SCHENECTADY Credit union moves out of Lottery Building BY JAMES SCHLETT Gazette Reporter Reach Gazette reporter James Schlett at 395-3040 or jschlett@dailygazette.net.
Sunmark Federal Credit Union has left the Lottery Building, leaving the nine-story downtown Schenectady structure with its fi rst vacancy in over a decade. About two weeks ago, Sunmark relocated its headquarters from the Lottery Building on Broadway to a newly constructed building on Route 7 in Latham. The 46,000-member credit union was founded in 1937 to serve General Electric workers in Schenectady. Sunmark is now pulling its Schenectady call center workers and clerical staff in Glenville into the Route 7 headquarters built by British American Construction. The expiration of Sunmark’s 10-year lease in Schenectady provided an impetus for the Latham move. “Everyone’s getting moved in,” said Sunmark spokesman Rich Meddaugh. The Latham move better positions Sunmark to become a regional credit union by giving it a central location in the Capital Region. Sunmark has scheduled a June 7 grand opening for the headquarters, which will also feature a yet-to-be-opened retail branch. Sunmark’s move also means downtown Schenectady will be missing dozens of workers until the Omni Development Company leases out the 16,550 square feet the credit union occupied on the Lottery Building’s eighth floor. Sunmark also took up 2,500 square feet on the seventh floor. “This is our first vacancy in over 10 years in the building,” said Mark Aronowitz, Omni’s vice president of real estate service. Sunmark’s exit leaves the Lottery Building 89 percent occupied. The credit union was the building’s smallest tenant. Its biggest tenant is the state Division of Lottery, which occupies 120,000 square feet. Other tenants include the state’s Office of Racing and Wagering and Department of Taxation and Finance. Although some tenants have left the Lottery Building over the last 10 years, their spaces were preleased before their departure. One such former tenant is the Schenectady Business Development Corp., Aronowitz said. Omni will likely subdivide Sunmark’s eighth-floor space. Most of the space previously used by the credit union should be leased within 45 days, said Aronowitz. The 11-branch Sunmark employs a total 204 workers. Meddaugh would not say how many employees worked at the Lottery Building. When British American announced its plan to construct the Route 7 building, Sunmark said its headquarters there would occupy 44,000 square feet and employ 125. The $435 million credit union has been looking to expand its reach since 2003, when it dropped its employee charter in favor of a community charter. Sunmark’s membership now covers anyone who lives, works, worships or attends school in Albany, Schenectady, Saratoga, Rensselaer, Montgomery and Schoharie counties. Sunmark shares its Latham building with two other tenants. The 55,000-square-foot building is an expansion of British American’s Airport Park, the 32-building office park that sits on 350 acres across Route 7. Only 5,000 square feet in Sunmark’s building remain unleased, said British American Vice President of Marketing Spencer Jones.
It became quite obvious, after reading this article, that 90% of those employed in this building are public state jobs! Sunmark was the only private sector job in the entire building. So there really has not been any 'new' jobs created as the metroplex authority promised. It was just another relocation. So my question still remains...where are the newly created businesses that were suppose to flood the area with promises of good jobs and benefits? And I'm not talking about waitresses, bartenders/maids and theater attendents.
When the INSANE are running the ASYLUM In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. -- Friedrich Nietzsche
“How fortunate for those in power that people never think.” Adolph Hitler
So my question still remains...where are the newly created businesses that were suppose to flood the area with promises of good jobs and benefits? And I'm not talking about waitresses, bartenders/maids and theater attendents.
Bowtie / Movieland projections:
Projected employment by 2008: 137 FTEs
Does anyone REALLY believe there are 137 Full Time Employees there?
If you do, I've got some bridges available, cheap!
I contend that the job creation claims by Metroplex Chairman Gillen are fabricated. The investment of public revenues by the Metroplex has seemingly yielded similar results to that of the Empire Zone Grant Program that wasted $7M to create 31 jobs in Schenectady County.
It is interesting that each time Gillen is quoted regarding the number of new jobs, the number increases by exactly 1000. He most recently stated that 3000 jobs have been created as a result of Metroplex involvement. In a statement made prior, the number was 2000.
I will be interested to review the data that supports such claims. The State Comptroller's audit should provide an assessment of the ROI of tax revenues spent by the Metroplex.
The thing that really pisses me off about it is those "projections" were used to substantiate the loans/grants issued by Metroplex. If they had indicated in the proposal that there were 10 jobs forecast and the company needed $750,000 - there would have been a huge uproar. Increas the employee count to justify the loans/grants - shameful, deceitful and borderline criminal.
I talked to a general manager of a local MAJOR theater chain today. They have 3 FTE's in their mall location - everyone else (mostly students, elderly) are PTE's. FTE's cost MUCH more because of benefits, insurance, etc. PTE's rarely stick around long enough to qualify for benefits.
Amazing that BowTie says they'll have 137 - that's more than the entire northeast operations of this major movie chain.
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