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.
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.
The National Park Service engaged BJH to perform research and analyses on the fair market value rental rate for five sites on Governors Island. BJH identified spaces comparable in condition, size, and use to the subject sites and provided qualitative analysis to estimate market rate rents. BJH also provided fair market value opinions for a building on Governors Island and for a building and outdoor event space on Ellis Island.
BJH advised Great Performances on its successful submission to New York State’s Consolidated Funding Application. Great Performances sought to move its 25,000 square foot facility from Hudson Square to a 40,000 square foot facility in the Mott Haven neighborhood of the Bronx. The expansion of its facility will allow the company to increase its work force and further engage with local businesses. BJH’s project scope involved undertaking location and economic analyses, determining timeframes for execution, and managing the preparation and submission of the Consolidated Funding Application. The New York City Regional Economic Development Council declared Great Performances’ expansion as a priority project in September 2018 and awarded the company a $1 million grant in December 2018.
Mount Sinai has engaged BJH to provide economic development advisory services and assist it in applying for the New York State Consolidated Funding Application (CFA) as well as for the New York City Economic Development Corporation Hub RFEI and the Applied R&D Facility RFEI and RFP. The applications to public partners have encompassed a range of projects, including rehabilitation of existing structures into state-of-the-art dry lab facilities to new construction and rehab facilities for combined medical services, administrative and wet-lab activities – for both institutional and commercial R&D – at several locations across its campus. All of the projects are anticipated to expand Mount Sinai's Life Sciences cluster in East Harlem and Upper Manhattan generally. The research components at all project locations included complimentary in-house incubator for corporate ventures in the field. The Applied R&D Facility response conceives of wet-lab investments that will advance commercial therapies to encourage growth of the life sciences sector in New York City. BJH has acted as a key liaison between Mount Sinai and all public partners, including vetting budgets and funding structures, providing review and feedback on design and program, and establishing key success measures/criteria that are achievable for Mount Sinai.