BJH Advisors undertook financial feasibility analysis as a part of a multidisciplinary team of consultants selected by the New York City Economic Development Corporation (EDC) to develop recommendations to foster the growth of the life sciences industry in New York City. BJH’s role included identifying potential geographic areas for development of a life sciences complex and financial feasibility analysis for real estate investment based on the site conditions, market trends, and the needs of potential life sciences users.
The New York State Regional Food Hub Task Force, comprised of the Office of Governor Cuomo, the New York City Mayor’s Office, Empire State Development, New York State Department of Agriculture, and the New York City Economic Development Corporation, was established to address the challenges associated with connecting upstate farms to the New York City market. The Task Force hired a team of consultants to analyze the potential for regional food hubs that focus on improving distribution channels for small and mid-sized farms and advancing equity along the food supply chain. BJH Advisors provided real estate analysis to help the Task Force determine whether a food hub is financially feasible in the outer boroughs of New York City. BJH prepared a gap analysis based on typical food hub space and price requirements, market rents, and available subsidies and incentives, and conducted sensitivities to test alternate scenarios. The analysis estimated the subsidy a Food Hub may require to successfully operate in New York City.
Mamaroneck, a 6.5 square mile village in Westchester County, New York, hired BJH Advisors as part of a multidisciplinary team, to create a plan for the revitalization and redevelopment of a 70-acre area historically utilized for light industrial businesses. The area had experienced increases in vacancy over recent years, and the primary use was long-term parking. Yet, the site was located within close proximity to the downtown core and MetroNorth train station. BJH conducted analysis of the demographic composition of the village, business environment, labor markets, as well as the residential, commercial office, retail, industrial and hotel real estate markets in the Village and several benchmark communities in the region. The analysis identified the unique strengths and opportunities that could engender business growth and real estate development in the 70-acre area of Mamaroneck. The plan that emerged from the analysis promoted introduction of destination fitness / recreation spaces and small office uses alongside existing job-intensive industrial uses.
BJH was the project manager and prime consultant for the State of New York, managing a multi-disciplinary team in the study of existing conditions, the creation of redevelopment scenarios, and the evaluation of land use, environmental and financial feasibility of those scenarios for the Creedmoor Psychiatric Hospital Campus in eastern Queens. The surplus property under evaluation exceeds 50 acres on a campus that will continue to have medical, social service, and psychiatric uses. The project team conducted community outreach and a detailed market analysis in order to formulate three potential redevelopment scenarios. The three redevelopment scenarios focused on three distinct priorities: growing the existing residential neighborhood with new housing that reflects the scale of the surrounding community, maximizing affordable housing, and creating a mixed-use community that maximizes job opportunities. BJH then tested the financial feasibility of each scenario and coordinated a team that developed a physical model for each scenario and explored the infrastructure and environmental feasibility of each scenario.
In coordination with Mayor de Blasio’s ten-year affordable housing plan, the Department of Housing Preservation and Development, the Department of City Planning, and the Housing Development Corporation undertook a study of the effects of various a mandatory inclusionary housing (MIH) program structures in various neighborhoods. BJH was the key New York City subconsultant to the prime consultant – BAE Urban Economics – a California based specialist in MIH programming. The consultants examined structures requiring residential developments in the targeted areas to include a certain percent of affordable units. Analysis included the creation of an index for each neighborhood in the New York based on market conditions, a thorough investigation of development costs for a variety of multi-family housing prototypes, and the creation of a dynamic pro forma that included variability across markets and tax policy outcomes.
Prior to Mayor de Blasio’s commitment to expanding ferry service in New York City, BJH Advisors provided the New York City Economic Development Corporation (NYCEDC) with analysis of funding opportunities for launching and operating new ferry service. Our analysis explored the universe of capital and operating funding sources for transportation projects in the United States and abroad, including value capture, taxation, and other funding strategies such as sponsorship. BJH Advisors built a model to evaluate the potential for each funding source to successfully fund ferry expansion in New York City based on the structure of the funding source and the goals of ferry expansion and provided NYCEDC with recommendations for implementation in New York City based on case studies and tax policy analysis. Link to the report here.
BJH Advisors provided financial analysis expertise for the Town of Morristown, New Jersey in negotiation with the selected developer for Phase II of the Speedwell Avenue Redevelopment Plan. The redevelopment plan called for construction of multi-family housing, as well as streetscape improvements along a key corridor in the town. BJH Advisors applied the developer’s program, financing, income, and expense assumptions to a cash flow analysis to estimate the developer’s return. BJH Advisors also conducted sensitivity analysis to test the impact on developer return of variables such as percent of affordable housing units, land sale price, and the rate of the payment in lieu of taxes (PILOT). The analysis allowed the Town of Morristown to negotiate a mutually-beneficial agreement with the developer.