RBJ Daily

Sold for a song
The troubled Medley Centre—formerly the Irondequoit Mall—was auctioned off for $100,000 to developer Angelo Ingrassia, officials announced last week.

Ingrassia previously owned Irondequoit Dodge.

The former mall is roughly $40 million in debt, and the mall’s former owners Scott Congel and Bersin Properties LLC owe more than $6 million for code violations and unpaid taxes, officials said. The new owner will assume the Medley Centre debt.

Ingrassia, the only bidder, would not comment on what he plans to do with the Medley Centre.

Congel released a statement after the sale stating, “Prior to the sheriff’s sale we filed what is known as a Notice of Pendency. This notice simply means we advised all bidders that the property remains subject to the claims asserted in the litigation referenced in the Notice against COMIDA, the town and the school district. The property is further encumbered with a $135 million loan in favor of a Japanese lender. Our claim against that lender continues.”

In June 2014 the Medley Centre was decertified from the Empire Zone tax-credit program by the Empire State Development Corp. A month earlier the County of Monroe Industrial Development Agency delivered a notice of default to Congel and threatened to terminate the firm’s lease and payment-in-lieu-of-taxes agreement.
—Kerry Feltner 1.21.16

Doan to open new facility in Greece
Doan Family of Dealerships has opened a 33,000-square-foot facility in Greece.

Previously located on West Ridge Road across from Ridgemont Country Club, the new $5 million facility will be located further west, near the auto dealer’s Dodge and Chrysler store. The new store will house the dealership’s Buick and GMC franchises.

The larger facility, which opened Monday, likely will mean a small increase in the number of staffers, Doan spokesman Scott Joseph said. The company employs roughly 300 people.

The new facility is located on nine acres of land and houses more than 600 new and used vehicles. It will offer drive-through service, 27 service bays, free Wi-Fi and a children’s play area.

“We really have kept the customer experience in mind in every aspect of this facility,” Doan general manager Michael Sofia said. “Our second- and third-generation customers especially cannot believe the selection of vehicles, the modern amenities and additional customer parking we now have to offer them.”

Joseph said the old facility will continue to be used for a handful of jobs while company executives decide what to do with the property.
—Velvet Spicer 1.22.16

Wiesner enters guilty plea to felony count
Former Monroe County Water Authority security director Robert Wiesner on Tuesday pleaded guilty to a single felony count in Monroe County Court, state Attorney General Eric Schneiderman and Comptroller Thomas DiNapoli announced.

Wiesner, husband of former Monroe County executive Maggie Brooks, admitted to working with others from March 2008 to October 2013 to rig the bidding process for a $212 million public safety contract to provide upgrades to Monroe County’s public safety and security systems.

As part of his plea agreement, Wiesner paid a $5,000 fine and forfeited $3,000 of illegal gain. Judge Dennis Kehoe sentenced Wiesner to a three-year conditional discharge.

Warm weather dampens Q3 sales, profit for Monro
Monro Muffler Brake Inc. on Tuesday reported increased sales for the third quarter but missed Street estimates for earnings and revenue.

Sales for the quarter ended Dec. 26 increased 1 percent to $238.9 million, compared with $236.6 million for the third quarter of fiscal 2015.

Net income for the third quarter was $15.2 million, down from $16 million in the same period last year. Diluted earnings per share for the quarter were 46 cents, compared with 49 cents in the third quarter last year.

Analysts had expected diluted earnings per share of 47 cents on revenue of $240.88 million.

Blaming unseasonably warm weather in its markets, Monro reported a 2.5 percent decline in comparable-store sales—or sales at stores open at least one year. Lower demand for tires resulted in a comparable-store sales decrease of 4 percent in the category.

Monroe this month had lowered its third-quarter guidance.

“Our weaker than expected earnings were the result of lower tire sales, particularly in November, driven by unseasonably warm weather across our markets,” President and CEO John Van Heel said. “However, with recent winter weather in our markets, we are very encouraged to see that traffic and tire sales trends have rebounded.”
—Velvet Spicer 1.26.16

Sixteen years ago
Harter, Secrest & Emery LLP planned to move from Midtown Plaza to the Bausch & Lomb Inc. headquarters building.

Rochester’s third largest law firm was to relocate no later than July 2001, Managing Partner W. Reynolds Bowers said. The July date was based on Harter, Secrest’s current lease with Midtown Rochester LLC, he said, but the firm planned to pursue efforts in court that could hasten the move.

Harter, Secrest began investigating relocation options and then told Midtown Rochester it intended to leave, though the law firm held out slim hope that it might reverse its course.

Seven years ago
Garlock Sealing Technologies LLC has completed the majority of work on a $30 million modernization project at its headquarters in Palmyra, Wayne County, and is planning roughly $1 million in additional improvements for 2009.

The biggest parts of the project—two new buildings for its largest product lines—have been completed and are operating, said James Malvaso, Garlock vice president of human resources. The first, a plant that manufactures dynamic oil seals, was completed in 2006. A second plant for production of gaskets opened in September.

In addition, the project has included renovation of existing office space, a new cafeteria and parking lot improvements.

County officials eyeing Oppenheim Zoo land
At Monday’s infrastructure and facilities committee meeting, R. Thomas Burgasser, assistant county attorney, discussed Niagara County giving $5,000 to the Oppenheim Zoological Society for the transfer of the Oppenheim Zoo land.
—Niagara Gazette

Apartments coming to Syracuse’s tallest building
Pioneer Cos. plans to buy the 21-story State Tower Building, the tallest building in Syracuse since it opened in 1927, and transform its top 13 floors into apartments. Pioneer Cos. has reached an agreement to buy the tower from Tony Fiorito for $5.4 million and spend $22.15 million to convert office space on floors 9 through 21 into 59 market-rate studio and one- and two-bedroom apartments. Floors 1 through 8 will remain office and retail space.
—Syracuse Post-Standard

Each weekday morning, RBJ editors comb the Internet to deliver a tip sheet on the latest news, analysis and opinion online. For a free subscription to the RBJ Morning Roundup or the afternoon RBJ Daily Report, go to staging.rbj.net/dailyreport.

1/29/2016 (c) 2016 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email rbj@rbj.net.


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