Michael Meola, Principal
Michael Meola, Partner at BJH Advisors, regularly advises governmental units, non-profits, and private developers on a range of real estate and policy matters. Core services include financial feasibility analysis; project development and structuring; project management; estimating and application for financial incentives; zoning and development capacity analysis; site searches and evaluation; negotiating with development partners and landlords/sellers; and, for the public sector, policy advice around area redevelopment strategies and revenue capture districts.
Representative Current Engagement: For NYC Economic Development Corporation, providing real estate financial feasibility services for the Sunnyside Yard Master Planning Study. The scope of services includes analysis and modeling of office, residential, retail, hotel, and industrial products, including development feasibility, land value, and tax estimation.
Experience: From 2002-2010 Michael held positions in the Bloomberg administration. Most recently he was Executive Vice President for Strategy & Policy at the NYC Economic Development Corporation (NYCEDC). He managed a portfolio review of the several hundred real estate assets managed by NYCEDC, including the almost 8 million sf at Brooklyn Army Terminal and Bush Terminal; South Street Seaport; Hunts Point Food Market; Homeport, SI; and the Metrotech portfolio in Downtown Brooklyn. He was involved with economic development and planning exercises for several districts including Sunset Park, Gowanus, Coney Island, and Manhattan’s Garment Center. Under his leadership, EDC launched its Start-Up Incubator program, which subsequently grew to a network of 10 industry-specific sites around the city.
From 2002 to 2008 Michael worked on the Hudson Yards project. As Vice President of Development at HYDC, he was responsible for managing the financial feasibility study that underpinned Hudson Yards Infrastructure Corporation’s (HYIC) $3 billion bond issuance program. As a consultant he was involved with HYIC’s second bond issue in 2011, and the refinancing of the bonds in 2017. He has been involved on multiple other projects and studies in the Hudson Yards area since 2010.
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For Hudson Yards Redevelopment Project, has been involved with numerous aspects over the past 20 years in prior positions and at BJH. In 2019, completed a report on the Hudson Yards redevelopment project through the lens of comparing the City’s investment in the district against the revenues and other benefits generated by the new development spurred by the 2005 rezoning and related actions.
Has also been involved with several developer responses to requests for proposals (RFPs) in the area, including the winning bid by Radson and Kingspoint Heights for 495 Eleventh Avenue/Former Slaughterhouse site which will create 300 units of permanently affordable housing and commercial space. In 2017, provided analysis of current and potential future development in the district as a sub-consultant to a national real estate firm for the feasibility study for the successful refinance of $2.1 billion of bonds issued by the City’s Hudson Yards Infrastructure Corporation (HYIC). Services included demand analysis and tax and alternative revenue source estimation.
In 2015, prepared a development analysis and revenue projection report for 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.
Involved in former positions with the planning for the 2005 rezoning and the financing in 2006 and 2011 by HYIC of $3.0 billion of public infrastructure including the extension of the No. 7 Subway line into the district and Bella Abzug Park and Hudson Boulevard.
For various clients, advising on several aspects of the planned redevelopment of the Port Authority Bus Terminal (PABT) at 42nd Street and 8th Avenue in Manhattan and the PANYNJ’s land holdings in the area. Engagements have included negotiations to purchase surplus transferrable development rights (TDRs) by adjacent property owners, detailed development planning and project negotiations by a major residential developer, and submission and award of a response to a PANYNJ request for proposals (RFP) for a surplus development site.
In 2016, supported response to the PABT Design + Deliverability Competition, which was a semi-finalist and the lowest cost submission. Also involved with negotiations with the PANYNJ on the provisions of the 2005 Hudson Yards rezoning to its properties, and in issues around bus parking and storage.
For Suffolk County, leading a comprehensive review of the proposed Midway Crossing/Ronkonkoma South development project in Ronkonkoma, NY. The project proposes over 1 million square feet of commercial space, a convention center and hotel, destination retail, a 4,000 – 5,000 seat indoor arena, with additional entertainment and sports training facilities, a 6,000 – 10,000 seat outdoor soccer and concert stadium, a new terminal for MacArthur airport, an expanded and upgraded Long Island Rail Road station with a seamless connection to the airport, and several thousand new parking spaces, all on 40 acres of County owned land and on airport land.
Assembled a team of planners, specialty consultants (hospitality, conventions, sports and entertainment), engineers, and cost estimators to provide a rigorous third-party review of the financial feasibility and general viability of the proposed project. Tasks include market analysis, demand analysis, financial feasibility analysis, planning standards review, review of traffic and infrastructure capacity, cost estimation review, economic impacts and cost/benefit analysis, and other matters.
Along with Kei Hayashi, leading the development by a BJH affiliate of 14 units of new affordable housing and two commercial units in a mixed-use project in Newburgh, New York. The planned renovation of a vacant shell and construction of an integral ground-up segment is among the first new multi-family construction projects in Newburgh in years. The project will take advantage of State and Federal historic tax credits for the shell renovation, as well as several affordable housing finance programs. In addition, 5 of the units will be marketed to the formerly incarcerated service population of our partner, the Osborne Association, a non-profit that will provide services to the residents from an office in the building. BJH is in contract to purchase the property and is currently working through the approvals process with a goal of breaking ground in late 2022.
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Master of Science – Real Estate Development, Columbia University,
Juris Doctor, Suffolk University Law School,
Bachelor of Arts, Hamilton College -
Bar Admissions, State Bar of Massachusetts, State Bar of New York
Licensed RE Broker, New York State
Member, REBNY -
Board Member, Tada! Youth Theatre
Evergreen North Brooklyn Exchange, Industrial Development Champion Award
Vision Long Island, Smart Growth Awards, Village of Westbury Rezoning
American Council of Engineering Companies (ACEC) New York Engineering Excellence Competition, Village of Westbury RezoningPort Authority Bus Terminal, Design Deliverability Competition, Finalist (with Buro Happold / Pelli Clarke as lead)
