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

New York home sales fall nearly 14 percent in October
But pending sales rise in the month ALBANY, N.Y. — New York realtors sold 9,733 previously owned homes in October, down 13.9 percent from the 11,298 existing homes they sold in the year-prior month. This marked the 26th straight month in which closed sales fell on a year-over-year basis, according to the October monthly housing […]
Become a Central New York Business Journal subscriber and get immediate access to all of our subscriber-only content and much more.
Click here to purchase a paywall bypass link for this article.
But pending sales rise in the month
ALBANY, N.Y. — New York realtors sold 9,733 previously owned homes in October, down 13.9 percent from the 11,298 existing homes they sold in the year-prior month.
This marked the 26th straight month in which closed sales fell on a year-over-year basis, according to the October monthly housing report that the New York Association of Realtors (NYSAR) issued on Nov. 21. However, pending sales rose 3.5 percent in October, foreshadowing a possible bump up in closed sales in the next couple months.
“As interest rates inched closer to eight percent, sales of homes across the Empire State dipped once again in October,” the New York State Association of Realtors (NYSAR) said to open its news release about the October housing report.
NYSAR cites Freddie Mac as indicating interest rates peaked in October at 7.79 percent on a 30-year fixed-rate mortgage, finishing the month averaging 7.62 percent. This is up from the 7.20 percent average in the previous month. A year ago at this time, the average rate on a 30-year fixed-rate mortgage was 7.08 percent.
New York sales data
New listings of homes for sale in the Empire State totaled 12,423 in October, off 0.1 percent from 12,441 in the year-ago month.
Pending sales totaled 9,693 homes in this year’s 10th month, up 3.5 percent from 9,364 homes in October 2022, according to the NYSAR data.
The inventory of homes for sale in the state totaled 29,316 in October, a decline of 21.4 percent from the year-earlier figure of 37,276. It marks 48 consecutive months that the number of homes available for sale has fallen in year-over-year comparisons, NYSAR said.
The October 2023 statewide median sales price was $375,000, up almost 4.5 percent from the October 2022 median sales price of $359,000.
The months’ supply of homes for sale at the end of October stood at 3.2 months, down nearly 6 percent from the 3.4 months of supply a year before, per NYSAR’s report. A 6-month to 6.5-month supply is considered a balanced market, the association said.
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.

Remington Firearms to close Ilion plant in March 2024
ILION, N.Y. — The company has been a staple in Ilion for more than 200 years. Almost everyone in the village of about 7,600 has a connection to Remington Arms, whether it’s working there themselves or knowing someone who did. That legacy — and the generations of families it supported — ends in Ilion when
Become a Central New York Business Journal subscriber and get immediate access to all of our subscriber-only content and much more.
Click here to purchase a paywall bypass link for this article.
ILION, N.Y. — The company has been a staple in Ilion for more than 200 years. Almost everyone in the village of about 7,600 has a connection to Remington Arms, whether it’s working there themselves or knowing someone who did.
That legacy — and the generations of families it supported — ends in Ilion when the now-named Remington Firearms factory closes for good in March 2024.
Employees and village officials learned Nov. 30 of the closing from RemArms LLC, a holding company of Roundhill Group, LLC, which purchased the Remington brand and facilities in Ilion and Tennessee in 2020.
The move, announced in a letter sent to Ilion Mayor John Stephens from RemArms Director of Benefits and Compensation Brian Wheatley, ends the employment of 309 people at the Ilion plant as the company moves to consolidate all operations in its new headquarters in LaGrange, Georgia.
“This news is extremely heartbreaking for the village, county, and region, as the Remington name has been synonymous with Ilion since 1816,” Stephens said in a formal statement from the village. “As I stated back in my first term as mayor, ‘Ilion is Remington, Remington is Ilion’ and that continues to be a fact, even after the doors close.”
RemArms and Georgia Gov. Brian Kemp announced in November 2021 the company would locate its global headquarters and open a new advanced manufacturing facility in LaGrange. At the time, RemArms noted it would invest $100 million in the project and create 856 jobs over a five-year period.
RemArms CEO Ken D’Arcy, in a video posted on the company’s social-media sites, made note of the cost of operating and maintaining the old buildings in Ilion along with the welcoming environment for the firearms industry in Georgia. He compared it with a concerning “legislative environment” in New York.
Ilion’s Stephens also points the blame at issues bigger than old buildings. “I blame this on the political climate in New York state,” he says in a telephone interview with The Central New York Business Journal.
The state’s SAFE Act (New York Secure Ammunition and Firearms Enforcement Act of 2013) is among the toughest gun-control laws in the nation and passed in the weeks following the Sandy Hook Elementary School shooting. The shooter, Adam Lanza, used a Remington “Bushmaster” AR-15 in the shooting. Two years later, the relatives of the victims sued Remington. The company and the families reached a $73 million settlement in February 2022.
Whatever the real reason behind the closing, Stephens says the company will never be able to recreate what it’s giving up. “Remington is never going to find the skills and dedication that we have here in Ilion.”
Financially, he adds, the village should be fine. “This is going to be more of a nostalgic issue than a financial one” for the village, he contends. Remington owns the buildings and will be responsible for both maintaining them and paying taxes, and the village is already thinking ahead to how the 34-acre parcel could be reutilized.
For the workers losing their jobs, it could be a vastly different story. The United Mine Workers of America (UMWA) union represents many of those about to lose their jobs.
“It is extremely disappointing to hear that RemArms LLC is closing its Ilion plant,” UMWA International President Cecil E. Roberts said in a press statement. “The workers in Ilion enabled RemArms to rise from the ashes of the Remington Arms bankruptcy in 2020-21. Without these workers and their dedication to producing the best firearms in the world, this company simply would not exist.”
“Our members, the community, local political leaders, and the UMWA worked tirelessly to keep this facility open and to return workers to the jobs they have had for over 100 years,” he continued. “This announcement by the company is a slap in the face to all of them. The timing adds insult to injury for those affected. Merry Christmas from RemArms.”
In the company video, D’Arcy stated the company will work with employees to transition them. With the plant closing on or around March 4, RemArms expects to complete employee terminations within 14 days of that date.
“As the affected workers and their families face an uncertain future, the UMWA rallies behind them, offering support and solidarity,” Roberts said. “The UMWA is committed to exploring all legal avenues to keep these union jobs where they belong, in Ilion, New York.”
Assemblyman Robert Smullen (R,C) — who represents the 118th Assembly District, which includes Hamilton County and parts of Montgomery, Fulton, Herkimer, and Oneida counties — said he was “outraged” that Remington “in Ilion will be forced to close.”
“Remington’s reported decision to close its Ilion plant next year is concerning and unfortunate. This facility, which received significant investment from the state, employs many local residents,” he said in a Dec.1 statement. “Unfortunately, like we have seen all too often in New York, burdensome regulations, crippling taxes and problematic energy and other policies continue to force businesses and companies to flee the state taking jobs and livelihoods with them. We will continue to communicate with state and federal officials and work to help and assist the company’s employees and their families during this difficult time.”
Founded in Ilion in 1816 by Eliphalet Remingtin, Remington Firearms is one of the oldest gunmakers in the country. From 1933 to 1993, DuPont owned Remington Arms, as it was then known. In more recent years, the company has changed ownership and names a number of times. Remington Arms filed for bankruptcy in 2018 and 2020, when it was acquired by Roundhill Group.

Generations Bank transitions to new president and CEO
SENECA FALLS, N.Y. — The woman who has led Generations Bank since the death of previous president and CEO Menzo Case in October will continue as the bank’s top executive. Generations Bank on Dec. 5 announced the appointment of Angela Krezmer as its new president and CEO, effective Nov. 27. With the appointment, Krezmer is
Become a Central New York Business Journal subscriber and get immediate access to all of our subscriber-only content and much more.
Click here to purchase a paywall bypass link for this article.
SENECA FALLS, N.Y. — The woman who has led Generations Bank since the death of previous president and CEO Menzo Case in October will continue as the bank’s top executive.
Generations Bank on Dec. 5 announced the appointment of Angela Krezmer as its new president and CEO, effective Nov. 27.
With the appointment, Krezmer is the first female president and CEO of Generations Bank and its 13th top executive overall, per the bank’s announcement.
Krezmer had been serving as the bank’s interim principal executive officer since Oct. 16, following the death of Menzo Case, the bank’s previous president and CEO. Case served as the bank’s top executive for 15 years.
Generations Bank says Krezmer will “bring continuity and innovation to her new role.” In addition to her role as president and CEO, Krezmer has been elected to join the bank’s board of directors.
Prior to this appointment, Krezmer has been serving as the CFO of Generations Bank since 2021. She will continue her duties as CFO, the bank noted.
“In a historic move for our Seneca Falls-based organization, a town renowned for women’s rights, Ms. Krezmer becomes the first female President & CEO,” Brad Jones, chairman of the board of directors at Generations Bank, said in a news release. “Her proven track record, strategic vision, and commitment to excellence make her the ideal candidate to lead Generations Bank.”
Krezmer said she’s “honored” to succeed the late Menzo Case as the bank’s president and CEO.
“I am committed to maintaining the high standards set by my predecessor and steering our dedicated team toward a future that prioritizes community well-being and progress,” Krezmer said.
Prior to joining Generations Bank, Krezmer served as CFO of Prosper Bank (now known as Presence Bank) in Coatesville, Pennsylvania. Prior to that role, she served for more than a decade at Fairport Savings Bank in Monroe County, where she held various positions including CFO.
Krezmer is a graduate of Rochester Institute of Technology and the ABA Stonier Graduate School of Banking at the University of Pennsylvania and has worked in the banking industry since 2008.
Founded in 1870 and headquartered in Seneca Falls, Generations Bank serves the Finger Lakes and Western New York regions with locations in Seneca Falls, Auburn, Union Springs, Waterloo, Geneva, Phelps, Farmington, and Medina.

Community Bank System to pay Q4 dividend of 45 cents on Jan. 10
DeWITT, N.Y. — Community Bank System, Inc. (NYSE: CBU) — parent company of Community Bank, N.A. — recently announced that it has declared a quarterly cash dividend of 45 cents a share on its common stock for the fourth quarter. The dividend will be payable on Jan. 10, to shareholders of record as of Dec.
Become a Central New York Business Journal subscriber and get immediate access to all of our subscriber-only content and much more.
Click here to purchase a paywall bypass link for this article.
DeWITT, N.Y. — Community Bank System, Inc. (NYSE: CBU) — parent company of Community Bank, N.A. — recently announced that it has declared a quarterly cash dividend of 45 cents a share on its common stock for the fourth quarter.
The dividend will be payable on Jan. 10, to shareholders of record as of Dec. 15.
The quarterly payment corresponds to an annualized yield of about 4 percent, based on the banking company’s current stock price.
DeWitt–based Community Bank System is a diversified financial services company with total assets of $15.4 billion focused on four main business lines — banking, benefits administration, insurance services, and wealth management. Community Bank, N.A. is among the nation’s 100 biggest banking institutions and operates more than 200 branches across upstate New York, northeastern Pennsylvania, Vermont, and western Massachusetts.
Oneida County hotels see a rise in guests in October
UTICA, N.Y. — Oneida County’s hotel-occupancy rate (rooms sold as a percentage of rooms available) increased 3.3 percent to 68.5 percent in October from the year-ago month. That’s according to a recent report from STR, a Tennessee–based hotel-market data and analytics company. Year to date through October, occupancy was up 1.7 percent to 62.5 percent.
Become a Central New York Business Journal subscriber and get immediate access to all of our subscriber-only content and much more.
Click here to purchase a paywall bypass link for this article.
UTICA, N.Y. — Oneida County’s hotel-occupancy rate (rooms sold as a percentage of rooms available) increased 3.3 percent to 68.5 percent in October from the year-ago month.
That’s according to a recent report from STR, a Tennessee–based hotel-market data and analytics company. Year to date through October, occupancy was up 1.7 percent to 62.5 percent.
Revenue per available room (RevPar), a key industry gauge that measures how much money hotels are bringing in per available room, jumped 10.8 percent to $98.36 this October in the Mohawk Valley’s largest county, compared to October 2022. Through the first 10 months of the year, RevPar was up 7.6 percent to $84.50.
Average daily rate (ADR), which represents the average rental rate for a sold room, went up 7.3 percent to $143.56 in Oneida County in the 10th month of 2023, versus the same month a year prior. Year to date, ADR was higher by 5.8 percent to $135.15.
Broome County hotel occupancy edges up in October
BINGHAMTON, N.Y. — Broome County hotels registered a slight rise in guests in October compared to the year-ago month, while two other business indicators posted bigger increases. The hotel-occupancy rate (rooms sold as a percentage of rooms available) in the county moved up 1.4 percent to 64.9 percent in the 10th month of 2023 versus
Become a Central New York Business Journal subscriber and get immediate access to all of our subscriber-only content and much more.
Click here to purchase a paywall bypass link for this article.
BINGHAMTON, N.Y. — Broome County hotels registered a slight rise in guests in October compared to the year-ago month, while two other business indicators posted bigger increases.
The hotel-occupancy rate (rooms sold as a percentage of rooms available) in the county moved up 1.4 percent to 64.9 percent in the 10th month of 2023 versus October 2022. Year to date through October, occupancy was down 1.1 percent to 60.6 percent.
Revenue per available room (RevPar), an industry gauge that measures how much money hotels are bringing in per available room, jumped 5.1 percent to $78.54 in October compared to the year-prior month. Through the first 10 months of the year, RevPar in Broome County had gained 3.6 percent to $69.76.
Average daily rate (ADR), which represents the average rental rate for a sold room, increased 3.7 percent to $120.95 in the county this October, versus the same month in 2022. So far this year through Oct. 31, ADR was up 4.8 percent to $115.17.
Onondaga County hotels saw business decline in October
SYRACUSE, N.Y. — Onondaga County hotels posted a drop in three key benchmarks of business performance in October. The hotel-occupancy rate (rooms sold as a percentage of rooms available) in the county slipped 4.3 percent to 65.5 percent in the 10th month of this year compared to October 2022, according to STR, a Tennessee–based hotel
Become a Central New York Business Journal subscriber and get immediate access to all of our subscriber-only content and much more.
Click here to purchase a paywall bypass link for this article.
SYRACUSE, N.Y. — Onondaga County hotels posted a drop in three key benchmarks of business performance in October.
The hotel-occupancy rate (rooms sold as a percentage of rooms available) in the county slipped 4.3 percent to 65.5 percent in the 10th month of this year compared to October 2022, according to STR, a Tennessee–based hotel market data and analytics company. Year to date, occupancy was up 2.8 percent to 62.5 percent.
Revenue per available room (RevPar), a key industry gauge that measures how much money hotels are bringing in per available room, declined 9.3 percent to $86.55 in Onondaga County in October from a year earlier. In the first 10 months of 2023, RevPar was 9.2 percent higher to $81.44.
Average daily rate (or ADR), which represents the average rental rate for a sold room, dropped 5.1 percent to $132.19 in October versus the year-ago month. For the period between Jan. 1 and Oct. 31 of this year, ADR was up 6.2 percent to $130.24, compared to the same period in 2022.

Chemung Financial to pay Q4 dividend of 31 cents in early January
ELMIRA, N.Y. — Chemung Financial Corp. (NASDAQ: CHMG) recently announced that its board of directors has approved a quarterly cash dividend of 31 cents a share of its common stock. The banking company will pay the dividend on Jan. 2, to shareholders of record as of the close of business on Dec. 19. At Chemung
Become a Central New York Business Journal subscriber and get immediate access to all of our subscriber-only content and much more.
Click here to purchase a paywall bypass link for this article.
ELMIRA, N.Y. — Chemung Financial Corp. (NASDAQ: CHMG) recently announced that its board of directors has approved a quarterly cash dividend of 31 cents a share of its common stock.
The banking company will pay the dividend on Jan. 2, to shareholders of record as of the close of business on Dec. 19.
At Chemung Financial’s current stock price, the payment yields about 2.7 percent on an annual basis.
Chemung Financial is a $2.7 billion financial-services holding company headquartered in Elmira and operates 31 offices through its principal subsidiary, Chemung Canal Trust Company, a full-service community bank with full trust powers. Founded in 1833, Chemung Canal Trust says it is the oldest locally owned and managed community bank in New York state.
Chemung Financial is also the parent of CFS Group, Inc., a financial-services subsidiary offering non-traditional services including mutual funds, annuities, brokerage services, tax-preparation services, and insurance, as well as Chemung Risk Management, Inc., an insurance company based in Nevada.
Lockheed’s suburban Syracuse plant wins $9M U.S. Navy order
SALINA, N.Y. — The Lockheed Martin Corp. Rotary and Mission Systems plant in the town of Salina has been awarded a nearly $9.3 million order against a previously issued basic ordering agreement from the U.S. Navy. This order provides for the development, building, test, and delivery of seven tactical radar processing benches and two full
Become a Central New York Business Journal subscriber and get immediate access to all of our subscriber-only content and much more.
Click here to purchase a paywall bypass link for this article.
SALINA, N.Y. — The Lockheed Martin Corp. Rotary and Mission Systems plant in the town of Salina has been awarded a nearly $9.3 million order against a previously issued basic ordering agreement from the U.S. Navy.
This order provides for the development, building, test, and delivery of seven tactical radar processing benches and two full radar processing bench units in support of the development and operation of the Integrated Battlespace Simulation and Test, E-2D Systems Test and Evaluation Labs for the Navy.
Work will be performed in Salina and is expected to be completed in October 2025, according to a Nov. 21 contract announcement from the U.S. Department of Defense. Fiscal 2023 research, development, test, and evaluation (Navy) funds of $9,279,832 will be obligated at the time of award — all of which will expire at the end of the fiscal year. The Naval Air Warfare Center Aircraft Division in Patuxent River, Maryland, is the contracting authority.

Southern Tier researchers, companies lead the way to greener concrete
The average New Yorker probably doesn’t spend a lot of time thinking about recycling or about concrete — or about how those two things could possibly go together. However, a group of dedicated researchers and entrepreneurs in the Southern Tier have been thinking about all of those things — and doing something about it. Their
Become a Central New York Business Journal subscriber and get immediate access to all of our subscriber-only content and much more.
Click here to purchase a paywall bypass link for this article.
The average New Yorker probably doesn’t spend a lot of time thinking about recycling or about concrete — or about how those two things could possibly go together.
However, a group of dedicated researchers and entrepreneurs in the Southern Tier have been thinking about all of those things — and doing something about it.
Their results are already having an impact on both the recycling world and the construction industry around the region, helping to mark the Southern Tier as a hot spot for green concrete.
The Alfred University Center for Advanced Ceramic Technology (CACT) is working with SQ4D, a Patchogue–based company that 3D prints concrete houses. Together, they are developing a glass aggregate that’s a more environmentally friendly alternative to traditional concrete ingredients.
While the words are commonly used interchangeably, cement is actually just one of the ingredients in concrete. The other ingredients are water and some type of aggregate, says Collin Wilkinson, an assistant professor of glass science and engineering at Alfred. Often made of sand and/or crushed stone, the aggregate really is there to take up space and create more concrete volume, he says.
The problem is that mining for and then crushing and drying that aggregate isn’t always the most environmentally friendly process. That’s why CACT began working with SQ4D to find an alternative. As home to the Center for Glass Innovation, it’s no surprise researchers began looking to glass as an option, Wilkinson says.
Glass was a good choice — replacing about 20 percent of traditional aggregate — because it is made primarily of the same elements as limestone with a few added ingredients that don’t work quite as well.
“How are we going to modify this waste glass?” Wilkinson asks. That was the question they sought to answer.
The other reason to use waste glass? There’s a lot of it, he says.
The founders of KLAW Industries in Binghamton discovered that when they toured a recycling facility while still in college.
“We learned a lot of glass we recycle doesn’t actually get recycled,” COO Jacob Kumpon says. “Glass is very difficult to process.”
He and KLAW co-founders Jack Lamuraglia and Tanner Wallis, wanted to find a solution for that.

Their solution, Pantheon, uses waste glass that’s ground to about the same consistency as baby powder in place of a portion of the cement used to make concrete. Pantheon costs about the same as cement and uses the same tools and equipment, but the resulting concrete is proving to be about 11 percent stronger. Its creation also creates 97 percent less emissions than traditional cement production.
The City of Binghamton recently partnered with KLAW for $1.7 million worth of curb and sidewalk upgrades throughout the city. Barney & Dickenson Inc. of Vestal delivered the low-carbon concrete for the project and is a regular KLAW customer.
Earlier this year, the U.S. Department of Energy awarded KLAW and the Koffman Southern Tier Incubator $125,000 for its Energy Program for Innovation Clusters (EPIC) Prize Pitch Competition to expand low-carbon concrete throughout the state — funding that will help KLAW scale up its production of Pantheon.
Heading into 2024, Kumpon estimates KLAW will be able to create about 320 tons of Pantheon each month, while diverting 400 tons of waste glass away from municipal recycling facilities every month.
These new glass-based materials come at a time when there is a big push to decarbonize the construction industry. In New York state, a new “Buy Clean Concrete” mandate goes into effect in 2025, that will require environmental product declarations (EPD) for all concrete mixes used in qualifying state construction projects. The EPD must demonstrate that the concrete achieves an environmental impact below limits set by the state for contracts exceeding $1 million and using more than 50 cubic yards of concrete, or Department of Transportation projects exceeding $3 million that include at least 200 cubic yards of concrete.
Stay up-to-date on the companies, people and issues that impact businesses in Syracuse, Central New York and beyond.