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 was on a team with an architect, engineer, and cost estimator hired by NYCEDC to study and propose redevelopment scenarios at La Marqueta to support its mission of establishing a vibrant multi-tenant food and retail marketplace in East Harlem. BJH created a pro forma to compare the financial feasibility of the team’s three redevelopment scenarios. In addition, BJH utilized projected rents and assessed operating costs at similar multi-tenant industrial properties with varying operating structures to demonstrate opportunities to reduce expenses and increase the projected net operating income following redevelopment.
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 completed an economic feasibility report supporting NAVA’s application to the NYC Board of Standards and Appeals for the development of a new construction residential condominium project at 14 White Street in Tribeca, Manhattan. The feasibility report included analysis of the residential condominium, retail condominium, and land / development site sales markets in Lower Manhattan. BJH performed a financial feasibility analysis to determine the developer’s pro forma return on investment under four different development scenarios.
BJH worked with Plan A Architecture + Design on the Empire State College (Empire) Facilities Master Plan update. BJH performed a multi-site market analysis to rationalize Empire’s real estate portfolio. BJH analyzed the rent and lease terms for each property in Empire’s portfolio and compared them to the market rates for each location. BJH also provided Empire with land and office building comparable sales, allowing Empire to assess options for building new facilities on vacant land or purchasing existing buildings in local markets.
BJH advised Vista Foods Exchange on its submission to the New York City Economic Development Corporation for the development rights to a 7.5 acre site in the Hunts Point section of the Bronx. BJH prepared an operating and real estate pro-forma for the development of a food distribution center jointly operated by Vista Foods Exchange and S Foods Inc. BJH also prepared an economic development narrative and performed an analysis of the economic impacts that would result from the development.
BJH worked with New Jersey based planning and development firm Topology on four separate residential development projects in Essex, Union, and Morris counties in New Jersey. BJH used cash flow models to perform sensitivity analyses on market assumptions and Payment In Lieu of Taxes (PILOT) structures. BJH used these analyses to examine the financial feasibility from the developers’ perspectives while also considering the impact on the municipalities’ character, density and future tax revenues.
BJH Advisors was the real estate and financial advisor for the Radson - Kingspoint Heights winning submission to the NYCEDC for development of 495 Eleventh Avenue (the former Slaughterhouse site) in Hudson Yards. The project comprises approximately 700,000 square feet in a 45 story tower, including NYPD space, retail, community facility, Class A office, dormitory, and approximately 230 affordable housing units. BJH helped assemble the project team, including the architect, geotech and structural engineer, and land use and real estate counsel. BJH project managed the submission package and helped align the program with Mayoral and community priorities. BJH performed project underwriting, and assisted the developers in discussions with debt and equity sources. Radson – Kingspoint Heights was advised by BJH throughout the negotiation with NYCEDC over program, scale, real property tax obligations, ground rent, and affordability levels of the residential units. In addition to undertaking Uniform Land Use Review Process for the disposition and rezoning, the project will require ongoing and significant coordination with public agencies.
The Brooklyn Brewery engaged BJH to assist it in siting and developing a new 400,000 to 1,000,000 barrel brewery. The Brewery sought to expand capacity primarily to serve overseas markets in Northern Europe where demand has been growing exponentially. Ideally, the Brewery sought to locate within close proximity to the Port of New York and New Jersey, and at a site that either had rail or where rail could have been easily activated. BJH’s project scope involved undertaking location analysis, including performing tax and economic development program and benefit level comparisons across jurisdictions, as well as negotiating with land owners, determining timeframes and processes for obtaining discretionary land use and other development approvals, interfacing with public partners, and analyzing capital requirements and potential for investor returns.
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.
BJH worked with United Methodist City Society (UMCS) on a repositioning/disposition strategy for an underperforming property in Harlem. Over the course of the engagement, BJH provided market and demographic analysis to inform development of UMCS’s strategic goals, provided a highest and best use analysis for the property comparing several likely redevelopment strategies, and facilitated discussions between UMCS and agency staff to discuss various partnering opportunities.
BJH assisted Krinos Foods, Inc. in the planning and development of its new headquarters, production facility, and distribution hub in the Bronx, New York. Krinos Foods is North America’s largest importer and distributor of Mediterranean specialty food products, with operations across the U.S. and Canada. Services included team assembly, financial feasibility analysis, budgeting, site selection, and incentives negotiation. BJH managed the submission and successful award of an RFP by the New York City Economic Development Corporation (NYCEDC) for the final site at the Bathgate Industrial Park in the Bronx. BJH negotiated the purchase of the site at an attractive price, and obtained a full benefits package from the New York City Industrial Development Agency (NYCIDA). BJH managed the public approvals process, including preparing briefing materials for the community board, City Council member and Borough President. BJH facilitated the real estate transaction leading to a closing on a $23 million acquisition and construction loan. The 100,000 square foot facility was completed in the spring of 2016, insuring the retention of approximately 100 well-paid jobs in New York City and improving Krinos’s operational efficiency.
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.