Statement of Qualifications BJH Advisors About BJH Advisors
BJH Advisors, LLC (BJH) is a real estate advisory and planning firm, with expertise in real estate development, urban planning, project management, finance, tax policy, market analytics, and Federal/State/City incentives. BJH works with both public sector and private clients to analyze and structure real estate development opportunities; undertake financial feasibility, market and zoning analysis; and help determine if policy goals require programmatic action. BJH is a woman and minority-owned enterprise (M/ WBE), certified in New York State and by the Port Authority of NY and NJ.
Real Estate and Urban Planning BJH advises government agencies, public policy groups and trade organizations, and private sector entities on a wide variety of planning, policy and economic development issues.
Development Advisory BJH works with developers, non-profits, and operating businesses to shape projects, identify solutions to space usage challenges, secure incentives, and optimize the value of assets.
Development BJH’s principals invest in real estate development projects in the New York City metropolitan area that help transform communities and obtain superior risk-adjusted returns. Projects are undertaken through BJH Developers LLC and other entities.
Brokerage BJH Brokerage Services LLC is a full-service boutique brokerage firm, with expertise in the commercial and industrial sectors, as well as land assemblage and transferable development rights (TDRs). BJH is a member of REBNY.
2 BJH Advisors BJH Clients Businesses and Firms Not-For-Profits Public Sector 25 Park Place LLC Association of Neighborhood & Housing Dev. Agence Metropolitaine de Transport Montreal Adam’s European Contracting Bloomberg Associates Brooklyn Navy Yard Development Corp. American Can Factory - Industriana Church of St. Luke and St. Matthew City of Boston, Mayor’s Office of Economic Dev. Amirian Group City University of New York City of Clearwater, FL AP&G, Co. Inc. Civic Builders City of Detroit, Office of City Planning Biomed Realty Council of Fashion Designers of America City of New York Brooklyn Brewery Corp. Covenant House City of Stamford, CT Campagna & Sons Cypress Hills Development Corporation Convention Center Development Corp. Criterion Group, LLC Design Trust for Public Space Empire State Development Corp. The Dermot Company Detroit Eastern Market Hudson Yards Infrastructure Corp. Equity Residential Downtown Brooklyn Partnership Metropolitan Transportation Authority Ernst & Young Infrastructure Advisory East River Fifties Alliance Montgomery County, NY Extell Development Friends of the BQX Moynihan Station Development Corp. Gilbane Development Greenpoint Manufacturing and Design Center NYC Department of City Planning Goldman Sachs HCC Inc. / MFY Legal Services Inc. NYC Department of Cultural Affairs Great Performances Historic Richmond Town NYC Economic Development Corp. Howard Hughes Corp. League Education & Treatment Center NYC Housing Development Corp. Hugo Neu – Kearny Point LED Artist NYC Office of Management and Budget Hyatt Hotels Long Island City Partnership NYS Department of State Jamestown/Industry City Mount Sinai Health System NYS Energy Research & Development Jeff Koons Studio LLC Municipal Art Society Port Authority of New York and New Jersey Kano Real Estate Investments New York Building Congress Rebuild by Design, US Housing and Urban Dev. KPMG Pratt Center for Community Development Village of Lindenhurst, NY Krinos Foods, Inc. Real Estate Board of New York Village of Mamaroneck, NY LCOR The Regional Plan Association Village of South Nyack, NY Lehman Brothers Holdings Rockaway Waterfront Alliance Village of Westbury, NY Longfellow Real Estate Partners Rutgers University Millhouse Properties St. John’s Baptist Church National Elevator Cab & Door Corp. SITI Company Nava Companies Southwest Brooklyn Industrial Dev. Corp. New York Proton Management Spaceworks Oak Point Property LLC Stanford University Omni Development United Methodist City Society The Peebles Corp. Tada Youth Theater Plan.Do.See Hotels, Inc. Urbane Development PMG LLC WHEDCo Pritzker Realty Group ProLogis Rabsky Corp. Radson Development Red Hook Container Terminal Sabey Corporation Shekomeko Farms STA Parking Corp. Steuben Foods TF Cornerstone Tribeca Associates Tristero Properties UpVentures LLC Waterfront NY Realty Corp. Youngwoo & Associates
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Consulting
BJH Advisors has expertise in urban planning, project management, finance, tax policy, market analytics, and Federal/State/City incentives. BJH advises government agencies, civic groups, and trade organizations on a wide variety of public policy issues. BJH works with public sector and private clients to analyze and structure real estate development opportunities; undertake financial feasibility, market and zoning analysis; and help determine if policy goals require programmatic action. Areas of expertise and disciplines include:
• Real Estate and Urban Planning • Financial Analysis • Economic Development Policy • Fiscal and Economic Impacts • Infrastructure Feasibility and Tax Analysis
Moynihan Station Empire State Development & Moynihan Station Development Corporation 2014 - 2017. BJH developed a tax cash flow that was used to underwrite a federal loan to fund improvements to Moynihan Station. The services provided by BJH including market analysis, tax policy analysis, statistical analysis of various commercial and retail uses in the Penn Station area, and revenue modeling facilitated the financing of this important piece of transport infrastructure.
Financial Analysis | Infrastructure Feasibility and Tax Analysis
Red Hook Integrated Flood Protection Study NYC Economic Development Corporation 2015 - 2017. BJH completed a series of benefit cost analyses regarding the implementation of an integrated flood protection solution. The analysis considered avoided damages from property structures and contents, as well as displacement, loss of work, and public service losses. It also quantified other social and economic benefits of the project. BJH then calculated the overall benefit cost ratios per FEMA methodology for multiple flood protection alignments to be submitted as part of the City’s HMGP application.
Real Estate and Urban Planning | Fiscal and Economic Impacts
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BQX Feasibility Study Friends of the BQX 2015 - 2018. BJH was retained to study the financial feasibility and determine optimal financial structuring for a new streetcar that would stretch from Astoria, Queens to Sunset Park, Brooklyn. BJH estimated the development scale along the 11 neighborhoods in the corridor and applied the concept of “transit premiums” to real estate values and development pace. The computed value was then compared to the cost of the system. BJH’s work was presented to the City of New York, which subsequently hired BJH as part of the initial team to test design, engineering and economic feasibilities.
Infrastructure Feasibility and Tax Analysis
Creedmoor Hospital Redevelopment Study State of New York 2014 - 2016. BJH was the project manager and prime consultant managing a multi-disciplinary team in the study of existing conditions and the evaluation of land use, environmental and financial feasibility of those scenarios for a portion of the Creedmoor Psychiatric Hospital Campus in Queens. The surplus property under evaluation exceeds 50 acres on a campus that will continue to have medical, social service, and psychiatric uses. The project team conducted community outreach and a detailed market analysis in order to formulate three potential redevelopment scenarios.
Real Estate and Urban Planning | Financial Analysis
Made in NY / Bush Terminal Council of Fashion Designers of America (CFDA) 2016 - 2017. BJH worked with CFDA to create multi- faceted business support programs for fashion producers to remain and grow in New York City. BJH provided primary research into the needs of fashion production companies in order to understand how designers and manufacturers might cluster in Brooklyn both physically and through other business model synergies. BJH also worked with the Harvard Graduate School of Design to study innovative design ideas that re-imagine a modern industrial production center in Sunset Park, Brooklyn.
Economic Development Policy | Financial Analysis
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NYC Hotel Market Analysis NYC Department of Planning 2017. BJH worked with VHB and BAE to prepare a report identifying the current trends in the NYC hotel market. The report informed NYC 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. BJH 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 in manufacturing areas and in the City overall.
Economic Development Policy | Financial Analysis
Downtown Albany Redevelopment Feasibility Empire State Development 2017. BJH served as a financial analyst to assess the redevelopment potential of an 8-acre State-owned parcel in downtown Albany. The State sought guidance on a strategy that would encourage private sector interest in purchasing and developing the site despite challenging market conditions. BJH advised the team on two potential redevelopment scenarios that would leverage demand for housing in the area and introduce new commercial and open space amenities. Moreover, BJH prepared a phasing schedule for redevelopment that reflected market demand and absorption projections.
Real Estate and Urban Planning | Financial Analysis
Boston Food Truck Study City of Boston, Mayor’s Office of Economic Development 2017. BJH developed a food truck market report that analyzed the potential for program expansion and improvements. The report was completed in conjunction with the Boston Small Business Plan, 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.
Real Estate and Urban Planning | Financial Analysis | Economic Development Policy
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Westbury Downtown Revitalization Initiative Village of Westbury and State of New York 2016 - Present. BJH was the prime consultant managing a multi-disciplinary team that developed a Downtown Revitalization Plan for the Village of Westbury in Nassau County. BJH and its team prepared an implementation plan that identified the cost of the project, regulatory processes, and partners to implement each of the projects including a transit oriented development rezoning; a commercial attraction grant program for fit out; and a comprehensive streetscape improvement plan. BJH is the current project manager for the Village of Westbury’s rezoning processes and presently managing the planning, code drafting, zoning analysis, State Environmental Quality Review Act analysis.
Real Estate and Urban Planning
Detroit Eastern Market Detroit Eastern Market Corporation 2016. BJH worked with a team to analyze the financial feasibility of a state-of-the-art, USDA compliant food distribution hub that supports regional Michigan farmers for the Detroit Eastern Market Corporation. 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.
Financial Analysis
Rutgers Innovation Park Rutgers University Office of Research and Economic Development 2016. BJH conducted market research and economic impact analysis for “Innovation Park@Rutgers”. The project will catalyze university-industry-government collaboration, support innovators and entrepreneurs, and create tangible economic growth and community benefits. BJH’s work allowed Rutgers to right-size the project 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. Financial Analysis | Fiscal and Economic Impacts
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Development Advisory
BJH Advisors works with developers, non-profits, and operating businesses to shape projects, identify solutions to space usage challenges, and optimize the value of assets. Our development advisory practice includes assisting non-profits craft and execute strategies to monetize their real estate assets and better align their space usage with mission. We regularly assist private developers to engage with the public sector, including preparing responses to requests for proposals (RFPs) that meet the client’s economic requirements as well as the policy goals of the governmental unit and surrounding community. BJH has an expertise in the area of real property taxation, and developing innovative strategies to access as-of-right and discretionary benefits to bolster project outcomes. BJH also regularly works with manufacturers and other operating businesses to meet their real estate and financial goals in a high-cost environment like New York City and its surrounding metro area. Services include: • Program Development • Site Selection and Evaluation • Public Private Partnership (P3) Structuring • Underwriting • Economic Development Incentives and Tax Benefits • Project Management • Pre-Development, including Team Assembly • Financial Analysis
Spofford Live/Work Campus Gilbane Development Company 2016 - Present. BJH Advisors developed a tax cash flow that was used to underwrite a federal loan to fund improvements to Moynihan Station. BJH worked closely with the client team, which included ESD and the Moynihan Development Corporation. The services provided by BJH including market analysis, tax policy analysis, statistical analysis of various commercial and retail uses in the Penn Station area, and revenue modeling facilitated the financing of this important piece of transport infrastructure.
Economic Development and Tax Benefits | Program Development | P3 Structuring
495 Eleventh Avenue - Slaughterhouse Site Radson Development 2015 - 2017. BJH was the primary consultant on Radson and Kingspoint Heights’ successful submission to the former Slaughterhouse Site RFP to develop an approximately 700,000 SF mixed-use tower with 100% affordable housing and a diverse program of commercial and cultural uses. BJH helped assemble the project team including architects and attorneys, project managed the submission response, and supported the developer in over a year of negotiation with the NYCEDC. BJH constructed a financial model for the project, and ran multiple scenarios to estimate project returns to the developer. Program Development | P3 Structuring | Underwriting | Project Management
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Krinos Bronx Krinos Foods, Inc. 2012 - 2016. BJH advised Krinos in planning its new Bronx headquarters, production facility, and distribution hub. Services included team assembly, financial feasibility and budgeting, site selection, and incentives negotiation. BJH managed the RFP submission and award by NYCEDC for the final site at the Bathgate Industrial Park. BJH negotiated the site purchase at an attractive price, and obtained a full benefits package from the NYC Industrial Development Agency. BJH managed the approvals process with the community board, City Council, and Borough President. BJH facilitated the transaction leading to a closing on a $23 million acquisition and construction loan. Economic Development Incentives and Tax Benefits | Project Management | Site Selection and Evaluation
Historic Richmond Town Strategic Planning Historic Richmond Town 2016. BJH participated on a team of architects, engineers, and historic preservationists to re-imagine the “Parsonage Parcel” at Historic Richmond Town (HRT) in Staten Island. HRT aspired to better utilize its real estate assets, increase foot traffic on the campus and create more retail opportunities. BJH created an economic implementation strategy for the new masterplan design, highlighting financial feasibility, development tradeoffs, and potential funding sources. The plan allowed HRT to prioritize development projects to fit its organizational goals and leverage additional funding sources.
Program Development | Underwriting
Hugo Neu Kearny Hugo Neu Corporation 2015 - 2016. Hugo Neu engaged BJH to provide market analytics, financial feasibility, and tax analysis. Its Kearny, NJ campus was badly damaged by Superstorm Sandy and, through a series of planning studies subsequent to Sandy, was positioned for significant new investment. BJH conducted a market scan, providing important demand indication for the campus and competitor markets that helped Hugo Neu identify a new leasing approach. BJH provided a cash flow model to determine the impact of various redevelopment scenarios on developer returns, as well as an economic impacts and tax analysis to guide an incentives discussion for future investment options. Financial Analysis | Economic Development Incentives and Tax Benefits
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Asset Repositioning Analysis United Methodist City Society 2014 - 2016. 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’ 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.
Financial Analysis
League Center Review League Education and Treatment Center 2017. League Education and Treatment Center (League 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.
Financial Analysis
Brooklyn Brewery Development Advisory Brooklyn Brewery 2015 - 2017. BJH advised on siting and developing a new, up to 1,000,000 barrel brewery within close proximity to the Port of New York and New Jersey. BJH undertook location analysis, including performing tax and economic development program and benefit level comparisons across jurisdictions, 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.
Site Selection and Evaluation | Underwriting | Project Management
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Applied Sciences Campus Competition Stanford University 2011. BJH worked as part of a multi-disciplinary team of architects and development consultants for Stanford University to prepare its proposal for the Applied Sciences Campus competition in New York City. BJH assisted the University by preparing a fiscal impact analysis of Stanford’s proposal, including estimates of tax revenues from payroll, commuter tax, property tax, and user fees. BJH prepared project cost and revenue estimates for each phase of the project, based on assumptions for faculty and employees provided by the University. BJH also profiled available tax incentive programs and estimated their effect on Stanford’s bottom line. P3 Structuring | Financial Analysis
23-25 Park Place Private Developer 2017 - Present. BJH was engaged by the owner of a NYC individual landmark mixed-use building in Lower Manhattan to assist in diligence of the acquisition of the neighboring building, which transaction closed in Spring 2017. BJH then analyzed a range of re-investment and re-development strategies for the combined buildings to determine the optimal financial and design strategy. BJH also assisted in leasing strategies and in considering hold vs sell, and evaluation of opportunities to monetize surplus development rights.
Financial Analysis
Flatbush Caton Market Urbane Development 2016. BJH was engaged to conduct a market analysis and provide recommendations regarding the redevelopment of the Flatbush Caton Market. Urbane, in conjunction with BRP Development, was selected by NYCEDC to redevelop the 32,000 SF parcel that now includes the public market. BJH’s work included analysis of retail supply and demand in the area through primary and secondary data, case studies of successful national and international public markets, and a compilation of viable funding sources and tax incentives that could support development and operation of the public market. Financial Analysis | Economic Development Incentives and Tax Benefits
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The principals of BJH invest in real estate development projects in the New York City metropolitan area that help transform communities and obtain a superior risk-adjusted return to their investors.
Vernon Boulevard, Mixed Use Development
BJH Developers LLC was a member of the group led by TF Cornerstone that was designated by NYCEDC in 2017 to develop 1.5 million square feet of housing and commercial uses on a City-owned waterfront site in Long Island City, Queens. The proposed project included 1,000 market rate and affordable housing units, a new public school, arts uses, and 400,000 SF of commercial space, including retail, light industrial space, pre-built incubator office space, and step-out office space. The site was eventually selected by Amazon for to house Amazon HQ2 in Long Island City.
Brooklyn Hotel Project
Currently in pre-development, this historic building on the border of Downtown Brooklyn and Brooklyn Heights will be transformed into a boutique hotel with a signature restaurant concept. The 1887 historic facade will be carefully restored, including the recreation of a two-story mansard roof-scape that burned in the 1950s.
12 BJH Advisors Brokerage
BJH Brokerage Services LLC is a full-service boutique brokerage firm, with expertise in the commercial and industrial sectors, as well as land assemblage and transferable development rights (TDRs). BJH is a member of REBNY.
Brooklyn, Church of St. Luke and St. Matthew
For the Church of St. Luke and St. Matthew in Brooklyn, BJH secured a purchaser for Transferrable Development Rights (TDRs or Air Rights), negotiating a contract of sale, and providing strategic advice to the Church throughout the approvals process for the disposition.
Queens, Office and Distribution Building
BJH represented the owner of four-acre property with 125,000 square foot office and distribution building. BJH secured a tenant for short-term lease and negotiated lease terms. The lease was executed in 2017.
Far West Side Manhattan, Studio Space
For Jeff Koons, BJH performed a search across Manhattan, Brooklyn and Queens to identify a property for a new studio. BJH negotiated a simultaneous close on three properties on the Far West Side of Manhattan to allow for the construction of a new 50,000 square foot facility. The transaction closed in 2014.
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Meet Our Team BJH’s Principals Kei Hayashi and Michael Meola have deep expertise in the economic development, government, and real estate fields. They each have over twenty-five years of experience working in both senior government positions and in the private sector. BJH’s staff consists of talented economists, planners and projects managers/analysts who bring a diverse set of skills to bear on assignments.
Kei Hayashi Michael Meola Steven Jacobs Partner Partner Strategic Advisor
Maggie Haight Edward Lamson Elisha Goodman Director Associate Associate Contact Us 224 Centre Street, 5th Floor New York, NY 10013
Kei Hayashi: 646-573-9588 Michael Meola: 917-597-9931
www.bjhadvisors.com
Cameron Boucher Yamilee Duroseau Senior Analyst Analyst
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BJH Advisors, LLC 224 Centre Street, 5th Floor New York, NY 10013
Kei Hayashi: 646-573-9588 Michael Meola: 917-597-9931 www.bjhadvisors.com