Public Speaking NYC comes to BJH

 
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BJH Advisors participated in an all-day public speaking workshop on September 24, led by Herman Otten of Public Speaking New York City. The course focused on engaging a crowd, maintaining composure when things go wrong, and a variety of visualization techniques for communicating concrete ideas to different audiences.

The BJH Team would like to thank Herman for an exciting and engaging day!

Belmont Park Redevelopment: Civic and Land Use Improvement Project (2018-2019)

 
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BJH is providing financial and economic advisory services to Empire State Development in the redevelopment of a portion of surplus land at Belmont Park in Nassau County.  The project, which is being privately funded, will create a new home for the New York Islanders, as well as new retail, hotel and entertainment facilities.  ESD’s designated development partner has also agreed to invest in site and transportation improvements that will enhance accessibility and improve the public realm.  BJH’s role included assisting with the draft Environmental Impact Statement (EIS) and analyzing the economic and fiscal impacts of the project, which will include the creation of over 3,000 permanent jobs and 10,000 construction worker-years. 

Church of St. Luke and St. Matthew (2015-2019)

 
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BJH completed an initial transferrable development rights (TDR) analysis for a large individually landmarked church in Brooklyn. BJH identified potential receiving sites, contacted potential buyers, and negotiated a contract of sale with a developer.  BJH briefed the vestry and internal stakeholders and obtained approval for the sale.  BJH guided the Church through the Landmarks Preservation Commission (LPC) approval process and the Uniform Land Use Review Process (ULURP) for the associated rezoning that was required to effectuate the TDRs sale.  The transaction is scheduled to close in Fall 2019.

Bedford-Stuyvesant Restoration Corporation Master Plan (2018-Present)

 
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BJH is part of a team led by Totem that is currently advising Bedford-Stuyvesant Restoration Corporation (BSRC) on its five-year master plan, a reimagining of the organization’s headquarters at Bedstuy Restoration Plaza. The master plan calls for the redevelopment of 400,000 square feet of office, retail, and cultural space that will support the organization’s efforts to close the racial wealth gap in Central Brooklyn. The location, in Central Brooklyn’s Bedford Stuyvesant neighborhood, is well positioned to serve a broad array of local organizations and residents, students, and businesses. BJH is working with BSRC staff, its board, Totem, and the master planner, Adjaye Associates, to conduct a capital requirements and residual land value analysis that will allow the organization to optimally plan for and implement development on its site. Moreover, BJH is analyzing BSRC’s current leases and assessed their impact into the development timeline of the proposed project.  

Angels Landing (2017)

 
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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.

Boston Food Truck Study (2017)

 
 

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.

Clearwater Downtown Tenant Anchor Incentive Program (2017)

 
 

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.

Downtown Albany Redevelopment Feasibility Study (2017)

 
 

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.

JFK Airport Regional Benefits Study (2017)

 
 

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).

League Center (2017)

 
 

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.

Analysis of Airbnb's Impact on New York City's Housing Market (2016)

 
 

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

Covenant House (2011-2016)

 
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For Covenant House International and Covenant House New York the principals of BJH undertook a strategic review of space usage that led to a transaction to develop a new headquarters and primary shelter facility.  The assignment included an inventory and analysis of current owned and leased real estate holdings and facilities usage, real estate market research and trend analysis for the West Side of Manhattan, a preliminary opinion of property value, evaluation of financing and capital raising strategies, and presentation of development scenarios.  BJH principals procured a full project team including other real estate consultants, architect (FXFOWLE), engineers, and financial consultants.  Outreach to the development community and the surrounding neighborhood was undertaken, as well as to government agencies and elected officials.  The project culminated in a request for proposals that was successful in procuring a development partner to construct a new headquarters and shelter facility (post-BJH principals involvement).

Creative School Construction Financing Program Advisory (2016)

 
 

BJH worked as an advisor to Civic Builders in the early conceptual design of a new program, the Building Equity Initiative, an innovative approach to financing charter school construction. Traditionally, charter schools have had difficulty accessing standard financial products and capital due to a lack of expertise (school management focused on quality education, not financial markets and construction) or equity (funding based on per pupil allocations and donations, not capital needs). This program supports a loan pool of standardized transactions, allowing for faster execution, lower borrowing costs, and greater access to capital for both established and emerging schools.

BJH provided strategy and analysis around the structure of the program, both financially and operationally. The team reviewed current financial market conditions for short and long term products, identifying the largest gaps in the market, and participated in interviews with potential lenders and borrowers, summarizing findings for funder presentations. BJH also vetted issues related to program operations, advising on board structure, compliance and risk management tools.

Historic Richmond Town (2016)

 
 

BJH participated on a team of architects, engineers, and historic preservationists to reimagine the “Parsonage Parcel” at Historic Richmond Town (HRT) in Staten Island. HRT aspired to better utilize their unique real estate assets, increase foot traffic on the campus and create more retail opportunities to support their operations and programming budget. BJH created an economic implementation strategy for the new master plan design, highlighting financial feasibility, development tradeoffs, and potential funding sources. The plan allows HRT to prioritize development projects across the Parsonage Parcel to fit their organizational goals and resources and leverage additional funding sources.

Long Island City Comprehensive Plan (2016)

 
 

BJH worked with the Long Island City Partnership and Public Works Partners on the LIC Comprehensive Plan, which was released in November 2016.  BJH was responsible for the existing conditions and incentives recommendations sections of the Plan, which include a study of demographics, market trends across a variety of real estate types, and business sector changes over the past 10 years.  The report highlights the recent and significant development of apartment units in LIC, as well as the challenges arts organizations, industrial companies, and commercial office users are experiencing in finding affordable space.  The Plan's recommendations seek to enhance the area's revitalization, leverage the district's market potential, and retain the mixed-use fabric of the neighborhood.  Find the Plan here.

Port Authority Bus Terminal Design + Deliverability Competition (2016)

 
 

BJH, working with a talented team of design and construction professionals, created the lowest-cost proposal in the Port Authority of New York and New Jersey’s (PANYNJ) 2016 Midtown Bus Terminal Design Competition. BJH’s main task on the team was to identify a potential receiver district to land unused air rights from the surrounding PANYNJ properties and to model potential real estate revenues streams that could help pay for the construction of the new terminal. BJH’s approach takes into account the complicated construction phasing and existing conditions in the neighborhood, careful to protect community facilities and historic properties. The team’s proposal reshapes the public realm surrounding the PANYNJ bus terminal, adding significant new open space and connecting the improvements already underway at Hudson Yards, the High Line, and the Javits Center.

Campau-Banglatown-Davison Neighborhood Framework Plan, Detroit, Michigan (2018-Present)

 
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As part of a larger planning team, BJH provided analysis on existing conditions and priority project feasibility in the Campau/Banglatown/Davison neighborhood of Detroit. Home to a large enclave of Bangladeshi immigrants and rich arts and agricultural communities, BJH detailed implementable strategies that integrated neighborhood goals of supporting growth of existing businesses and attracting new business and employment opportunities to the area. BJH performed high level financial feasibility analysis to determine the level of gap/value across multiple development scenarios for three priority projects in the planning area, creating ‘investment memos’ the City could include in future requests for proposals or program marketing.

Regional Food Distribution Hub Feasibility Study (2016)

 
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BJH Advisors worked with an urban design and planning firm to analyze the financial feasibility of a new, state-of-the-art, USDA compliant food distribution hub that supports regional Michigan farmers for the Detroit Eastern Market Corporation. The proposed hub includes a multi-building campus that would house large and small distributors, provide dedicated wholesale space for local farmers, and include on-site food processing. BJH created a financial model to estimate the construction costs necessary to build such a project, assess the revenue associated with the project based on market demand, and ultimately, project the gap associated with development of this hub. The analysis also tested the impact of conditions such as changes in demand, real estate tax obligations, or access to funding resources on feasibility. BJH also prepared economic impact analysis to estimate the number of jobs and the values of wages and total economic output associated with the proposed hub. The findings of the analysis will help Eastern Market Corporation negotiate with prospective public and private partners, funding sources, and tenants.