New York City Economic Development Corporation
New York City’s ground lease with the Port Authority of New York and New Jersey for the Bathgate Industrial Park (“BIP”), comprised of 7 City blocks in the Bathgate section of the Bronx, is nearing its expiration. NYCEDC hired a consultant team that included Perkins Eastman, Appleseed, Inc, Investment Consulting Associates, and RESGroup, to assess the potential for the BIP to achieve goals that included retention of existing modern industrial jobs, expanding industrial space and increasing industrial job density, adding components of a strong industrial campus that supports the surrounding mixed-use neighborhood, adding synergistic uses, looking for opportunities to strengthen surrounding IBZ through improvements to the service and supply networks to serve campus business needs, and ensuring a financially viable development. RESGroup completed market due diligence to help understand the market demand for various types of industrial, office, and retail space at the BIP and to understand the types of amenities, services, and infrastructure that would be necessary to maximize the potential of the park. RESGroup then assisted in the development of several development scenarios and provided a financial pro forma for each scenario to understand its feasibility.