central New York data
Realtors in Onondaga County sold 397 previously owned homes in May, down nearly 14 percent from the 460 sold in the same month in 2018. The median sales price rose over 3 percent to $155,000 from $150,000 a year ago, according to the NYSAR report.
NYSAR also reports that realtors sold 168 homes in Oneida County in May, up nearly 2 percent from the 165 sold during May 2018. The median sales price rose 6.6 percent to $130,000 from nearly $122,000 a year ago.
Realtors in Broome County sold 159 existing homes in May, up more than 14 percent from 139 a year ago, according to the NYSAR report. The median sales price decreased 9.5 percent to $105,000 from $116,000 a year ago.
In Jefferson County, realtors closed on 106 homes in May, down almost 3 percent from 109 a year ago, and the median sales price of $139,500 was up 5.5 percent from $132,200 a year ago, according to the NYSAR data.
All home-sales data is compiled from multiple-listing services in New York state and it includes townhomes and condominiums in addition to existing single-family homes, according to NYSAR.

Downtown Committee honors TCGplayer, Everson Museum at annual meeting
SYRACUSE — The Downtown Committee of Syracuse, Inc. has recognized the Everson Museum of Art, TCGplayer, and the Whitney Lofts project for their efforts in downtown revitalization. The Downtown Committee also honored local businessman Michael Sgro in the awards portion of the organization’s annual meeting held June 20 in a lunch-hour event at the Oncenter.
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SYRACUSE — The Downtown Committee of Syracuse, Inc. has recognized the Everson Museum of Art, TCGplayer, and the Whitney Lofts project for their efforts in downtown revitalization.
The Downtown Committee also honored local businessman Michael Sgro in the awards portion of the organization’s annual meeting held June 20 in a lunch-hour event at the Oncenter.
In addition to the awards, Merike Treier, executive director of the Downtown Committee of Syracuse, delivered her annual “State of Downtown” address, outlining $233 million in investment activity underway.
Urban Innovation Award
The Downtown Committee honored TCGplayer with the Urban Innovation Award, “given for a trailblazing activity that’s brought new attention — and energy — to a previously underdeveloped facet of downtown Syracuse,” per a Downtown Committee news release.
The tech company’s “innovative, interactive” office-headquarters design is part of South Warren Street, just north of the Marriott Syracuse Downtown, the former Hotel Syracuse. Besides its own activity, TCGplayer partners with Central Library to host “Dungeons and Dragons” game sessions for children and teens, the Downtown Committee noted. It’s also working with the Marriott Syracuse Downtown to host a series of summer block parties.
Heart of Downtown Award

The Downtown Committee also honored the Everson Museum of Art with the Heart of Downtown Award, “given for efforts that positively impact the way people feel about downtown Syracuse.”
Described by the Committee as “an institution that has evolved along with downtown Syracuse,” the Everson is celebrating the 50th anniversary of its building.
“The Everson constantly finds new ways to connect diverse audiences to modern and contemporary artwork,” the release stated.
The museum earlier this year introduced the Danial Family Education Center and uses programming such as “Third Thursday” events and “Pay What You Wish” Wednesdays to make sure “the museum is accessible to all,” the Downtown Committee said.
The 3,000-square-foot Danial Family Education Center features flexible class spaces, a new kiln, parent lounge, and gallery walls to feature student work.
Perfect Partner Award
The Downtown Committee recognized Michael Sgro with the Perfect Partner Award, “given to an individual or business whose commitment positively influences downtown Syracuse.”
Sgro is founder of Michael Sgro Leadership Coaching and co-founder of the newly launched “Downtown Champions” group.
As a downtown business owner, resident, and “active” participant in downtown events, “Michael’s enthusiasm is contagious, and his creativity continues to stir new engagement in downtown activities,” the Downtown Committee said.
Newsmaker Award
The organization also recognized the Whitney Lofts project with the Newsmaker Award, which “highlights collaborative efforts that have generated a buzz throughout the community.”
Crews redeveloped the buildings at 321 and 323 S. Salina St. into the Whitney Lofts with 16 luxury apartments, Oh My Darling restaurant, Clementine — a grab-and-go lunch and breakfast counter — and the FITZ, a basement speakeasy.
Project developers included Ryan Benz, Steve Case, Leigh-Ann Boatman-Benz, and Shashank Bhatt.

Onondaga County hotel occupancy rate declines more than 9 percent in May
SYRACUSE — Hotels in Onondaga County saw fewer guests in May than in the year-ago month, according to a new report. The hotel occupancy rate (rooms sold as a percentage of rooms available) in the county fell 9.5 percent to 60.8 percent in May from 67.2 percent a year earlier, according to STR, a Tennessee–based
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SYRACUSE — Hotels in Onondaga County saw fewer guests in May than in the year-ago month, according to a new report.
The hotel occupancy rate (rooms sold as a percentage of rooms available) in the county fell 9.5 percent to 60.8 percent in May from 67.2 percent a year earlier, according to STR, a Tennessee–based hotel market data and analytics company. It was the eighth straight month in which Onondaga County’s occupancy rate declined compared to the year-earlier period. Year to date, hotel occupancy in the county was down 7.4 percent to 51.2 percent.
To be sure, Onondaga County last year hosted the U.S. Bowling Congress — at the Oncenter in Syracuse — from late March through early July. That pumped an estimated more than 40,000 hotel room night stays into the market. No similar event is taking place this year, making it difficult to match last year’s hotel occupancy numbers.
Revenue per available room (RevPar), a key industry gauge that measures how much money hotels are bringing in per available room, fell 7.7 percent to $71.32 in May from $77.28 in May 2018. Through the first five months of the year, the county’s RevPar declined 5.9 percent to $51.91.
Average daily rate (or ADR), which represents the average rental rate for a sold room, gained 2 percent to $117.20 in May from $114.92 a year before. Year to date, Onondaga County’s ADR was up 1.7 percent to $101.40.
Legislative session was 6 months of unchecked liberal extremism
One-party rule in Albany is an unmitigated disaster. The best part about the 2019 New York State legislative session is that for now, the damage is over. What we saw during the last six months was unchecked liberal extremism too eager to show what could be done, without giving enough consideration to what should be done.
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One-party rule in Albany is an unmitigated disaster. The best part about the 2019 New York State legislative session is that for now, the damage is over. What we saw during the last six months was unchecked liberal extremism too eager to show what could be done, without giving enough consideration to what should be done.
New York Democrats demonstrated their priorities in a number of ways: by lighting up landmarks to celebrate late-term abortion expansion; cheering as Amazon’s 25,000 jobs bailed out of New York; approving $1.3 billion in new taxes for already-overburdened families; dropping a mountain of unworkable, job-killing regulations onto our cornerstone industries; coddling incarcerated criminals and parolees while ignoring traumatized victims; and rewarding illegal immigrants with driving privileges typically reserved for law-abiding citizens.
We had enough existing problems in New York that demanded our attention — our tax rankings remain the worst in the country, outmigration is a national embarrassment, struggling families continue to get nickeled and dimed and our upstate infrastructure is crumbling — yet none of these issues were properly addressed, and willful ignorance won over common sense in 2019.
While this session will best be known for its radical shift away from responsible governing, there were notable achievements highlighting the good that can be done when political agendas are put aside. This year, the Assembly:
• Made the 2 percent property tax cap permanent, establishing important protections for homeowners;
• Reinforced our support for New York’s schools and students by increasing state education investments by nearly $1 billion;
• Decoupled teacher evaluations from flawed state assessments;
• Prevented a trash incinerator from threatening the quality of life, economy, and future well-being of the Finger Lakes Region; and,
• Established overdue reforms to the MTA to address funding, operational, and performance issues that have been ignored for long.
But the minimal amount of success we witnessed was completely overshadowed by the misguided and utterly bewildering priorities of the New York City agenda. When families looked to Albany for help what they saw was a state legislature more focused on political posturing, distracted by Washington D.C., and intent on helping criminals, inmates, and illegal immigrants.
The completion of the legislative session ends a six-month parade of liberal extremism that was not only irresponsible, but incredibly dangerous. I’m afraid that New York State is about to learn that the hard way.
Brian M. Kolb (R,I,C–Canandaigua), a former small-business owner, is the New York Assembly Minority Leader and represents the 131st Assembly District, which encompasses all of Ontario County and parts of Seneca County. This opinion is drawn and edited from a June 21 statement Kolb’s office issued. Contact him at kolbb@nyassembly.gov
How Long Can the Federal Debt Keep Rising?
A few months ago, the federal debt we have accumulated over the past decades crossed the $22 trillion mark. That’s a record. And it’s surely not going to be the last. According to Congressional Budget Office (CBO) estimates, annual federal deficits over the next decade — the deficit is the annual figure for how much
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A few months ago, the federal debt we have accumulated over the past decades crossed the $22 trillion mark. That’s a record. And it’s surely not going to be the last.
According to Congressional Budget Office (CBO) estimates, annual federal deficits over the next decade — the deficit is the annual figure for how much more Congress and the president opt to spend than the government takes in as revenue — are expected to average $1.2 trillion. Overall, the debt held by the public amounts to about 78 percent of our GDP.
That’s double what it was before the 2008 recession, and the CBO estimates that without significant changes, it’ll rise to 118 percent over the next 20 years, higher even than right after World War II.
Does this matter? Back when I was in Congress, I came away confused practically every time I listened to an economist offer an opinion. Some thought it mattered immensely. Others, not at all.
Indeed, I remember when the prospect of running a deficit of just a few billion dollars caused fiscal experts to say we were facing fiscal catastrophe. They turned out to be wrong. The system has been able to carry heavier debt than we once thought. The problem is, all we know is that we’re okay so far; we have no idea when we suddenly won’t be fine.
Here’s a useful way to look at it. Interest on the debt is expected to hit $390 billion this year. We’re paying more in interest on the debt than we spend on our children, and we’re headed toward doing the same with defense. I doubt that fits the priorities of most Americans. And I don’t think it’s sustainable indefinitely. It may even be dangerous.
At a certain level, carrying such huge debt — and spending so much each year to pay off the interest — makes it harder for the government to respond to future challenges and raises the risk of an economic crisis with no gas in the tank left to accelerate out of it.
It may crowd out both public and private investment, because there is less money for the government to invest in human capital or infrastructure, and private capital flows into government bonds rather than other avenues that might stoke economic growth. Or investors may decide that the U.S. government isn’t credit-worthy after all, and either push up interest rates or find a different currency to back, forcing the dollar’s value to plummet.
The bottom line is that ultimately, we have to pay for our government spending. Deficits don’t replace that need; they merely defer it.
The problem is that attacking yearly deficits is politically very difficult. They have to be addressed on both the spending and the revenue side — that is, with both spending cuts and tax increases — but there’s not much appetite in Washington for either. Even though politicians know full well that it’s not a question of whether we need to raise taxes or cut spending, just of when.
In the end, I believe strongly that the first rule for any policymaker ought to be: Do no harm. This requires a shift in our thinking about spending policies. If something is really important to do, it’s worth paying for and not pushing the cost into the future and on to the backs of our children. If no one’s willing to do what it takes to pay for it, maybe it’s not as high a priority as its backers think.
Similarly, we need to get real about taxes. It’s hugely seductive to politicians to believe that tax cuts pay for themselves by boosting economic activity and hence tax revenues. There is no evidence that this is how things work in the real world, however. Instead, deficits just keep increasing.
So do we need to panic? No. But we must not take the view that the question is irrelevant. Far better to begin now to address the problem gradually than to be forced into sudden and drastic measures by a crisis we all knew was coming, but didn’t have the will to forestall.
Lee Hamilton is a senior advisor for the Indiana University (IU) Center on Representative Government, distinguished scholar at IU Hamilton Lugar School of Global and International Studies, and professor of practice at the IU O’Neill School of Public and Environmental Affairs. Hamilton, a Democrat, was a member of the U.S. House of Representatives for 34 years, representing a district in south central Indiana.

Solvay Bank has named NESIB OSMANOVIC assistant VP and branch manager of its Liverpool branch. He previously served as assistant branch manager at the Liverpool office. Osmanovic holds a bachelor’s degree of professional studies in business management from Cazenovia College. Solvay Bank has also named JUSTIN STENERI assistant VP, commercial loan officer. He has more
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Solvay Bank has named NESIB OSMANOVIC assistant VP and branch manager of its Liverpool branch. He previously served as assistant branch manager at the Liverpool office. Osmanovic holds a bachelor’s degree of professional studies in business management from Cazenovia College.
Solvay Bank has also named JUSTIN STENERI assistant VP, commercial loan officer. He has more than 12 years of banking experience and is a graduate of Marist College.

MICHAEL LONGO, a systems development manager, was recently promoted to VP at NBT Bank. Longo joined NBT Bank in 2012. After successfully completing its management development program, he became a member of the systems development team and advanced to his current role in 2017. Today, he is responsible for overseeing digital and analytics strategy along
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MICHAEL LONGO, a systems development manager, was recently promoted to VP at NBT Bank. Longo joined NBT Bank in 2012. After successfully completing its management development program, he became a member of the systems development team and advanced to his current role in 2017. Today, he is responsible for overseeing digital and analytics strategy along with a team of employees who implement technology to enhance the employee and customer experience. Longo, a resident of Norwich, earned his master’s degree in computer information systems from Boston University and his bachelor’s degree in economic analysis and mathematics from Binghamton University.

CRISTINA HATEM, director of strategic marketing and communications, and MEARA MOSNY, communications coordinator, recently joined Syracuse University Libraries’ marketing & communications team. Hatem and Mosny will focus on marketing and communications activities that advance the libraries’ mission and vision. Hatem is an experienced marketing communications leader who previously worked at WCNY, JADAK, Preferred Mutual Insurance
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CRISTINA HATEM, director of strategic marketing and communications, and MEARA MOSNY, communications coordinator, recently joined Syracuse University Libraries’ marketing & communications team. Hatem and Mosny will focus on marketing and communications activities that advance the libraries’ mission and vision.
Hatem is an experienced marketing communications leader who previously worked at WCNY, JADAK, Preferred Mutual Insurance Company, and Mower, among others. She currently serves on the board of directors of OnPoint for College. She received a bachelor’s degree from Syracuse University’s S.I. Newhouse School of Public Communications and master’s degree from Le Moyne College.
Mosny most recently worked as marketing manager for the Finger Lakes Musical Theatre Festival and Merry-Go-Round Playhouse. She is a graduate of Le Moyne College’s Madden School of Business, with a bachelor’s degree.
LIZA LAMAY is the new operations manager at Potentia Management Group, LLC. She previously worked as a contract administrator at ConMed Corp. LaMay’s duties at Potentia will include excepting projects, inventory management, warranty issues, product ordering and expediting, sourcing, sub-contractor and partner relationships, and incentive paperwork for EV charging stations. She will be developing systems
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LIZA LAMAY is the new operations manager at Potentia Management Group, LLC. She previously worked as a contract administrator at ConMed Corp. LaMay’s duties at Potentia will include excepting projects, inventory management, warranty issues, product ordering and expediting, sourcing, sub-contractor and partner relationships, and incentive paperwork for EV charging stations. She will be developing systems to improve the company’s quality and streamline its current processes.
Bankers Healthcare Group (BHG) has added seven new employees to its Syracuse office. ALEC WEBER joined as an instructional designer. He previously worked as a lead corporate trainer at Charter Communications. ELIZABETH MAGIERA and ALYSA FIUMARA joined the company as junior account managers. They both previously worked at Empower Federal Credit Union as loan officers.
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Bankers Healthcare Group (BHG) has added seven new employees to its Syracuse office. ALEC WEBER joined as an instructional designer. He previously worked as a lead corporate trainer at Charter Communications. ELIZABETH MAGIERA and ALYSA FIUMARA joined the company as junior account managers. They both previously worked at Empower Federal Credit Union as loan officers. ASHLEY NEAL has joined BHG as an art director. She previously worked at Digital Hyve as a creative project manager. JOSEPH OOT joined BHG as a marketing operations specialist. He previously worked at Terakeet as a senior digital outreach specialist. JORDAN CLOSS has come aboard as a strategic business analyst. Prior to BHG, he worked in a lending business-analyst role at Empower Federal Credit Union. LUKE JORDAN has joined BHG as a balance transfer account manager. He previously worked as a financial analyst on the insurance financial planning & analysis team at UPMC in Pittsburgh.
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