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.
As part of a larger planning team, BJH provided analysis on existing conditions and priority project feasibility in the Campau/Banglatown/Davison neighborhood of Detroit. Home to a large enclave of Bangladeshi immigrants and rich arts and agricultural communities, BJH detailed implementable strategies that integrated neighborhood goals of supporting growth of existing businesses and attracting new business and employment opportunities to the area. BJH performed high level financial feasibility analysis to determine the level of gap/value across multiple development scenarios for three priority projects in the planning area, creating ‘investment memos’ the City could include in future requests for proposals or program marketing.
BJH is advising Civic Hall on the creation of an 80,000 square foot community facility, including a Tech Training Center, at the site of the former P.C. Richard’s store. The location, on 14th Street in Manhattan, is in Community Board 3 and well positioned to serve a broad array of entrepreneurs, students, local residents, and businesses that are becoming more reliant on digital skills to shape an increasingly collaborative and civic minded workforce. The project will contain a digital skills learning center with conference and meeting space as well as educational and networking facilities. Training will be provided through partners such as Per Scholas, CUNY, Mouse.org and FedCap. BJH is advising Civic Hall on public-private partnership structures and business model analysis to ensure the financial sustainability of the project.
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 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.
The principals of BJH have worked on various aspects of the Hudson Yards redevelopment project since 2002.
In 2019 BJH completed an evaluation of the costs and benefits of the Hudson Yards redevelopment project. The report reviewed the City's goals in undertaking the project and provided a framework to evaluate its successes and challenges since approval of the rezoning of the district in 2005. Project costs (investments in infrastructure by the City of New York) were summarized and compared to revenues from new development in the district to date and looking forward. The report can be found here.
In 2017 BJH provided analysis of current and potential future development in the district as a sub-consultant to a national real estate firm for a feasibility study in support of the successful refinance of $2.1 billion of bonds issued by Hudson Yards Infrastructure Corporation. Services included demand analysis and tax and alternative revenue source estimation.
In 2015 BJH prepared a development analysis and revenue projection report of the district for an investment bank. The study included a survey of residential, hotel, office and retail buildings completed, in construction and planned in the district, and estimation of current and future real property tax revenues, PILOT payments, and zoning bonus payments.
Currently in pre-development, this historic building on the border of Downtown Brooklyn and Brooklyn Heights in the Downtown Brooklyn Skyscraper Historic District will be transformed into a 40-room boutique hotel with a signature restaurant concept. The 1886 historic facade will be carefully restored, including the recreation of a two-story mansard roof-scape that burned in the 1950s, along with a new-build addition to increase the building to a total of 14 stories.
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 provides consulting services through the Association of Neighborhood and Housing Development (ANHD) for their member non-profit organizations’ applications to the City’s Industrial Development Fund. BJH offers advisory services through various mediums (phone, internet, in-person) regarding structural, financial, and market-related public program funding considerations for industrial development projects. BJH also consulted on pro forma structure, incentives, market analysis, developer processes, and tenant diligence, in order to best present and support ANHD’s applicants. BJH conducted a seminar and educated ANHD’s members on industrial development projects and incentive policies.