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 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 assisted the Sabey Corporation with leasing and acquiring permits for 375 Pearl Street, a 1.2 million square foot mixed-use project in Lower Manhattan. Sabey successfully leased 570,000 square feet of renovated Class A office space to New York City agencies during this period. Sabey also completed a renovation of the building to improve tenant experience. The renovations included restoring the building’s public plaza and installing curtain walls on floors 15 through 31. BJH facilitated lease negotiations, assisted with governmental relations services during the approvals process, and estimated the economic impacts for the City from reactivating this important asset
The Brooklyn Chamber of Commerce engaged BJH to research, define, and contextualize the existing state of Brooklyn’s Innovation Coast and its growth over time. The Innovation Coast is defined as the 21 neighborhoods along Brooklyn’s western coastline from Greenpoint to Fort Hamilton – a corridor that has experienced significant, concentrated growth in the innovation sector over the past decade. BJH used public and proprietary data sources to analyze the real estate, business, demographic, infrastructure, and cultural context of the Coast. The Brooklyn Chamber plans to use the research from this project for business attraction efforts on the Coast to ensure continued growth in the innovation sector. The final report defines and quantifies the Innovation Coast and highlights an action plan comprised of branding, research, policy, and specific projects to support future business attraction.
In late 2017 and early 2018, BJH undertook market research and analysis for the Downtown Brooklyn Partnership (DBP), examining demographic, labor, business, real estate and quality of life data to create a comprehensive understanding of the DBP’s catchment areas, and how they have evolved over time. As a part of its research, BJH interviewed DBP members and the locally active brokerage community. BJH created a customized visualization tool from the data that DBP can use to create specific graphs and charts in a wide variety of publications and presentations or to quickly disseminate specific information with shareholders as needed.
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 worked as part of a team led by VHB to analyze the City’s regional freight system’s capacity to handle future trade flows in an economically and environmentally feasible manner. BJH provided real estate analysis to support the consultant team’s recommendations by researching supply and demand for freight and other industrial space required by different modes (maritime, rail, air, and truck) in the five borough area and neighboring counties in New Jersey and Connecticut. BJH’s work helped to shape goals for future investments in this critical infrastructure. The FreightNYC initiative is currently set to invest up to $100 million to create new jobs, invest in maritime and rail solutions, modernize distribution facilities, and support an environmentally sustainable freight network.
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.
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 was engaged by the City of Boston Mayor’s Office of Economic Development to develop a food truck market report that analyzed the potential for program expansion and improvements. The report was prepared in conjunction with the Boston Small Business Plan, released in 2016, which seeks to support micro businesses, including food truck owners, and to bolster an equitable economy that offers employment and entrepreneurship opportunities to a diverse group of Bostonians. BJH analyzed primary and secondary data to identify geographic areas that are underserved by food trucks, assessed the costs and benefits of the program to the City of Boston, and explored the mechanics of other cities’ food truck programs. BJH also conducted three focus groups and several individual interviews with food truck owners and other food truck sector stakeholders. BJH used these analyses to help inform a set of recommendations surrounding opportunities for new or enhanced food truck sites and programmatic and administrative improvements to Boston’s food truck program.
The League Education and Treatment Center is a non-profit in Brooklyn that provides services to clients with psychiatric and developmental disabilities. The League Center asked BJH to review its current operations and real estate holdings to identify opportunities to maximize value and reduce costs. BJH engaged an architect to assist in the facilities review and to create program and development scenarios. BJH prepared a report that outlined to League Center leadership options that would better align its real estate holdings with its program needs and financial capacity.
BJH Advisors, working with VHB and BAE, prepared a market report identifying the current trends in the New York City hotel market. The report was used to inform New York City Department of City Planning’s proposal for a Special Permit for hotel development in light manufacturing districts in New York City. The report presented an overview of the hotel industry in the City over the past decade, as well as current and projected future conditions. The report also included comprehensive analyses of trends related to hotel development patterns, demand drivers, occupancy and revenue and the projected development pipeline for new hotel construction and delivery, both in manufacturing areas and in the City overall.
BJH Advisors (BJH) worked with a food industry expert and planning and design firm to analyze the feasibility of, and develop a preliminary concept for a culinary incubator in the City of Amsterdam, New York and the Montgomery County Business Development Center. The team outlined a concept for a non-profit incubator in the Southside neighborhood that will respond to community needs, create jobs, and attract locals and visitors. The incubator concept includes two kitchens, a food hall, a retail shop, a multi-purpose event space, an outdoor farmers’ market, a teaching garden, and a seating area. BJH conducted analyses of demographic, economic, and real estate market conditions; retail leakage for selected industries; and benchmark case studies for similar tourism/destination-based demand food concepts.
BJH advised the Cypress Hills Local Development Corporation for four years on implementation of strategies outlined in its BOA proposal to the State of New York and in a separate 2013 Report entitled “Manufacturing Opportunity Analysis.” Implementation strategies included working to repurpose underutilized City-owned manufacturing zoned land with New York City based food manufacturing and distribution firms that sought to expand, identifying key economic development programming to support industrial development, and working on financial feasibility analysis regarding various development scenarios for the construction of new, model urban industrial facilities.
BJH participated on a team of architects, engineers, and historic preservationists to reimagine the “Parsonage Parcel” at Historic Richmond Town (HRT) in Staten Island. HRT aspired to better utilize their unique real estate assets, increase foot traffic on the campus and create more retail opportunities to support their operations and programming budget. BJH created an economic implementation strategy for the new master plan design, highlighting financial feasibility, development tradeoffs, and potential funding sources. The plan allows HRT to prioritize development projects across the Parsonage Parcel to fit their organizational goals and resources and leverage additional funding sources.
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, working with a talented team of design and construction professionals, created the lowest-cost proposal in the Port Authority of New York and New Jersey’s (PANYNJ) 2016 Midtown Bus Terminal Design Competition. BJH’s main task on the team was to identify a potential receiver district to land unused air rights from the surrounding PANYNJ properties and to model potential real estate revenues streams that could help pay for the construction of the new terminal. BJH’s approach takes into account the complicated construction phasing and existing conditions in the neighborhood, careful to protect community facilities and historic properties. The team’s proposal reshapes the public realm surrounding the PANYNJ bus terminal, adding significant new open space and connecting the improvements already underway at Hudson Yards, the High Line, and the Javits Center.
BJH Advisors worked with an urban design and planning firm to analyze the financial feasibility of a new, state-of-the-art, USDA compliant food distribution hub that supports regional Michigan farmers for the Detroit Eastern Market Corporation. The proposed hub includes a multi-building campus that would house large and small distributors, provide dedicated wholesale space for local farmers, and include on-site food processing. BJH created a financial model to estimate the construction costs necessary to build such a project, assess the revenue associated with the project based on market demand, and ultimately, project the gap associated with development of this hub. The analysis also tested the impact of conditions such as changes in demand, real estate tax obligations, or access to funding resources on feasibility. BJH also prepared economic impact analysis to estimate the number of jobs and the values of wages and total economic output associated with the proposed hub. The findings of the analysis will help Eastern Market Corporation negotiate with prospective public and private partners, funding sources, and tenants.
BJH conducted market research, funding identification, and economic impact analysis on behalf of the Office of Research and Economic Development at Rutgers University. The “Innovation Park@Rutgers” will catalyze university-industry-government collaboration, support innovators and entrepreneurs, and create tangible economic growth and community benefits. BJH’s work allows Rutgers to right-size the project for the University and surrounding area and understand the economic impact of its future activities. BJH conducted broker and developer interviews, described existing supply and demand of technology and life sciences real estate in the area, and quantified direct, indirect and induced impacts using input-output multipliers. A copy of the final report can be found here.