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Gerace has identified the suspect as Anthony Robert Taglianetti II.
He joined the Chautauqua County District Attorney David Foley to address reporters on Thursday in Mayville.
Gerace wouldn't get specific on a motive for the crime, but would only say the crime was personal in nature, and not related to Reed's work in schools. Police have ruled out murder for hire or a drug-related killing, Gerace said.
"We don't believe that this homicide has anything to do with Mr. Reed's capacity as a superintendent for Clymer school. We believe that it was not a random act, either," Foley said while addressing reporters.
Authorities settled on Taglianetti after collecting evidence and witness statements; they say he acted alone. A nationwide alert was issued, and local, state and federal law enforcement were searching for Taglianetti.
Reed was reported missing Sunday evening after missing some engagements; his body was found Monday about 150 feet from his home in Clymer, 70 miles south of Buffalo near Pennsylvania.
The sheriff's office had found no sign of foul play at the home in Clymer, a small town of about 1,500 people in the southwestern corner of New York, on Sunday but returned to the property on Monday, Gerace told reporters.
Reed, who apparently was shot more than once, lived alone.
Taglianetti lives in Woodbridge, Va., but Gerace says investigators developed information that he was in Clymer at the time of the murder last Friday.Reed's body was found Monday outside his home. Gerace says Taglianetti is believed to be back in Virginia.
The suspect and Reed aren't "unfamiliar" with each other, Foley said, and Taglianetti isn't believed to have any other ties to Western New York.
Taglianetti is considered armed and dangerous, Gerace said. Local authorities in Virginia are assisting in the investigation, he added.
The public can share any information with the Chautauqua County Sheriff's Department at either (716) 753-4231 or (716) 661-7231. Those in Virginia can contact the Prince William County Sheriff's Department at (571) 238-0731.
Reed had been superintendent of the single-building Clymer Central School District and its 468 students since November. His funeral is Friday in his hometown of Salamanca.