BJH worked with another consulting firm to assist the Brooklyn Navy Yard (BNY) in analyzing potential incentive and rezoning scenarios that were being considered for the report’s recommendations. In particular, BJH reviewed the possibility of creating an “Innovation Zone” concept that would allow for residential and industrial uses in close proximity (not ruling out the possibility of these varied uses in the same facility). The idea was to create a vibrant industrial zone that would be able to support more active commercial and retail presence close to the BNY. Industrially zoned building owners would be asked to commit in perpetuity, with deed restrictions and other City registrations, to a certain amount of industrial square footage related to new allowances for residential uses.
In 2013, BJH Advisors worked with HR&A Advisors to undertake a review of the activities of the New York City Housing Authority (NYCHA or the Agency), both the operations and capital initiatives, and then a subsequent economic impacts analysis of those activities on the New York City and New York State economies. The work involved analyzing the expenditures of the Agency over several historic periods, in order to project current impacts and to anticipate the major areas of benefit of NYCHA to not only the economies of the City and State, but specifically its impact on the labor and consumer markets as well. The full report can be found here.
BJH advised a Bronx property owner on the development and financing of a fresh food distribution campus, which included a new facility for GrowNYC and the possibility of Hostos Community College locating a “Bodegeros Institute” within the main building. BJH took the project, known as the “Oak Point Fresh Food Campus” through New York State’s Consolidated Funding Application project, which awarded the project $400,000 for construction.
BJH authored a policy paper on the historic performance and potential opportunities of issuance for qualified private activity bonds for manufacturing entities in the U.S. given the changing nature of industrial firms over the past 50 years and the growth in smaller urban manufacturing entities that may have capital needs that differ from traditional requirements.
BJH was the economic advisor to WXY/West 8’s Rebuild by Design team, developing a benefit-cost analysis framework for the team’s design solution – man-made barrier islands to be positioned off the coast of New York-New Jersey. In addition to establishing parameters for the benefit-cost discussion, BJH advised on issues relating to insurance markets in general and disaster related insurance products specifically. BJH interfaced with engineering team members on cost estimates as well as AIR’s disaster modelers who computed mitigated damage figures under storm scenarios where off-shore barriers or dune features protected the main land from severe storm surge. BJH also provided a high-level economic impact assessment of the contribution of the construction of the barriers/dunes to the regional economy, which included an assessment of employment (direct, indirect and induced), as well as broad based economic output. Link to the report here.
Kei Hayashi/BJH was part of a team that represented Fairway Markets in the public approvals process for the creation of a new production center and commissary in the Bronx. Kei’s role on the team was to undertake all of the real estate and cost-benefit analysis from Fairway’s perspective, as well as to provide narrative and analysis that assisted the City in making determinations for discretionary benefits to support the project.
BJH worked with Greenpoint Manufacturing and Design Center (GMDC), a non-profit industrial developer, in structuring a New York City Industrial Development Agency (NYC(DA) project agreement that afforded GMDC real property tax exemptions, as well as other tax incentives. The agreement was able to navigate the limitations NYCIDA has in assisting non-profits, yet preserve the project goals of providing high-quality, affordable industrial space to smaller urban manufacturers. With BJH’s assistance, GMDC established a new, for-profit entity to control the project, and negotiated front-loaded benefits to cover initial lease-up risk and other pre-completion cash flow shortfalls. The transaction also used New Markets Tax Credits as a funding source.
Kei Hayashi/BJH worked on an advisory team that assisted the developers of Liberty View with a Historic Tax Credit financing as well as an exploration into the possibility of New Markets Tax Credit Financing. The financing closed in 2013.
BJH worked with New York Proton Management, LLC (NYPM) on underwriting tax structures and determining optimal economic development tools to access in siting a proton therapy and research center in New York State. Proton therapy is a highly advanced form of radiation treatment that accurately targets tumors while minimizing damage to surrounding tissues. The new center is proposed to house four treatment rooms and will focus on development clinical protocols to provide worldwide leadership on the efficacy of proton therapy.