Cortland County man charged with grand larceny for jet-ski theft

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MARATHON, N.Y. — New York State Police in Homer on June 27 arrested Benjamin C. Truitt, age 28 of Marathon, for fourth degree grand larceny, a felony, after he allegedly stole a jet ski and trailer. The State Police say there was a report of a jet ski and trailer stolen in April from outside […]

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Syracuse one-bedroom apartment rent prices rise 2 percent in June, but remain flat year over year

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SYRACUSE, N.Y. — The median rental price for most apartments in the Syracuse metro area was up more than 2 percent in June from the prior month but was unchanged from a year ago. That’s according to the latest Zumper National Rent Report, issued on June 27. The median rental price of one-bedroom apartments in

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Lockheed Martin Owego wins more than $192 million U.S. Army contract modification

Manufacturing & Engineering, Regional News, Subscriber Only

OWEGO, N.Y. — The Lockheed Martin Corp. (NYSE: LMT) plant in Owego was recently awarded a $192.2 million modification to a U.S. Army contract for Modernized-Radar Frequency Interferometer production, sustainment hardware, and technical, logistical, test and engineering support. Work locations and funding will be determined with each order, with an estimated completion date of Aug.

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Onondaga County hotels post increase in occupancy, other business-performance data in May

Construction, Design & Real Estate, New York News, Small Business, Sports, Entertainment & Tourism

SYRACUSE, N.Y. — Onondaga County hotels generated substantial growth in business activity in May in three different benchmarks, according to a recent report. The hotel-occupancy

Broome County hotel occupancy rises slightly in May, other business indicators up strongly

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BINGHAMTON, N.Y. — Broome County hotels registered a small increase in guests in May compared to the year-earlier month, while two other business indicators rose much more substantially. The hotel-occupancy rate (rooms sold as a percentage of rooms available) in the county edged up 0.5 percent to 62.8 percent in the fifth month of this

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Elmcrest Children’s Center has chosen its next director

Employee Benefits & Human Resources, Health Care, Nonprofits, People on the Move, Subscriber Only

Previous director is retiring SYRACUSE, N.Y. — Syracuse–based Elmcrest Children’s Center has chosen its next leader following a pending retirement. James Muldoon, chairman of the Elmcrest board of directors, announced the appointment of Ruth Ann Riposa as Elmcrest’s new executive director, per a

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Previous director is retiring

SYRACUSE, N.Y. — Syracuse–based Elmcrest Children’s Center has chosen its next leader following a pending retirement.

James Muldoon, chairman of the Elmcrest board of directors, announced the appointment of Ruth Ann Riposa as Elmcrest’s new executive director, per a news release the organization issued.

She is succeeding Joseph Geglia, who was scheduled to retire, effective June 30, after serving for more than a decade as executive director. In total, Geglia has worked for Elmcrest for more than three decades, the nonprofit noted.

About Riposa

Riposa brings a leadership background in nonprofit, for-profit, and government entities, including as a health-services administrator in correctional health care and, most recently, as COO for Arc of Onondaga. Riposa came to Elmcrest during the spring.

“This well-planned leadership change has allowed me to immerse myself in the world of Elmcrest since mid-April — it is extremely evident that there is a true culture of caring amongst the employees for both the children and families we serve as well as for each other as team members,” Riposa said in the release. “It has been a true joy to interact with the teams across the agency and see and feel the heartbeat that they share for the incredible work they do.”

About Geglia

Geglia began his career at Elmcrest as a development advisor in 1985 and joined the staff five years later. He was later named executive director in 2010.

During his tenure, Elmcrest has developed 16 outreach community-based programs in Syracuse, Binghamton, Mexico, Cortland, and Casey’s Place. That’s in addition to its residential program on the Salt Springs campus, Elmcrest noted.

In his role, Gegila has been responsible for 551 employees and net assets of $25.8 million and had a “genuine concern and caring for the children who come to Elmcrest,” the organization said.

Geglia also sought funding to build a literacy center on campus, which was part of “his vision for the education of the boys and girls at Elmcrest.”

During his time, hundreds of children have worked with a specialist to recover credits to get back on their proper grade level. Geglia also set up a scholarship program that has helped several students pursue a college education, Elmcrest said of its retiring director.

Recapping the Downtown Committee annual meeting

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SYRACUSE, N.Y. — During the 2022-2023 fiscal year, the downtown area of Syracuse had a total of 20 projects worth more than $180 million in downtown investment that created seven new Class A office headquarters. In addition, the activity included more than 135 new housing units along with enhanced public infrastructure and tourism amenities. The

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In addition, the activity included more than 135 new housing units along with enhanced public infrastructure and tourism amenities.

The information is part of the State of Downtown report delivered during the annual meeting luncheon of the Downtown Committee of Syracuse Inc., which was held June 21 at the Nicholas J. Pirro Convention Center at Oncenter.

“We’ve seen another year of incredible levels of investment that have moved Downtown Syracuse forward and demonstrate the belief and commitment to our city center,” Merike Treier, executive director of the Downtown Committee of Syracuse, said in a news release about the event. “2023 reinforced Downtown’s role as a place where people can connect and come together. We’ve seen what happens when our community bands together with a collective voice and how this forward-thinking has paved the way for the active, vibrant, Downtown we know today.”

The event attracted about 450 members of the downtown community, including property owners, businesses, residents, and other stakeholders, the Downtown Committee said.

Downtown Awards of Excellence

The Downtown Committee recognized the ongoing City Center revitalization project with the Urban Innovation Award. It’s a $37 million project to redevelop the former Sibley’s department store. The Redhouse Arts Center and the Hayner Hoyt Corporation partnered on the project.

It also honored the Milton J. Rubenstein Museum of Science & Technology (MOST) with the Heart of Downtown Award. The award recognizes efforts that “positively affect and inform the way that people feel about Downtown Syracuse, and many times, our honorees are recognized for the way that they make people feel,” the Downtown Committee said. The MOST is “built on a foundation” of providing hands-on STEAM (science, technology, engineering, arts, and mathematics) education throughout the community and to their visitors annually.

The Downtown Committee also recognized the Erie Canal Museum with the Perfect Partner Award, an honor given to individuals and organizations “whose initiatives, advocacy and commitment positively impact Downtown Syracuse.” The Erie Canal Museum recently partnered with Talking Cursive Brewery for Beer, Bikes and Barges, a guided bike ride along the Empire State Trail that finishes at a local brewery, “expanding the audience for downtown’s many amenities.”

New York home sales slide more than 20 percent in May

Construction, Design & Real Estate, New York News, Regional News, Small Business, Sports, Entertainment & Tourism, Subscriber Only

ALBANY, N.Y. — New York realtors closed on the sale of 8,819 previously owned homes in May, down 20.4 percent from 11,075 existing homes sold in the state in the year-prior month. Pending sales also declined more than 4 percent, foreshadowing further but smaller declines in closed home sales in the next couple of months.

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ALBANY, N.Y. — New York realtors closed on the sale of 8,819 previously owned homes in May, down 20.4 percent from 11,075 existing homes sold in the state in the year-prior month.

Pending sales also declined more than 4 percent, foreshadowing further but smaller declines in closed home sales in the next couple of months. That’s according to the May monthly housing report that the New York Association of Realtors (NYSAR) issued on June 22.

“Home prices inched lower across New York State in May while inventory continues to decline in year-over-year comparisons,” NYSAR said to open its housing report.

Interest rates rose slightly in May, starting the month at 6.39 percent on a 30-year fixed-rate mortgage, but ending May at 6.57 percent. NYSAR cited Freddie Mac as indicating the monthly average on a 30-year fixed-rate mortgage in May settled in at 6.43 percent, up from the 6.34 percent average in April. Freddie Mac is the more common way of referring to the Virginia–based Federal Home Loan Mortgage Corporation.

New listings of homes for sale in New York state fell 18.4 percent to 15,540 from 19,040 in May 2022. Pending sales totaled 12,483 in May, down 4.1 percent from 13,017 pending sales in the same month in 2022, according to the NYSAR data.

The May 2023 statewide median sales price was $400,000, down 2.4 percent from the May 2022 median sales price of $410,000.

The months’ supply of homes for sale at the end of May stood at 3.2 months, unchanged compared to a year ago, per NYSAR. A 6-month to 6.5-month supply is considered a balanced market.

The number of homes for sale in the Empire State totaled 32,535 in May, down 16.4 percent from the May 2022 figure of 38,939, and off more than 25 percent from 43,607 homes for sale two years ago. The number of homes available for sale in New York has fallen in year-over-year comparisons for 43 straight months.

All home-sales data is compiled from multiple-listing services in New York, and it includes townhomes and condominiums in addition to existing single-family homes, according to NYSAR.

M&T Bank announces commercial bank hires, promotions

Banks & Credit Unions, Employee Benefits & Human Resources, Insurance & Financial Services, People on the Move, Subscriber Only

Buffalo — M&T Bank (NYSE: MTB) — which ranks No. 1 in deposit market share in the 16-county Central New York region — recently announced a group of leadership updates in its commercial bank unit. The changes include the following promotions and new hires. Tim Gallagher has been named head of commercial real estate (CRE).

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Tim Gallagher has been named head of commercial real estate (CRE). He brings more than 25 years of CRE experience to M&T, including stints with Morgan Stanley and Annaly Capital. In this role, Gallagher will oversee all aspects of the CRE platform and strategy including both on and off-balance sheet activities. Matt Petrula will continue as head of regional real estate and will work closely with Gallagher to coordinate and execute M&T’s CRE strategy, according to an M&T bank news release issued on June 27.

M&T Bank has promoted Hugh Giorgio to head of investment banking. Giorgio, a 20-year veteran of M&T’s Investment Bank, currently holds the role of head of debt capital markets which includes commercial & industrial and CRE loan capital markets, fixed-income capital markets, equity capital markets, and loan sales and trading. Giorgio will maintain these responsibilities while expanding his oversight to include the bank’s broker-dealer, M&T Securities, and mergers and acquisitions advisory business unit.

The bank hired Jeff Carpenter as head of specialty and corporate banking. Prior to joining M&T, he spent 10 years with People’s United commercial banking business on capital markets, specialty finance, commercial strategy, and health care. In this role, Carpenter will oversee franchise banking, leveraged lending, fund banking, and large corporate and mortgage warehouse lending, in addition to his current responsibilities leading Treasury capital markets.

Michelle Brett has been appointed head of commercial risk at M&T Bank. She brings more than 25 years of risk-management experience to her new role. Brett most recently worked at J.P. Morgan Chase, where she spent the past 19 years in risk, operations, and business administration within the commercial bank. In this role, Brett is responsible for oversight of activities identifying, assessing, monitoring, and controlling risk. the head of commercial risk facilitates the establishment of division-wide and business line-specific policies, procedures, and limits.

All of the positions M&T Bank announced will report directly to Peter D’Arcy, head of its commercial bank.

“It is an exciting time at M&T as we continue to grow the ways in which we bring ideas, solutions, and support to our diverse portfolio of clients,” said D’Arcy. “The deep breadth of experience that Gallagher, Giorgio, Carpenter, and Brett bring when combined with our strong existing leadership team allows us to execute our strategy while ensuring we continue to evolve with our customers and expand our product offerings.”

M&T Bank, provides banking products and services in 12 states across the eastern U.S. from Maine to Virginia and Washington, D.C. Trust-related services are provided in select markets in the U.S. and abroad by M&T’s Wilmington Trust-affiliated companies and by M&T Bank.

Cerminaro named CEO of Community Bank Wealth Management

Banks & Credit Unions, Employee Benefits & Human Resources, Insurance & Financial Services, New York News, People on the Move, Subscriber Only

DeWITT, N.Y. — Community Bank System, Inc. (NYSE: CBU) recently announced that Michael T. Cerminaro has been appointed president and CEO of the Community Bank Wealth Management division of its Community Bank, N.A. banking subsidiary. Cerminaro joins the bank with more than 30 years of experience, having most recently served as market head for the

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Cerminaro joins the bank with more than 30 years of experience, having most recently served as market head for the Northeast/Mid-Atlantic region and head of U.S. ultra-high net worth at HSBC Bank USA.

This appointment and succession reflects Community Bank’s “long standing commitment to growth and investment in its wealth management business line,” it said in a news release.

Cerminaro will replace Paul Restante, who has led Community Bank’s wealth management unit for more than 10 years. Restante will continue with the banking company as a managing director.

“[Cerminaro] brings a breadth and depth of experience and expertise to this role, making him an excellent choice to lead our wealth management business. With his proven track record of growing sizable wealth businesses, and his high energy level, I am confident in his ability to drive the division’s success and ensure our clients’ financial objectives are met,” Dimitar Karaivanov, Community Bank System’s executive VP and chief operating officer, said in the release. “We would also like to express our gratitude to Paul Restante, who has played a pivotal role in taking our business to the next level since assuming the leadership role over a decade ago. I am pleased that Paul will continue with us as Managing Director and will work closely with Mike to prepare the business for this next stage of growth.”

Community Bank Wealth Management has more than $7.7 billion of assets under management and administration. It provides comprehensive asset management, strategic wealth and succession planning, trust administration, and retirement-plan design services across New York, Pennsylvania, Vermont, Massachusetts, and Florida through the bank’s trust department, and its subsidiaries: Community Investment Services, The Carta Group, Inc., Nottingham Advisors, Inc. and OneGroup Wealth Partners, Inc. Parent company Community Bank System has total assets of more than $15.2 billion.

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