BJH assisted the Sabey Corporation with leasing and acquiring permits for 375 Pearl Street, a 1.2 million square foot mixed-use project in Lower Manhattan. Sabey successfully leased 570,000 square feet of renovated Class A office space to New York City agencies during this period. Sabey also completed a renovation of the building to improve tenant experience. The renovations included restoring the building’s public plaza and installing curtain walls on floors 15 through 31. BJH facilitated lease negotiations, assisted with governmental relations services during the approvals process, and estimated the economic impacts for the City from reactivating this important asset
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 was engaged by the New York Building Congress to develop a report providing an overview of the tourism and culture sectors in New York City, the vital role that the construction and design industries play in these sectors, and the emerging trends related to construction. The report surveys recent, current and planned capital projects that support tourism and culture in New York and analyzes their economic impact. Finally, the report addresses the most significant challenges hindering construction in this sector and presents recommendations for ensuring that New York continues to develop the infrastructure that is needed to remain a top global destination.
In late 2017 and early 2018, BJH undertook market research and analysis for the Downtown Brooklyn Partnership (DBP), examining demographic, labor, business, real estate and quality of life data to create a comprehensive understanding of the DBP’s catchment areas, and how they have evolved over time. As a part of its research, BJH interviewed DBP members and the locally active brokerage community. BJH created a customized visualization tool from the data that DBP can use to create specific graphs and charts in a wide variety of publications and presentations or to quickly disseminate specific information with shareholders as needed.
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 as part of a team led by VHB to analyze the City’s regional freight system’s capacity to handle future trade flows in an economically and environmentally feasible manner. BJH provided real estate analysis to support the consultant team’s recommendations by researching supply and demand for freight and other industrial space required by different modes (maritime, rail, air, and truck) in the five borough area and neighboring counties in New Jersey and Connecticut. BJH’s work helped to shape goals for future investments in this critical infrastructure. The FreightNYC initiative is currently set to invest up to $100 million to create new jobs, invest in maritime and rail solutions, modernize distribution facilities, and support an environmentally sustainable freight network.
BJH advised Vista Foods Exchange on its submission to the New York City Economic Development Corporation for the development rights to a 7.5 acre site in the Hunts Point section of the Bronx. BJH prepared an operating and real estate pro-forma for the development of a food distribution center jointly operated by Vista Foods Exchange and S Foods Inc. BJH also prepared an economic development narrative and performed an analysis of the economic impacts that would result from the development.
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.
BJH, a registered Municipal Advisor with the Securities and Exchange Commission, assisted Omnicap, a nationally recognized financial and investment advisor, with structuring, market research, and municipal advisory services related to the issuance of solar financing green revenue bonds backed by consumer loans. BJH surveyed the market for similar products and reported on their rates, structures, and collateral pools.
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.
Empire State Development (ESD) / Moynihan Station Development Corporation (MSDC) engaged BJH to provide real property tax analysis, financial feasibility, and underwriting support for the Moynihan Station redevelopment project. Using its expertise in New York City tax and incentive policies, BJH was able to assist ESD / MSDC in negotiating the payment in lieu of tax (PILOT) structure in the State’s ground lease with the selected developer. Arriving at an appropriate PILOT structure required BJH to determine baseline market and assessed values for comparable properties, project the property taxes that would be due from the repositioned asset, and advise on available incentives and current tax policy in the geography. ESD / MSDC used BJH’s work in support of a successful effort to obtain a Transportation Infrastructure Finance and Innovation Act(TIFIA) loan from the U.S. Department of Transportation. BJH prepared and presented materials on project economics and estimated PILOT revenues to rating agencies, including stress testing for downside scenarios.
BJH advised National Elevator Cab and Door Corp. (National Elevator), New York City’s premier designer and manufacturer of elevator cabs and doors, on its application for discretionary benefits from the Empire State Development Corporation. National Elevator applied to defray a portion of the capital investment it is incurring as part of its move to a new, custom-renovated production facility at the Brooklyn Navy Yard. BJH also assisted with National Elevator’s lease negotiations at the Brooklyn Navy Yard, where it will relocate in 2019. Moving to the Brooklyn Navy Yard will allow National Elevator to offset increasing operating costs and retain all 100 of its current employees, including approximately 70 union members, and to continue to grow and service its clientele in New York City.