New York home sales slide in March amid tight inventory

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New York realtors sold 10,350 previously owned homes in March, down 9.3 percent from the 11,412 homes they sold in the year-ago month as housing supply remained constrained. However, pending sales, which represent homes under contract, increased more than 3 percent in March, pointing to a possible rebound in closed sales in the next month or […]

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New York realtors sold 10,350 previously owned homes in March, down 9.3 percent from the 11,412 homes they sold in the year-ago month as housing supply remained constrained.

However, pending sales, which represent homes under contract, increased more than 3 percent in March, pointing to a possible rebound in closed sales in the next month or two.

That’s according to the New York State Association of Realtors (NYSAR)’s March housing-market report issued April 20.

“Median sales prices rose once again in the Empire State in March while the number of homes available for sale has reached critically low levels,” NYSAR said to open its report.

New York sales data

The March 2022 statewide median sales price in New York was $410,000, up more than 13 percent from the March 2021 median sales price of just over $362,000.

The months’ supply of homes for sale at the end of March stood at 2.4 months, down 25 percent from 3.2 months a year ago, per NYSAR’s data. A 6-month to 6.5-month supply is considered to be a balanced market, the association says.

The number of homes for sale in New York totaled 30,724 in March, down almost 23 percent from 39,707 in March 2021.

Pending home sales totaled 13,919 in March, up 3.1 percent from 13,507 in the same month in 2021, according to the NYSAR numbers.

Central New York data

Realtors in Onondaga County sold 274 previously owned homes in March, down 13.8 percent from the 318 homes they sold in the same month in 2021. The median sales price rose 12.3 percent to $185,250, up from $165,000 a year ago, per the NYSAR report.

Realtors sold 127 homes in Oneida County in March, off 18.1 percent from 155 in March 2021. The median sales price increased 19 percent to $175,000 from $147,000 a year prior.

NYSAR also reported 108 existing homes were sold in Broome County in March, down 22.3 percent from 139 a year ago. The median sales price rose 17.5 percent to more than $142,000 from over $121,000 a year earlier.

In Jefferson County, realtors closed on 117 homes in March, up 4.5 percent from 112 a year before, and the median sales price of nearly $160,000 was down over 6 percent from $170,000 in March 2021, per the NYSAR report.

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.

I-81 project on track for fall start after FEIS release

Construction, Design & Real Estate, Manufacturing & Engineering, New York News, Subscriber Only

SYRACUSE, N.Y. — The final environmental-impact statement (FEIS) on the $2.25 billion Interstate 81 (I-81) viaduct-replacement project is now available for public viewing. It is posted on the project’s website (i81.dot.ny.gov) for anyone interested in reviewing the report, according to Marie Therese Dominguez, commissioner of the New York State Department of Transportation (NYSDOT). “We believe

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SYRACUSE, N.Y. — The final environmental-impact statement (FEIS) on the $2.25 billion Interstate 81 (I-81) viaduct-replacement project is now available for public viewing.

It is posted on the project’s website (i81.dot.ny.gov) for anyone interested in reviewing the report, according to Marie Therese Dominguez, commissioner of the New York State Department of Transportation (NYSDOT).

“We believe that the I-81 project represents a truly historic opportunity to correct a major wrong from the past and create a modern transportation network that benefits the users of the entire transportation system and all the communities in Central New York,” Dominguez said in making the announcement April 14 at Syracuse’s Inner Harbor.

The FEIS release triggers a 30-day wait period for the public to continue to review the document, the office of Gov. Kathy Hochul said in a separate announcement the same day.

In her remarks, Dominguez also said the FEIS is a key project milestone that keeps it on track to break ground in the fall. The document confirms the community grid as the preferred method for replacing the aging I-81 viaduct to carry vehicle traffic through downtown Syracuse.

The FEIS is a product of NYSDOT’s efforts to listen to the concerns of people living in Central New York, Dominquez noted.

Following the release of the draft environmental impact statement (DEIS) last summer, the NYSDOT received about 8,000 public comments focusing on various details about the plan.

“We read. We reviewed. We thoroughly analyzed all of them,” Dominguez said.

The comments helped convince the NYSDOT that the proposed roundabout near Dr. King Elementary School in the I-81 project should move to a different location in the Van Buren Street area near Renwick Avenue, which is near the Syracuse University campus.

The project will remove the existing elevated-highway structure and replace it with a new business loop and an integrated community grid that will disperse traffic along local north-south and east-west streets, Hochul’s office said.

Environmental benefits

The I-81 project also has environmental benefits, Dominguez contended, with improved water quality as “one of the biggest,” which is why NYSDOT held the April 14 announcement at the Inner Harbor.

The project includes improvements to the sewer and stormwater-management system that will reduce runoff and help prevent overflows during heavy rains that threaten the water quality of Onondaga Creek and Onondaga Lake.

The construction of 18,000 linear feet of storm sewer trunk lines and other enhancements will “increase the efficiency” of the current stormwater-management infrastructure by 20 percent and reduce the volume of runoff flowing to the combined sewer system by an average of 173 million gallons per year, Hochul’s office said.

Stormwater from the downtown sections of I-690 and I-81 currently flows into the local combined stormwater and sewer system, which is owned by the City of Syracuse and Onondaga County. Periods of heavy rain can cause stormwater overload, which results in “untreated discharges” into local tributaries, such as Onondaga Creek, which then flows into Onondaga Lake.

Frechette on the FEIS

The mid-April release of the FEIS is really a culmination of all the changes that have been made since last July when the DEIS was released, Mark Frechette, NYSDOT’s I-81 project director, said to begin his remarks at the Inner Harbor.

“And it includes responses to all 8,000 comments that we received,” he added.

In those comments, “many people” were “very supportive” of the community grid as the preferred alternative. In addition, many of those commenting had advocated for job creation in relation to the I-81 project, and specifically for local hiring, Frechette noted.

“To have people who live here in Central New York work on this project, we will create jobs,” he said. “There will be a lot of need for jobs.”

NYSDOT was asked to accelerate apprenticeship and training programs for people to become heavy-equipment operators, masons, iron workers, and laborers.

CEO FOCUS: Mitigation Plans Needed to Limit Disruptions during I-81 Project

Business Mentors, Subscriber Only

The final environmental-impact statement for the I-81 project [has been released] by the New York State Department of Transportation and the Federal Highway Administration (FHWA). This is a critical next step in advancing this $2.2 billion investment in our community to transform a major transportation asset and reconnect parts of our city that have been

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The forward progress of this project creates an imperative for leaders to implement mitigation measures to limit the disruptions created by construction. It is important to remember that, while the focus of the project is on the elevated section of I-81, the project also includes work on I-690, I-81, and I-481. It is expected, at times, that all three highways will be under construction simultaneously. Therefore, the state should invest in and incentivize traffic alternatives during the construction period to reduce driver delays and emissions from cars slowed by construction, as well as enhance the safety of workers. As the Thruway runs parallel to I-690, it is a strong alternative to bypass construction and achieve all these outcomes.

While I fully believe that eliminating tolls during construction is the right decision, I also recognize the challenges raised by NYS Thruway Authority Executive Director Matt Driscoll, including the need to meet revenue projections to protect the Thruway’s bond rating. Under Driscoll’s leadership, the Thruway is well-run, fiscally stable, and making leading-edge investments in technology, including cashless tolling and the use of drones for bridge inspections, accident recreation, and more. Given the transformative nature of this project, we must apply similar innovative thinking to develop data-driven solutions, including utilizing the Thruway’s technology to turn off the toll charges in the Syracuse area during I-81 project construction. New York State, which has the resources, should make up the difference.

The stability and strength of the Thruway Authority means it can serve as an important asset for the region to mitigate construction impacts of the I-81 project. Furthermore, it will demonstrate Central New York’s leadership for using data to drive solutions for real-world challenges, aligning with the region’s smart-systems efforts.

As with all projects of this scale, there will be challenges and we pledge to work cooperatively with the state, local municipalities, and affected businesses on a comprehensive plan for the region. This support includes a commitment to working with Assemblyman Magnarelli to advance his legislation to temporarily pause certain Thruway tolls during the I-81 project. Additionally, we will work with Driscoll to ensure the Thruway Authority can continue its operations without loss of critical revenue.

Later this summer, we anticipate a final record of decision on I-81, the last step in a decade-plus evaluation of the project. Now is the time to come together to develop solutions that will enable our community to seize this opportunity in a way that limits disruptions and advances its potential.

Robert M. Simpson is president and CEO of CenterState CEO, the primary economic-development organization for Central New York. This article is drawn and edited from the “CEO Focus” email newsletter that the organization sent to members on April 14.

N.Y. manufacturers see strong rebound in orders & shipments

Banks & Credit Unions, Employee Benefits & Human Resources, Manufacturing & Engineering, New York News, Subscriber Only

April Empire State index returns to positive territory Responses indicating a strong rebound in orders and shipments helped boost the general business-conditions index of the Empire State Manufacturing Survey back into positive territory in April, rising 36 points to 24.6. The survey results indicate a return to expansionary business conditions in the manufacturing sector. The index

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April Empire State index returns to positive territory

Responses indicating a strong rebound in orders and shipments helped boost the general business-conditions index of the Empire State Manufacturing Survey back into positive territory in April, rising 36 points to 24.6.

The survey results indicate a return to expansionary business conditions in the manufacturing sector.

The index — the monthly gauge of New York’s manufacturing industry — had declined nearly 15 points in March to -11.8.

The April reading — based on firms responding to the survey — indicates business activity “picked up significantly” in New York, the Federal Reserve Bank of New York said in its April 15 report.

A positive reading indicates expansion or growth in manufacturing activity, while a negative index number points to a decline in the sector.

The survey found 40 percent of New York manufacturer respondents reported that conditions had improved over the month, while 15 percent said conditions had worsened, the New York Fed said.

Survey details

The new-orders index climbed 36 points to 25.1, and the shipments index rose 42 points to 34.5, pointing to a “strong rebound” in orders and shipments after both declined the prior month, the New York Fed said.

The unfilled-orders index came in at 17.3. The delivery-times index moved down 11 points to 21.8, pointing to “ongoing increases” in delivery times, and inventories grew modestly.

The index for number of employees posted a second monthly decline, dropping 7 points to 7.3, and the average-workweek index came in at 10.0, pointing to a “small increase” in employment levels and the average workweek.

The prices-paid index climbed 13 points to 86.4, a “record high,” and the prices-received index retreated 7 points from the prior month’s record high, signaling “ongoing substantial increases” in both input prices and selling prices.

Optimism about the six-month outlook “declined noticeably,” the New York Fed noted.

The index for future business conditions fell 21 points to 15.2, its lowest level since early in the pandemic.

Longer delivery times, higher prices, and increases in employment are all expected in the months ahead, and capital-spending plans remained firm.

The New York Fed distributes the Empire State Manufacturing Survey on the first day of each month to the same pool of about 200 manufacturing executives in New York. On average, about 100 executives return responses.

sfcu expands membership area into four new counties

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

SIDNEY, N.Y. — Sidney Federal Credit Union is looking for new members as it expands its field of membership into Onondaga, Cortland, Essex, and Hamilton counties. The credit union is capitalizing on 2020 changes to field-of-membership rules for chartered community credit unions, allowing them to offer membership in areas of population of up to 1

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SIDNEY, N.Y. — Sidney Federal Credit Union is looking for new members as it expands its field of membership into Onondaga, Cortland, Essex, and Hamilton counties.

The credit union is capitalizing on 2020 changes to field-of-membership rules for chartered community credit unions, allowing them to offer membership in areas of population of up to 1 million, says CEO Jim Reynolds.

“We played with all the different scenarios, and we decided on Cortland, Onondaga, Essex, and Hamilton counties,” Reynolds says, adding that half of the allowed population is in Onondaga County. Membership is now open to anyone who lives, works, worships, or attends school in those counties.

Those are areas where the credit union, which has rebranded itself as sfcu, already does some business, particularly with auto loans. Reynolds is confident sfcu can convince some of those auto-loan customers to use the credit union for all their banking needs.

“We’ve got a great value proposition,” he says. “We’ve got a low/no fee, fee-adverse mentality.” The credit union primarily generates revenue through lending, which allows it, as a not-for-profit financial institution, to keep fees to a minimum.

Along with current loan customers, Reynolds says the credit union’s target audience for growth in the new membership areas is low- to mid-income individuals who are looking for an alternative to banks with a lot of fees. Also, sfcu is hoping to entice small businesses as customers as well, he adds.

One thing Reynolds hopes will give sfcu an advantage over the competition is its digital offerings. Not only did sfcu open a virtual branch last fall, but it also has started to install interactive teller machines (ITM) at branches. These machines function like a traditional ATM, but have the added function to summon a teller via video, if necessary, he says.

The Amsterdam branch already has an ITM, and sfcu plans to install one in the Oneida area this summer.

While virtual banking is handy — and was especially so during the height of the pandemic — Reynolds realizes the need for a brick-and-mortar branch that can serve members in the counties into which sfcu is expanding.

“We’re looking to secure a location in Onondaga County in the next year,” he says. He is hoping to have a branch there by the end of 2023 “if we can find a good location that makes sense.”

In the meantime, sfcu has a regional sales team at work in the new counties, reaching out to businesses such as auto dealerships and others to raise awareness of the credit union.

“We’re just looking to find our niche and serve member needs,” Reynolds says.

Currently, sfcu has about 190 employees and Reynolds expects to add about 10 new employees over the next two years to support the expanded field of membership. That would include employees necessary to staff a new branch.

Headquartered in Sidney, sfcu currently has 10 branches located in Sidney, Oneonta, Greene, Norwich, Walton, Delhi, Hancock, Bainbridge, and Amsterdam. Its full membership area now includes Chenango, Cortland, Delaware, Essex, Fulton, Hamilton, Madison, Montgomery, Onondaga, Otsego, and Schoharie counties, as well as parts of Broome, Oneida, and Herkimer counties.

With $700 million in assets, sfcu (www.sfcuonline.org) currently serves more than 60,000 members as a full-service financial institution.

Community Bank moves closer to Elmira Savings Bank acquisition

Banks & Credit Unions, Employee Benefits & Human Resources, Insurance & Financial Services, New York News, Regional News, Subscriber Only

Q1 net income declines DeWITT, N.Y. — As it moves closer to finalizing its acquisition of Elmira Savings Bank (NASDAQ: ESBK), Community Bank System, Inc. (NYSE: CBU) on April 22 announced that is has received regulatory approval from the U.S. Office of the Comptroller of the Currency for that transaction. The DeWitt–based banking company also

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Q1 net income declines

DeWITT, N.Y. — As it moves closer to finalizing its acquisition of Elmira Savings Bank (NASDAQ: ESBK), Community Bank System, Inc. (NYSE: CBU) on April 22 announced that is has received regulatory approval from the U.S. Office of the Comptroller of the Currency for that transaction.

The DeWitt–based banking company also said it obtained a waiver from filing an application with the Federal Reserve Bank of New York for the transaction.

The regulatory-approval announcement came a few days before Community Bank System reported lower net income during the first quarter of 2022.

Upcoming acquisition

The acquisition, which was valued at about $83 million when first announced last fall, is expected to close on May 13, subject to customary closing conditions and approval from the New York State Department of Financial Services.

“Community Bank looks forward to welcoming Elmira Savings Bank’s customers and employees to our family as we work together to integrate two high-quality banks with long histories of service to their customers and communities,” Mark Tryniski, president and CEO of Community Bank System, said in a release.

Last Oct. 4, Community Bank System first announced that it would acquire Elmira Savings Bank in an all-cash transaction valued at $82.8 million. Community Bank believes the transaction will provide it with an “improved presence” in several Central New York and Southern Tier markets, including Elmira, Corning, and Ithaca.

Elmira Savings Bank has $632 million in total assets and 12 branches across a five-county area, mostly in the Southern Tier.

Net-income decrease

Community Bank System on April 24 reported that its net income fell 11 percent to $47.1 million, or 86 cents per share, in the first quarter from $52.9 million, or 97 cents, in the first quarter of 2021.

The decline was primarily due to increases in the provision for credit losses, operating expenses, income taxes, and fully diluted shares outstanding. That was partially offset, in part, by increases in net interest income and noninterest revenue, the banking company said in its earnings report.

Community Bank System’s operating earnings per share — which excludes acquisition expenses, acquisition-related contingent consideration adjustments, and unrealized gain (loss) on equity securities, net of tax — was 87 cents in this year’s first quarter. That beat the consensus analyst estimate of 76 cents, according to Zacks Equity Research.

Bank of Utica supports children’s museum project with donation

Banks & Credit Unions, Nonprofits, Regional News, Subscriber Only

UTICA , N.Y.— Bank of Utica has committed $100,000 to ICAN’s Family Resource Center, which will also house a new children’s museum. “Bank of Utica has had a long relationship with the Children’s Museum, and we are happy to continue to work with them as they enter this new exciting phase of their history,” Barry

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SeaComm FCU buys one-acre parcel in Watertown for $1.1M

Banks & Credit Unions, Construction, Design & Real Estate, Insurance & Financial Services, Regional News, Subscriber Only

WATERTOWN, N.Y. — SeaComm Federal Credit Union (FCU) recently purchased a one-acre parcel at 20485 Route 3 in Watertown for $1.1 million. Bill Colucci of Cushman & Wakefield/Pyramid Brokerage Company, in conjunction with Cushman/Grant Street Associates, helped arrange the transaction. SeaComm FCU, based in Massena, has 51,800 members with assets of more than $759 million,

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Visions’ marketing recognized during CUNA’s Diamond Awards

Banks & Credit Unions, Insurance & Financial Services, New York News, Nonprofits, Regional News, Subscriber Only

The Credit Union National Association (CUNA) has recognized Visions Federal Credit Union for two of its marketing initiatives. CUNA awarded Visions the Business Development Efforts award for its 2021 Business Services Suite campaign, along with the Diamond in the Rough award for the Tompkins County debit-card contest. CUNA presented the awards as part of its

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The Credit Union National Association (CUNA) has recognized Visions Federal Credit Union for two of its marketing initiatives.

CUNA awarded Visions the Business Development Efforts award for its 2021 Business Services Suite campaign, along with the Diamond in the Rough award for the Tompkins County debit-card contest.

CUNA presented the awards as part of its marketing & business development council’s Diamond Awards competition, Visions said in an April 18 news release.

The Diamond Awards honor credit unions in 35 categories, ranging from direct mail to website marketing to public relations to social media.

Judges evaluated entries based on strategy, design, production, creative concept, copy, communication, and results. This year’s Diamond Awards competition considered close to 1,200 entries, and 86 credit unions won Category’s Best Awards and 262 won Diamond Awards.

“Diamond Awards are the gold standard of achievement in credit-union marketing and business development,” Marella Nardotti, chair of the Diamond Awards, and VP of marketing for NextMark Credit Union, said. “Inventiveness in effectively achieving and exceeding objectives is what these awards honor.”

Visions recognition

The “Diamond in the Rough” award recognizes campaigns with a big impact on a limited budget.

Visions was new to Tompkins County and the Southern Tier, so the credit union put together a contest that would raise awareness through community involvement. A photo contest invited entries from residents that showed off Tompkins County scenes. The winning image appeared on a debit card available at all branches, Visions said.

Another campaign won in the “Business Development Efforts” category. The marketing effort sold Visions Business Services Suite in a “unique way” that included mailings targeted at small-business owners. They received direct mail at work and at home, each with their own messaging. As an incentive for signups, Visions said it made donations to local chambers of commerce for each account opened.

Morris starts expanded role as Berkshire Bank’s N.Y. regional president

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

Berkshire Bank, a regional community bank with branches in New England and New York, recently appointed James J. Morris IV as its regional president for New York state. The bank’s New York state territory includes the Capital region, the Mohawk Valley, and Central New York. Morris is an experienced banking professional who has served as

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Berkshire Bank, a regional community bank with branches in New England and New York, recently appointed James J. Morris IV as its regional president for New York state.

The bank’s New York state territory includes the Capital region, the Mohawk Valley, and Central New York.

Morris is an experienced banking professional who has served as regional president for Berkshire’s Capital region market since January 2020, in addition to leading the commercial real-estate team throughout the state.

Under his expanded position, Morris will support Berkshire’s lines of business in the New York state region including commercial and consumer lending, business and branch banking, and wealth management, the bank said in a news release. In addition, he will provide oversight to Berkshire’s two community advisory councils in the Capital and Central New York markets.

“Berkshire’s commitment to the New York region has never been stronger and we will continue to look for opportunities to strengthen our service offerings and enhance our community impact and presence under Jim’s leadership. His expanded responsibilities will help us achieve synergies in the market and unlock opportunities for meaningful impact in support of our Berkshire’s Exciting Strategic Transformation (BEST) and BEST Community Comeback plans,” Sean Gray, president and COO of Berkshire Bank, said.

Since joining Berkshire Bank in 2015, Morris has directed new-business origination, coordinated commercial-lending activities, and built deeper connections with communities, the bank said. Prior to joining Berkshire Bank, Morris worked in positions in commercial lending at Kinderhook Bank, Paragon Prime Funding, Citizens Bank, and Charter One Bank.

Berkshire Bank is a unit of Boston–based Berkshire Hills Bancorp, Inc. (NYSE: BHLB). Berkshire has more than $12 billion in assets and operates 105 branches in New England and New York. In the Mohawk Valley and Central New York, it has offices in Ilion, West Winfield, North Utica, Whitesboro, New Hartford, Rome, and DeWitt, according to its website.

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