The Downtown Brooklyn Partnership engaged BJH in a multi-faceted research project to compare a defined downtown Brooklyn geography, pre-rezoning (approximately 10 years ago), to the activity, real estate, spending and other factors in the same geography today. BJH utilized public and proprietary data sources to examine the change in demography, public infrastructure, transit usage, housing units, retail development, and potential consumer spending/demand in a variety of retail categories, and arts and cultural attractions.
BJH, as the real estate advisor within a larger interdisciplinary team, evaluated the impact of the MTA’s Five Year Capital Plan on property values for a set of “mega” projects.” As part of this work, BJH spent several months researching the “value premium” associated with transit improvements for properties within close proximity to the capital investments. BJH’s work consisted of constructing a model to calculate this increase or “transit premium,” and then to compare the increase in value to the cost of the projects, in very broad terms. Estimates of property market values, historic and with transit premiums applied, were derived from New York City public data as well as market assumptions using CoStar and broker interviews.
In addition, BJH described, both quantitatively and qualitatively, the benefits of the Capital Plan on health factors (including physical activity and obesity), socio-demographic factors (including impact on aging populations), and environmental factors (net avoided greenhouse gas emissions). The data for these “ancillary” benefits was derived from public survey data generated by the New York City Department of Health, proprietary data from the MTA, and public data from beneficiary groups.
Steuben Foods engaged BJH, along with JLD+P, to develop a repositioning concept for its existing manufacturing campus in Jamaica, Queens, a dense mixed-use urban area that has suffered from periods of severe underinvestment. The strategy recommended investing in an expanded pilot plant/food technology partnership center – the Innovation Center – while rationalizing and downsizing more traditional manufacturing processing. Steuben, which is engaged in aseptic processing and packaging solutions for a variety of foods, soups, drinks and dairy products, began as a traditional manufacturer of yogurt over 30 years ago. Aseptic processing and packaging is an advanced form of manufacturing that involves flash heating of juices, soups, drinks, dairy products and other foods, and placing them in sterile containers. The process, which is widely embraced in Europe, requires special equipment and “clean-room” environments. The entire process uses less energy and allows for greater nutrient retention due to the minimal level of processing.
With the help of BJH, Steuben received Regional Council support for an allocation of New York State tax credits for new investment and job growth for the Innovation Center. In return, the public sector benefits from private commitment to R&D.
BJH worked with the owners of 170 53rd Street in Sunset Park Brooklyn on a repositioning strategy for their 160,000 industrial facility. The owners, also operators of a manufacturing business that has occupied the building since the 1980s, requested assistance in determining the financial feasibility of several redevelopment scenarios. BJH provided the owners with market analysis, financial feasibility that contained sensitivities on various real estate inputs, and finally, recommendations for optimal reuse strategies given owner goals.