New York home sales slip nearly 5 percent in September

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The drop ends a streak of 12 straight monthly gains ALBANY — New York realtors sold 13,274 previously owned homes in September, down 4.6 percent from 13,907 homes sold in September 2020. The data comes from the New York State Association of Realtors’ (NYSAR) September housing-market report issued Oct. 21. The decline broke a string […]

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The drop ends a streak of 12 straight monthly gains

ALBANY — New York realtors sold 13,274 previously owned homes in September, down 4.6 percent from 13,907 homes sold in September 2020.

The data comes from the New York State Association of Realtors’ (NYSAR) September housing-market report issued Oct. 21.

The decline broke a string of 12 consecutive months of rising closed sales. However, pending sales in September fell by a greater amount, nearly 13 percent, pointing to further declines in closed sales in forthcoming months.

New York sales data

Pending sales totaled 13,588 in September, down 12.9 percent from 15,607 pending sales in the same month in 2020, according to the NYSAR data.

Home prices continued to jump amid tight inventory and rising prices in the broader economy.

The September 2021 statewide median sales price was $378,000, up 18.5 percent from the September 2020 median sales price of $319,000. The New York state housing market has seen 17 straight months of median sales-price increases in year-over-year comparisons.

The months’ supply of homes for sale at the end of September stood at 3.2 months, down 35 percent from 4.9 months at the end of September 2020.

A 6 month to 6.5-month supply is considered to be a balanced market, NYSAR says.

The number of homes for sale totaled 42,849 in September, down nearly 22 percent from 54,863 homes in September 2020. The inventory of homes for sale has declined for 23 straight months in year-over-year comparisons, according to NYSAR.

Central New York data

Realtors in Onondaga County sold 487 previously owned homes in August, down 4.7 percent from the 511 homes sold in the same month in 2020. The median sales price rose 2.8 percent to $185,000, from $180,000 a year ago, according to the NYSAR report.

The association also reports that realtors sold 193 homes in Oneida County in September, down 5.9 percent from the 205 homes sold in September 2020. The median sales price increased 13 percent to $170,000 from $150,500 a year prior.

Realtors in Broome County sold 179 existing homes in September, down 8.7 percent from 196 a year earlier, according to the NYSAR report. The median sales price rose 18.4 percent to $159,900 from $135,000 a year ago.

In Jefferson County, realtors closed on 148 homes in September, up less than 1 percent from 147 a year before, and the median sales price of $204,700 was up 26 percent from $162,500 in September 2020, 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.

Upstate, statewide consumer sentiment plummet in Q3

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Upstate New Yorkers became less confident about economic conditions in the third quarter of 2021. Consumer sentiment in Upstate was measured at 63.4 in the third quarter, down 13.2 points from the last reading of 76.6 in this year’s second quarter. The latest reading represents Upstate’s lowest overall index score since 2011. That’s according to

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Upstate New Yorkers became less confident about economic conditions in the third quarter of 2021.

Consumer sentiment in Upstate was measured at 63.4 in the third quarter, down 13.2 points from the last reading of 76.6 in this year’s second quarter. The latest reading represents Upstate’s lowest overall index score since 2011.

That’s according to the latest quarterly survey of Upstate and statewide consumer sentiment that the Siena College Research Institute (SRI) released Oct. 14.

Upstate’s overall sentiment of 63.4 was 8.5 points below the statewide consumer-sentiment level of 71.9, which fell 11.8 points from the second quarter.

The statewide figure was 0.9 points lower than the third-quarter reading of 72.8 for the entire nation, which was down 12.7 points from the second-quarter figure, as measured by the University of Michigan’s consumer-sentiment index.

The overall, current, and future indexes for New York all decreased this quarter and are below the breakeven point at which optimism and pessimism balance. The overall, current, and future national indexes also decreased. New Yorkers, while not as confident as before, are still more optimistic about future economic conditions than the nation as a whole, SRI noted.

“A lingering pandemic, inflation, supply chain concerns and little good news out of Washington pulled the plug on consumer sentiment as summer turned to fall. With virtually every number down, most future numbers by double digits, consumers’ willingness to spend even as the holiday season approaches, hit a statewide low since June 2020 and a low not seen since 2011 among Upstaters,” Doug Lonnstrom, professor of statistics and finance at Siena College and SRI founding director, said in the SRI report. “Plans to purchase major consumer goods all fell with major home improvements down by 10 percentage points. And as gasoline prices have left $3.00 in the rearview mirror, over half of New Yorkers are again sighing at the pump and worse yet, food prices have two-thirds [of respondents], highest since 2015, crying at the grocery checkout lines.”

In the third quarter of 2021, buying plans fell 3.4 percentage points from the second-quarter measure to 19.1 percent for cars and trucks, dipped 1.7 points to 45.5 percent for consumer electronics, slipped 1.7 points to 30.1 percent for furniture, declined 3.3 points to 10.1 percent for homes, and fell 10.3 points to 24.2 percent for major home improvements.

Gas and food prices

In SRI’s quarterly analysis of gas and food prices, 58 percent of upstate New York respondents said the price of gas was having a serious impact on their monthly budgets, up from 57 percent in the second quarter and 47 percent in the first quarter.

In addition, 54 percent of statewide respondents said the price of gas was having a serious impact on their monthly spending plans, which was the same as the second quarter’s measurement and up from 43 percent in the first quarter.

When asked about food prices, 65 percent of upstate respondents indicated the price of groceries was having a serious impact on their finances, up from 64 percent in the second quarter and from 56 percent in the first quarter.

At the same time, 66 percent of statewide respondents indicated the price of food was having a serious impact on their monthly finances, up from 63 percent in the second quarter and 57 percent in the first quarter.

SRI conducted its survey of consumer sentiment between Sept. 29 and Oct. 7 by random telephone calls to 394 New York adults via landline and cell phone. It has an overall margin of error of plus or minus 3.8 percentage points, according to SRI.

Regional firms to pitch for funding in FuzeHub contest

Manufacturing & Engineering, New York News, Regional News, Small Business, Sports, Entertainment & Tourism, Subscriber Only, Technology

ALBANY, N.Y. — The finalists in FuzeHub’s 2021 commercialization competition include businesses from Syracuse, Cazenovia, Binghamton, Hamilton, and Potsdam. The event is set for Nov. 8-9 at the Turning Stone Resort Casino in Verona. The competition — part of FuzeHub’s Jeff Lawrence Innovation Fund — is in its fifth year. A total of 12 entrepreneurs

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ALBANY, N.Y. — The finalists in FuzeHub’s 2021 commercialization competition include businesses from Syracuse, Cazenovia, Binghamton, Hamilton, and Potsdam.

The event is set for Nov. 8-9 at the Turning Stone Resort Casino in Verona. The competition — part of FuzeHub’s Jeff Lawrence Innovation Fund — is in its fifth year. A total of 12 entrepreneurs from across New York state will pitch their ideas before a live audience for the chance to win $50,000.

FuzeHub is an Albany–based nonprofit that works to help small and medium-sized manufacturing companies in New York state.

“FuzeHub is excited to celebrate these New York State technology entrepreneurs on their pathway to becoming future business leaders in our communities. These awards continue to help a diverse set of start-ups further develop their products and get closer to bringing them to market,” Elena Garuc, executive director of FuzeHub, said in a news release.

Regional finalist companies

• Carapace Analytics LLC of Syracuse is focused on advancing technologies in senior care and monitoring. The firm says its goal is to mitigate the effects of fall injuries among older adults through individualized activity data. It’s developing a wearable device and software suite that provides a detailed report of one’s mobility and associated risks. Carapace Analytics “seeks to change the paradigm” of older adult care by introducing a level of objective mobility monitoring that would “otherwise be impossible to achieve,” as described in the FuzeHub release.

• “With an expanding desire and need for green energy,” DomCat Technologies, LLC of Binghamton seeks to expand New York’s manufacturing base with its low platinum-content catalysts for fuel-cell applications, as described by FuzeHub.

• Eco-Baggeez LLC of Cazenovia says its patented alternative to plastic sandwich bags will help “put a dent” in the billions of plastic sandwich bags that end up in landfills, waterways, and oceans from U.S. households each year, per FuzeHub. With a “strong social mission,” the firm says it plans to expand its product line and impact by providing Eco-Baggeez in B2B, B2C, and B2G channels in both retail and wholesale arenas.

• Natural Beauty Breast Prosthesis, LLC, of Hamilton, manufactures an organic, all-natural fiber, external breast form for women who have had mastectomies without reconstruction. “We help women look, move, and feel like their natural selves while giving them the peace of mind knowing what they’re putting up against their skin will do them no further harm,” the company says.

• Pharmacoustics Technologies, LLC of Potsdam is an ultrasonic characterization/evaluation device startup developing instruments and equipment for assuring and increasing quality in pharmaceutical manufacturing.

• SensoLife LLC, also of Potsdam, says it creates materials and sensing solutions that provide easier, more convenient, and inexpensive technology for health monitoring and wearables. The company’s conductive transparent materials address long-standing issues with wearable electronics, providing flexibility, optical transparency and conductivity.

Tessy Plastics expanding into Monroe County

Construction, Design & Real Estate, Manufacturing & Engineering, Subscriber Only

Planning to acquire Xerox Holdings property SKANEATELES, N.Y. — Tessy Plastics Corp. says it will expand its footprint into Monroe County by year’s end with the purchase of a property with three buildings that Xerox

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Planning to acquire Xerox Holdings property

SKANEATELES, N.Y. — Tessy Plastics Corp. says it will expand its footprint into Monroe County by year’s end with the purchase of a property with three buildings that Xerox Holdings Corporation previously owned.

The property is in the Monroe County community of Webster, about an hour away from Tessy’s existing facilities in Onondaga County.

The company isn’t releasing the amount it’s paying for the property and the three buildings, Grace Oswald, marketing specialist for Tessy Plastics, tells CNYBJ in an email.

Founded in 1973, Tessy Plastics is a contract manufacturer headquartered in Skaneateles with additional local facilities in Elbridge and Van Buren. The firm specializes in injection molding and custom automated-assembly products.

The acquisition represents supplemental warehouse space and “room for future growth,” per a Tessy news release. All three buildings provide an estimated total of about 1.5 million square feet, with the largest of three buildings measuring more than 750,000 square feet.

Two of the three buildings are already vacant and the third will be vacant by 2022.

The additional buildings mean Tessy Plastics is nearly doubling its available square footage, the company said. Tessy currently has more than 1.7 million square feet of space in its facilities in New York, Pennsylvania, and China.

“Knowing that we have the extra space to expand in the future is a strategic initiative that has always been important to Tessy. We’ve had great success in the past with having additional space. Having the extra square footage allows us to onboard programs quickly and continually adapt to our customers’ ever-changing needs,” Roland Beck, president of Tessy Plastics said. “Just last year we took on a large medical program that required us to have a manufacturing facility readily available. In just 15 weeks, we transformed a 400,000 square foot warehouse into a state-of-the-art medical manufacturing facility in support of one of our largest customers’ needs regarding the global pandemic.”

Tessy plans to lease a portion of the purchased area in Webster to third-party tenants and use the remainder as warehouse space — proceeding with the assumption that the buildings will later turn into full-scale production plants.

“It’s remarkable to see how much we have grown. In 2016, we were excited to nearly double our total square footage and now we have close to triple that amount totaling close to 3 million square feet in Central New York,” Beck said.

CEO FOCUS: Engage with CenterState CEO’s Tech & Culture Programs to Support Diverse Talent

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One of the marks of success of CenterState CEO’s innovation and entrepreneurial efforts is the thriving tech ecosystem in Syracuse. This community is home to many rapidly growing tech companies, and is a great place for people to get a job or start their tech career. However, like so much of the tech industry across the

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CenterState CEO, through its Tech & Culture program and with support from the JPMorgan Chase Foundation’s AdvancingCities Challenge, is working to engage diverse professionals and highlight career opportunities in the region’s growing tech sector. This ensures there are more equitable opportunities while also creating a pipeline of exceptional and diverse talent.

Building a social and professional network of diverse tech professionals within the region through Tech & Culture supports the success of Syracuse Surge. By connecting diverse talent to one another, Tech & Culture is creating a network critical to shaping the local tech ecosystem and making Syracuse a place where people want to live and work. These connections are facilitated in part through the Syracuse Surge Learning Community, which prepares residents, specifically women and people of color, to transition into tech careers. Through the learning community’s participants discover what it takes to create a career in tech, as well as network and develop relationships with mentors.

I encourage all our members, but particularly those in the tech industry, to think about ways their company can support these programs. This could include sponsoring an event or having a member of your staff speak at a Tech & Culture or learning community event. You could consider offering to showcase your company and meet with Learning Community program participants, or encourage your staff to become active in these Tech & Culture programs. To learn how, contact Marcus Webb at mwebb@centerstateceo.com .

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 Oct. 14.

Tompkins Financial boosts dividend by more than 5 percent

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ITHACA, N.Y. — Tompkins Financial Corp. (NYSE: TMP) recently announced that its board of directors approved payment of a regular quarterly cash dividend of 57 cents a share for the fourth quarter. The dividend is payable on Nov. 15, to common shareholders of record on Nov. 2. The dividend represents a 5.6-percent increase over the

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Crews start transforming former Post-Standard building into VIP HQ

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SYRACUSE, N.Y. — Work is underway on the former Post-Standard building at 101 N. Salina St. in Syracuse, which will soon become the new headquarters for VIP Development Associates, the development arm of VIP Structures. Moving forward, the facility is now known as the Post, VIP revealed during an Oct. 22 event inside the building.

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Moving forward, the facility is now known as the Post, VIP revealed during an Oct. 22 event inside the building. VIP Structures, a national design-build firm, currently operates at 1 Websters Landing in Syracuse.

“The decision to purchase the Post-Standard [building] in 2017 felt deeply personal, not only to be able to expand VIP Structures and our current footprint in the city but to give back to the city that welcomed me,” Dave Nutting, a Massachusetts native and executive chair of VIP Development Associates, said in his remarks. Nutting founded VIP Structures in 1975, and since that time the company has grown to include architecture and construction, development, and engineering. It has 130 employees.

VIP Structures paid $4 million for the building, according to the website of the Onondaga County Office of Real Property Tax Services. The overall project will cost $20 million, the company tells CNYBJ.

Sub-contractors on the project will include Century Heating + Cooling of DeWitt, which handles maintenance and service of heating, ventilation, and air conditioning; Phoenix Electric of CNY, Inc. an electrical contractor in DeWitt; and Burns Bros Contractors of Syracuse, a mechanical contractor.

“Moving to the Post gives us the opportunity to have all of our operating entities on one single floor plate … increasing our efficiencies and enabling the collaboration and innovation necessary to solve our clients’ greatest space needs,” Meg Tidd, CEO of VIP Structures, said in her remarks.

Besides VIP Structures, Chase Design will also be a tenant in the building. VIP has worked with Chase Design, which has been a VIP tenant in Skaneateles.

Chase Design employs more than 100 people between offices in Skaneateles and Cincinnati, Ohio.

“We’re real excited … to kind of start a new chapter and come back home to Syracuse,” Joe Lampertius, president of Chase Design, said in his comments at the Oct. 22 event.

Dave Chase launched Chase Design in Syracuse in 1957 and decided to move the business to Skaneateles a few years later, according to Lampertius.

In addition, Advance Media will lease the remaining square footage of the existing building to continue printing the Post-Standard, VIP said.

VIP Structures will occupy a 25,000-square-foot space on the building’s first floor, Charlie Wallace, Jr., president of development, tells CNYBJ. The second floor has about 51,000 square feet of additional office space on the second floor. Chase Design is taking 40,000 square feet of the second-floor space, leaving about 11,000 of additional office space available for lease, according to Wallace.

“The building will be occupied in April on these floors and in October in our space down below, so things are moving along quickly,” said Nutting.

“We cannot wait to experience the festivals in Clinton Square; invite folks to our common area café; and just be that much closer to the heart of it all,” Tidd said.

Small area airports to use state funding for construction projects

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The state has awarded funding for infrastructure improvements and some construction projects at some smaller airports in Central New York, North Country, and the Southern Tier. New York State has allocated a total of nearly $21 million for improvements at 24 public-use airports. The funding amounts include $2.4 million at facilities in Central New York, $5.2

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The state has awarded funding for infrastructure improvements and some construction projects at some smaller airports in Central New York, North Country, and the Southern Tier.

New York State has allocated a total of nearly $21 million for improvements at 24 public-use airports. The funding amounts include $2.4 million at facilities in Central New York, $5.2 million at some airports in the North Country, and $3.1 million at facilities in the Southern Tier.

The state money seeks to improve safety, facilitate innovation, leverage existing resources, advance business development, and “promote sustainability and resilience” at these airports, according to a news release from Gov. Kathy Hochul’s office.

Administered by the New York State Department of Transportation, projects funded through the aviation capital-investment program include the construction of new security and access-control improvements; deployment of new automated weather monitoring systems; and the construction and rehabilitation of new and existing hangars and aircraft-refueling facilities. These investments will serve to make the surrounding communities “more economically competitive with neighboring states,” Hochul’s office contends.

Central New York

The Hamilton Municipal Airport in Madison County will use $1.3 million toward the safe removal/disposal of the existing aged fueling facility and construction of a new, “environmentally friendly” refueling facility.

Chase Field Airport in Cortland County will use a $1.1 million grant to help pay for the replacement and relocation of existing underground fuel-storage tanks, located over a single-source aquifer, with above-ground fuel spill containment tanks.

North Country

The state also awarded $900,000 for the rehabilitation of the Massena International Airport in St. Lawrence County for New York State Police and New York State Power Authority operations.

The Potsdam Municipal Airport in St. Lawrence County will use $500,000 to deploy new security technologies, including new gates, access control and security-camera systems, and to help pay for parking-area improvements.

A $1.5 million grant award will help the Watertown International Airport pay for the safe removal/disposal of the existing aged fueling facility and construction of a new above-ground refueling facility.

The Ogdensburg International Airport in St. Lawrence County will use $900,000 toward the purchase of emergency backup generators; enhancements to security, access and communications systems; and safety related equipment.

Southern Tier

The Greater Binghamton Airport will use $1.5 million in state funding toward the installation of energy-efficient lighting and replacement of its revenue-control system.

In addition, a $200,000 grant will help the Lt. Warren E. Eaton Airport in Norwich pay for energy-efficient jet hangar improvements, including high-efficiency heating and LED (light-emitting diode) lighting and general hangar-rehabilitation activities.

The Corning-Painted Post Airport will use an award of $100,000 to help pay for the acquisition of service equipment to maintain operations during inclement weather events.

The Elmira Corning Regional Airport will use a $1.3 million grant toward reconstruction of an existing building into a U.S. Customs and Border Protection facility to retain international passenger flights.

Work begins on $96M Asteri Ithaca project

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ITHACA, N.Y. — Gov. Kathy Hochul recently announced that work has begun on a new $96 million affordable-housing development and conference center in downtown Ithaca. Dubbed Asteri Ithaca, the project will be constructed on the western portion of the Green Street Parking Garage, which will be demolished as part of this urban-renewal project. The highly

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ITHACA, N.Y. — Gov. Kathy Hochul recently announced that work has begun on a new $96 million affordable-housing development and conference center in downtown Ithaca.

Dubbed Asteri Ithaca, the project will be constructed on the western portion of the Green Street Parking Garage, which will be demolished as part of this urban-renewal project. The highly energy-efficient, all-electric building will feature 181 affordable apartments with 40 homes reserved for people in need of supportive services to live independently, the governor’s office said in late September.

The Ithaca Urban Renewal Agency released a request for proposals in 2017 for an urban-renewal project to renovate the Green Street Parking Garage. The project consists of three portions: affordable housing, a conference center, and the Green Street Parking Garage’s renovation and construction. All three components are being financed separately.

The affordable apartments and 55,000-square-foot conference center will occupy the same 12-story building. The $62 million residential portion on the top nine floors will include 78 studio, 87 one-bedroom, eight two-bedroom, and eight three-bedroom apartments. Rents are structured to be affordable to households earning up to 80 percent or less of the area median income, per the governor’s office.

Forty apartments are reserved for people in need of supportive services. They will benefit from an Empire State Supportive Housing Initiative (ESSHI) grant to Tompkins Community Action, Inc., which will be administered by the Office of Temporary and Disability Assistance (OTDA).

All residents of the development will be provided with free internet service, with each unit hard-wired for 5G access, including routers for Wi-Fi. amenities will include a 12th-floor sky terrace, outdoor space, and a fourth-floor fitness center and community room. Residents will also have access to a common laundry room on every other floor, and indoor bike storage on the ground floor.

The eastern portion of the Green Street Parking Garage will be renovated and expanded to include 350 parking spaces, with spots available for building residents to lease.

Located at 118 East Green St., Asteri Ithaca is within walking distance of the Ithaca Commons, City Hall, restaurants, shops, medical offices, and professional offices.

State funding for the $62 million residential portion of the Asteri Ithaca includes $11 million in permanent tax-exempt bonds, federal low-income housing tax credits that will generate $26.3 million in equity and $19.8 million in subsidies from New York State Homes and Community Renewal (HCR). NYSERDA will provide $550,000 in support. Empire State Development (ESD) is also supporting the Conference Center with $5 million through a Regional Council Capital Grant.

Asteri Ithaca’s developer is the Vecino Group. The City of Ithaca, Tompkins County, the Tompkins County Industrial Development Agency, and the Downtown Ithaca Alliance are providing “significant financial support” for the conference center and renovation of the remaining portion of the garage, the governor’s office said.

Upstate Medical breaks ground on Upstate Cancer Center in Verona

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VERONA, N.Y. — Upstate Medical University on Oct. 20 broke ground on its new Upstate Cancer Center in Verona. The upcoming 30,000-square-foot facility will provide cancer care for residents of Madison and Oneida counties, Upstate Medical said. It’ll offer expanded diagnostic and treatment services in a location just off Exit 33 of the New York

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