PRSRT STD U.S. POSTAGE
GBJ 9 Broad Street, #7 Glens Falls, NY 12801
VOL. 37 NO. 07
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HH The Business Newspaper of Warren and Washington Counties HH
www.glensfallsbusinessjournal.com
SEPTEMBER 2025
Glens Falls Fixture Feigenbaum Cleaners Aviation Mall Charts New Course With Sold After More Than A Century In Business $21 Million Sale, Plans Expanded Offerings
This location at 89 1/2 Bay street was opened by Herman Feigenbaum, a European tailor, and his wife Jennie in 1917 in the family home in Glens Falls, NY as the first dry cleaner north of Albany. Courtesy Paul Post
BY PAUL POST One of Glens Falls’ oldest family-run firms has been sold to new operators who pledge to continue the same high-quality service customers have enjoyed for the past 108 years. Schenectady-based Best Cleaners recently purchased Feigenbaum Cleaners, founded by Eastern European immigrant Herman Feigenbaum in 1917. Terms of the deal were not disclosed. Plans call for rebranding Feigenbaum sites at Wilton Square and Quaker Plaza in Queensbury, but closing its store and cleaning production facility on Bay Street in Glens Falls. Best Cleaners, owned by Tim McCann, already has production facilities at two of its five locations in Schenectady, Loudonville, Delmar, Glenville and Latham. Spokesperson Hannah Brand said McCann
was wanted to grow northward and Feigenbaum’s exemplified the same values his company is wellknown for. “We want to expand our delivery routes up there,” she said. “Until now, we didn’t have any storefronts close enough where it seemed possible.” Feigenbaum Cleaners was sold by Todd Feigenbaum, a third-generation owner, and his wife, Julie. “I turn 70 this month,” he said. “My wife and I decided it was a good time to retire. The folks who acquired the business do a really good job. I’ve known them for many years. Tim is a thirdgeneration dry cleaner just like me. Our goal has always been to do right by the customer. I don’t think they’ll see much difference going forward.” Continued On Page 9
BY PAUL POST Aviation Mall heads into the fourth quarter with a new owner anticipating increased traffic spurred by a growing lineup of entertainmenttype tenants. Eric Jacobov, principal of the investment firm Concord Capital New York, purchased the 50-year-old Queensbury shopping center at auction for $21 million, on September 10. A major new tenant, ADK Karting Experience featuring indoors go-kart racing on a quarter-mile track, is scheduled to open November 1 at the mall’s former Sears store location. “ADK Karting should be a huge driver of foot traffic, about 1,500 people per week,” mall Manager James Griffith said. “It’s not just the karting, it’s 12,000 square feet of games, glowin-the-dark miniature golf, a café bar and breakout rooms. I fully expect that we’re going to pull traffic from Clifton Park and Saratoga.” “Our job is to really market it and get more of that type of use into the shopping center,” he said. Previously owned by Syracuse-based Pyramid Companies, the mall went into receivership in July 2024. For the past year, it has been managed by The Woodmont Company, of Fort Worth, Texas, on behalf of Deutsche Bank and M&T Bank, which received multiple offers. The auction, at Warren County Municipal Center, concluded the judicial foreclosure process. Jacobov outbid the only other party on hand, a contingency of investors led by Michael Vopelak, which dropped out after offering $19 million for the property. Bidding started at $7.4 million. The $21 million sale price is well below the nearly $28 million non-recourse loan the bank gave Pyramid several years ago to make major renovations to the mall. So the lender is left on the hook for the approximately $7 million difference. “We knew there were going to be bidders,” Jacobov said. “At the same time, the goal was to own it. Thankfully we’re here and get to move
Eric Jacobov, principal of the investment firm Concord Capital New York. Courtesy Paul Post
forward.” Concord Capital, headquartered in Manhattan, manages multiple strip plazas. Aviation Mall is its first interior shopping center. “The goal is to increase occupancy and start attracting new tenants and vendors,” Jacobov said. “We’d also like to add some additional signage off of I-87, and bring it onwards and upwards. We like upstate. We like the Capital Region. There’s a lot of potential here.” The mall property is zoned for multi-family residential development as well. “That’s definitely a bonus and (adds) potential to the plaza,” he said. “We’re going to look into that deeper. It’s a big plus.” A similar strategy is planned for Wilton Mall, which Capital Region developer Faraz Khan purchased earlier this year for $25 million. Plans call for 300 apartments and 80 townhomes on the 100-acre site. Dwellings would Continued On Page 11
Morcon Tissue Moves To Larger Greenwich Warren County Tourism Spending Tops Facility To Support Rapid Sales Growth $928M In 2024, Bolstering Local Tax Revenues BY PAUL POST Morcon Tissue’s move from Eagle Bridge to a larger Greenwich site is expected to accelerate already fast-paced sales that have grown from $20 million to $125 million annually since 2013, when President and CEO Joseph Raccuia purchased the firm. Morcon buys large rolls of paper—more than eight feet wide—from domestic and overseas suppliers and converts it into disposable napkins, towels and tissue for the away-from-home market, which includes restaurants, nursing homes, hospitals and sports arenas. It recently secured contracts to supply all Applebee’s and IHOP restaurants across the U.S., as well as AMC Theatres and half of all Dunkin’ franchises. Morcon is moving into 90,000 square feet of leased space at a former Essity paper company facility that Fort Miller Group purchased earlier this year. “It just gives us room to grow,” said Raccuia, former president and CEO of both Finch Paper in Glens Falls and South Glens Falls-based SCA Tissue North America. “We’ve got an excellent workforce. If we moved any more than 15 or 20 minutes from that Eagle Bridge facility, we ran the risk of losing employees. This allows us to re-
Joseph Raccuia, President and CEO of Morcon Tissue. Courtesy Morcon Tissue
tain them and pull more from other places such as Schuylerville, Saratoga Springs and Moreau. It gives us more hiring options.” Morcon began using its new site for storage Continued On Page 11
Visitors spent nearly $2.5 billion in the Adirondack Region last year, up from $2.3 billion in 2023, with Warren County representing 37 percent of the region’s tourism sales ($928 million). Essex County narrowly led with 39 percent ($964 million), according to the latest statewide impact study by Tourism Economics. The Adirondack Region, defined as Clinton, Essex, Franklin, Hamilton, Lewis and Warren counties, continues to rely heavily on tourism. Nearly 19 percent of all employment in the six-county area is generated by the industry. Warren County led the region in 2024, supporting 8,610 tourism-related jobs. Visitor spending in Warren County increased from $887.8 million in 2023 to $928.2 million in 2024, a rise of 4.5 percent. Lodging showed the largest growth, climbing from $446 million to $467 million. Spending also generated more than $58.2 million in local tax revenue, up 2.8 percent, and $54.5 million in state tax revenue, up 5.2 percent. Tourism remains one of the county’s most important economic drivers. Warren County Tourism Director Heather Bagshaw
noted that without tourism revenue, each household would need to contribute an additional $3,750 annually to maintain current levels of government services. Across the Adirondack Region, visitor spending generated $153.7 million in local tax revenue and $136 million in state tax revenue. Together, Warren and Essex counties accounted for more than three-quarters of the region’s $2.5 billion in visitor spending. Statewide, visitor spending reached $93.99 billion in 2024, up 6.7 percent from the previous year and 27.7 percent higher than before the pandemic. Tourism remains one of New York’s largest industries, supporting close to 1 million jobs and generating billions in tax revenue that benefits communities across the state. This article is based on information provided by the Warren County Tourism Department and the 2024 statewide tourism impact report compiled by Tourism Economics. For more information, contact: Heather Bagshaw, Tourism Director, Warren County Tourism Department, bagshaw@ warrencountyny.gov, 518-761-7653.