The Brooklyn Chamber of Commerce engaged BJH to research, define, and contextualize the existing state of Brooklyn’s Innovation Coast and its growth over time. The Innovation Coast is defined as the 21 neighborhoods along Brooklyn’s western coastline from Greenpoint to Fort Hamilton – a corridor that has experienced significant, concentrated growth in the innovation sector over the past decade. BJH used public and proprietary data sources to analyze the real estate, business, demographic, infrastructure, and cultural context of the Coast. The Brooklyn Chamber plans to use the research from this project for business attraction efforts on the Coast to ensure continued growth in the innovation sector. The final report defines and quantifies the Innovation Coast and highlights an action plan comprised of branding, research, policy, and specific projects to support future business attraction.
BJH completed an economic and fiscal impact analysis as a part of Angels LandingPartners’ response to a City of Los Angeles request for proposals to develop the 2.24-acre vacant Angels Landing site. Angels Landing Partners is comprised of the Peebles Corporation, Claridge Properties, and MacFarlane Partners. The proposal included the development of two mixed-use towers of 24 and 88 stories, comprised of apartment, condo, hotel, school, and retail/restaurant programs. BJH estimated the potential economic impacts (measured in direct, indirect, and induced jobs, wages, and economic output in Los Angeles County) and fiscal impacts (measured through net new taxes to the City of Los Angeles) that would be generated by the proposed development. In December 2017, the City of Los Angeles selected Angels Landing Partners to develop the site.
BJH worked with Plan A Architecture + Design on the Empire State College (Empire) Facilities Master Plan update. BJH performed a multi-site market analysis to rationalize Empire’s real estate portfolio. BJH analyzed the rent and lease terms for each property in Empire’s portfolio and compared them to the market rates for each location. BJH also provided Empire with land and office building comparable sales, allowing Empire to assess options for building new facilities on vacant land or purchasing existing buildings in local markets.
BJH worked with New Jersey based planning and development firm Topology on four separate residential development projects in Essex, Union, and Morris counties in New Jersey. BJH used cash flow models to perform sensitivity analyses on market assumptions and Payment In Lieu of Taxes (PILOT) structures. BJH used these analyses to examine the financial feasibility from the developers’ perspectives while also considering the impact on the municipalities’ character, density and future tax revenues.
Kei Hayashi and Maggie Haight recently passed their Series 50: Municipal Advisor Representative Qualification Examination. Under Dodd Frank, this allows BJH Advisors to engage in municipal advisory activities.
BJH is a registered municipal advisor with the Municipal Securities Rulemaking Board. MSRB rules govern the conduct of regulated entities in the areas of fair dealing, uniform practice, professional qualification, market transparency, and administration.
BJH is working with the Council of Fashion Designers of America (CFDA) to create a set of multi-faceted business support programs for fashion producers interested in remaining and growing in New York City. BJH's role has been to provide primary research into the needs of fashion production companies, as well as to understand how designers and manufacturers might more closely cluster in Brooklyn, both physically and through other business model synergies. BJH also worked with the Harvard School of Design to study innovative design ideas that reimagine a new, modern industrial production center in Sunset Park, Brooklyn.
BJH is currently undertaking a series of tax and payment-in-lieu-of-tax or PILOT analyses for New York State public clients for large-scale infrastructure projects. BJH is responsible for constructing PILOT models that include full-tax runs including as-of-right tax policy (e.g. 421-a), as well as sensitivities with discretionary tax policy built-in, including the Industrial and Commercial Abatement Program and Hudson Yards Uniform Tax Exemption Policy programming. The tax/PILOT analysis is meant to feed into full development pro formas, as well as to provide the basis for better understanding debt capacity and funding streams that may be used by the public entities to pay for infrastructure and other project related elements.
BJH was engaged by the City of Boston Mayor’s Office of Economic Development to develop a food truck market report that analyzed the potential for program expansion and improvements. The report was prepared in conjunction with the Boston Small Business Plan, released in 2016, which seeks to support micro businesses, including food truck owners, and to bolster an equitable economy that offers employment and entrepreneurship opportunities to a diverse group of Bostonians. BJH analyzed primary and secondary data to identify geographic areas that are underserved by food trucks, assessed the costs and benefits of the program to the City of Boston, and explored the mechanics of other cities’ food truck programs. BJH also conducted three focus groups and several individual interviews with food truck owners and other food truck sector stakeholders. BJH used these analyses to help inform a set of recommendations surrounding opportunities for new or enhanced food truck sites and programmatic and administrative improvements to Boston’s food truck program.
The Community Redevelopment Agency of the City of Clearwater, Florida engaged BJH to assist with its $1.6 million Downtown Tenant Anchor Incentive Program. The program will provide up to $250,000 to participating property owners, commercial breweries, brewpubs, and restaurant tenants locating in Downtown Clearwater. BJH’s project scope involved analyzing national, state and regional trends in the craft brewery market and assessing the market strengths for brewery expansion in Clearwater. In addition, BJH was tasked with presenting case studies of successful brewery incentive programs and developments from similar sized municipalities. BJH worked with the Community Redevelopment Agency to assemble findings and case studies into a presentation that the Director delivered to City Council.
BJH served as the financial analyst for the team selected by Empire State Development to assess the redevelopment potential of an 8-acre State-owned parcel of land in downtown Albany. The State sought guidance on a strategy that would encourage private sector interest in purchasing and developing the site despite challenging market conditions. Based on interviews with key stakeholders and a review of real estate market trends, BJH advised the team on two potential redevelopment scenarios that would leverage demand for housing in the area and introduce new commercial and open space amenities. Moreover, BJH prepared a phasing schedule for redevelopment that reflected market demand and absorption projections. This work will inform Empire State Development’s strategy to redevelop the property. The final report can be viewed here.
BJH, with a team of transit and economics consultants, contributed to a Port Authority of New York and New Jersey (PANYNJ) report detailing the connectivity benefits created by the flow of goods and services in and out of JFK Airport in Jamaica, Queens. BJH analyzed primary and secondary data on employment, wages and business expenditures for on- and off-airport businesses and government employers, such as airport operations (FAA tower, parking operations, TSA, Customs and other public agencies, in-terminal retail and service concessions, and on-property hotels), aviation services (maintenance, fueling, and support services), and off-airport related services (catering, hotels, car services, freight forwarders, and warehousing).
The League Education and Treatment Center is a non-profit in Brooklyn that provides services to clients with psychiatric and developmental disabilities. The League Center asked BJH to review its current operations and real estate holdings to identify opportunities to maximize value and reduce costs. BJH engaged an architect to assist in the facilities review and to create program and development scenarios. BJH prepared a report that outlined to League Center leadership options that would better align its real estate holdings with its program needs and financial capacity.
BJH Advisors, working with VHB and BAE, prepared a market report identifying the current trends in the New York City hotel market. The report was used to inform New York City Department of City Planning’s proposal for a Special Permit for hotel development in light manufacturing districts in New York City. The report presented an overview of the hotel industry in the City over the past decade, as well as current and projected future conditions. The report also included comprehensive analyses of trends related to hotel development patterns, demand drivers, occupancy and revenue and the projected development pipeline for new hotel construction and delivery, both in manufacturing areas and in the City overall.
BJH was engaged by Design Trust for Public Space to assist with analysis for its Future Culture: Connecting Staten Island’s Waterfront project, which aims to provide a set of recommendations to strengthen culture and enhance the waterfront on Staten Island’s rapidly developing North Shore. BJH conducted an economic impact analysis of the arts and cultural sector on the North Shore. The analysis included direct, indirect, and induced economic impacts driven by a broad cross section of organizations contributing to culture in the area including arts and cultural organizations, community organizations engaged in arts and cultural activities, maritime businesses in connection to the area’s heritage as a maritime hub, individual artists, recreational spaces, and independently owned food businesses on Staten Island’s North Shore. The analysis examined the impact of these sectors on the economies of both Staten Island and New York City. BJH also conducted a real estate market analysis to compare historic supply and demand for the retail, office, and industrial markets on the North Shore and Staten Island as a whole.
BJH was engaged by NYU Tandon School of Engineering to estimate the economic impact of its Future Labs program since its inception in 2009. Future Labs is comprised of the Urban, Data, Digital, and Veteran Future Labs, each of which incubates startup companies by providing them with targeted guidance, expertise, resources, and a community of similar businesses. The analysis estimated the direct, indirect, and induced jobs, wages, and economic output generated by the Future Labs program.
BJH served as the economic and real estate analyst for the team selected by the New York City Department of Cultural Affairs to prepare CreateNYC, the first ever cultural plan for the City of New York. BJH supported the team in its extensive community engagement process and conducted a literature review focused on sectoral analysis, labor market analysis, and social impact. BJH also prepared a comprehensive economic impact analysis of the cultural sector in New York City, which identified the total number of workers employed in cultural jobs in New York City, the total wages, and the total output associated with cultural sector. BJH projected the indirect and induced impact of the cultural sector in New York City. This work laid the foundation for the several recommendations put forth in the plan focused on supporting job growth and interagency coordination, as well as the recommendation for increased funding to support cultural organizations as engines of economic growth in New York City. The final plan was announced in July 2017 and can be downloaded here: http://createnyc.org/en/home/.
BJH Advisors (BJH) worked with a food industry expert and planning and design firm to analyze the feasibility of, and develop a preliminary concept for a culinary incubator in the City of Amsterdam, New York and the Montgomery County Business Development Center. The team outlined a concept for a non-profit incubator in the Southside neighborhood that will respond to community needs, create jobs, and attract locals and visitors. The incubator concept includes two kitchens, a food hall, a retail shop, a multi-purpose event space, an outdoor farmers’ market, a teaching garden, and a seating area. BJH conducted analyses of demographic, economic, and real estate market conditions; retail leakage for selected industries; and benchmark case studies for similar tourism/destination-based demand food concepts.
For the Village of South Nyack Economic Sustainability Study, BJH provided real estate analysis as part of a consultant team. The team evaluated the potential for the redevelopment of land over and surrounding Exit 10 on the New York State Thruway. As part of the study, BJH prepared a high-level financial feasibility for the preferred redevelopment scenario, and made recommendations on next steps toward implementation.
BJH was the project manager and prime consultant for the State of New York, managing a multi-disciplinary team that developed a Downtown Revitalization Strategic Action Plan for the Village of Westbury in Nassau County, Long Island. The Downtown Revitalization Initiative is a $100 million initiative of Governor Andrew Cuomo which provided 10 towns throughout New York State with $10 million in downtown revitalization funds. Westbury, a 2.4 square mile Incorporated Village in Nassau County along the Long Island Rail Road, was selected for the initiative by the Long Island Regional Economic Development Council. BJH led a team in coordinating a committee of local stakeholders, executing public engagement events, studying existing conditions, and identifying projects to help bring about the revitalization of the downtown. Once projects were identified, BJH and its team prepared an implementation plan that identified the cost of the project, regulatory processes, and partners to implement each of the projects. Projects included a rezoning that would promote transit-oriented development and increased residential density near the train station; a commercial attraction program that would provide grants to new, targeted retailers for fit out; a comprehensive streetscape improvement plan that included street plantings, benches, new lighting, among other streetscape elements; and a redesign of the key intersection that connects the Long Island Rail Road station to the downtown. The funded projects are expected to be implemented between 2017 and 2020. The final plan can be found here.
MFY Legal Services and Housing Conservation Coordinators engaged BJH to conduct an analysis of the interaction between the short-term residential rental market, primarily short term units listed on Airbnb, and the traditional rental housing market in New York City. In order to carry out this analysis, BJH created a classification system using third-party listings data that isolated a category of units it referred to as Impact Listing. In conjunction with providing an analysis of the neighborhood and price effects of Impact Listings, BJH analyzed broader neighborhood and housing trends in the neighborhoods with high concentrations of these listings. The analysis demonstrated high correspondence between areas with growth in Impact Listings and increases in housing prices and constrained supply. The full report, which was issued in June 2016, is available here.