Friar Tuck Inn’s owner has big plans for resort

Real estate agent that bought site plans for spa, skating, recreation

The long-dormant Friar Tuck Inn, which was an iconic resort in the 1970s but has since fallen into disrepair, has been purchased by a New York City businesswoman who is planning a “Mindfulness” resort with a spa, horseback riding, hunting and fishing, cross-country skiing and a possible waterpark as tourist draws.

Queens real estate agent Elena Fu and another unnamed investor quietly paid $5.8 million for the approximately 200

acre property in March from L&H Resort System, which purchased the property out of foreclosure in 2011 for $2.4

million.

While many of the long-term plans such as the waterpark are Please see

rise due to the sudden vacancy on the Supreme Court following the death of Justice Ruth Bader Ginsburg.

President Donald Trump has also declined to guarantee a peaceful transfer of power if he loses the upcoming election, though other Republicans have pushed back on that idea.

“This stimulus deal needs to go through,” Stephen Innes of Axicorp said in a commentary. “With the risks building up every where you look, it doesn’t seem to be a great time to be trying to pick the bottom of equity markets, but a stimulus relief bill will go a long way to nudging the market along.”

Yet another report on Friday suggested that the economy’s recovery is slowing without the support from Capitol Hill. Growth for U.S. orders of machinery and other long-lasting goods was just 0.4 percent last month, down from 11.7 percent in July. The fig ure on durable goods was much weaker than economists had forecast, though several said they saw a mixed picture underneath the headline numbers.

Among other concerns for markets are rising tensions between the United States and China and the possibility that investors’ expectations for a COVID-19 vaccine arriving early next year may prove to be too optimistic.

On top of all the market’s concerns are the pandemic and

worries that worsening trends could lead to more profit-choking restrictions on businesses. Novavax surged 10.9 percent after it said it began a late stage trial of its potential COVID-19 vaccine in the United Kingdom.

Investors pulled $22.8 billion out of stock funds in the week ending Sept. 23, the largest outf low since March, according to a Bofa Global Research report.

Wall Street ’s rally started in late March after the Federal Reser ve and Congress pledged massive amounts of support for the economy. Budding economic improvements later in the spring helped accelerate the gains as widespread shutdown orders lifted.

The Fed has pledged to

continue to hold short-term rates at nearly zero for years, but its chair Jerome Powell said repeatedly in testimony on Capitol Hill this week that the recovery will likely need more help from Congress as well.

In Europe, stocks closed mostly lower. Germany’s DAX lost 1.1 percent, and France’s CAC 40 fell 0.7 percent. The FTSE 100 in London rose 0.3 percent.

In Asia, Japan’s Nikkei 225 rose 0.5 percent and South Korea’s Kospi added 0.3 percent. Hong Kong’s Hang Seng fell 0.3 percent, and stocks in Shanghai slipped 0.1 percent.

The yield on the 10-year Treasury held steady at 0.66 percent.

Photos by Will Waldron / Times Union Exterior of the old Friar Tuck resort on Friday in Catskill. The resort, which was iconic in the 1970s but had since fallen into disrepair, is more than 200 acres in Catskill but needs major renovation.

The old Friar Tuck resort is decorated with castle-like turrets on Friday in Catskill. Investors have big plans for the long-dormant Catskill Friar resort including a water park, skating rink and retail village.

Hiro Komae / Associated Press A woman looks at screens showing Japan’s nikkei 225 index at a securities firm in tokyo on friday. the index rose 0.5 percent on friday.