EAT. Eat right be bright 2 schools and a garden, a development for a healthy tomorrow.
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Summary
Site
Market
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Project
Financials
Risk
Strategy
Conclusion
Contents.
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SUMMARY.
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Lot Area Floors Buildable SF Proposed SF
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86,426 SF 4 258,000 SF 258,000 SF
SUMMARY. Culinary School and Elementary School with grocery retail and outdoor garden space. Located in Long Island City, a rapidly densifying hub for the arts and culture. About 30,000 SF of garden space with pop up farmers market for healthy retail. 5 minute walk from A + 7 trains. We asked for an FAR bonus because of the addition of community garden, and elementary school program. 4
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Exit Cap NOI Acquisition Design + Construction Total Cost Total Equity Levered IRR Levered Equity Multiple Levered Net Profit
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5% $3.0 M $84.0 M $83.8 M $167.8 M $42.0 M 31.80% 3.66 $111.5 M
FINANCIALS. Looking into the predictions for the final financials of the project, Because of the location and the program, the project will be profitable. 5
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Site.
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LONG ISLAND CITY. A hub for dierent creative industries and one of the most notorious areas for tv studios and a rising area for light manufacturing, typically involving the creative industries. There is a lack, though, of food culture and schools that are not overpopulated. This makes Long Island City a unique place to develop a school, a culinary school, with a restaurant and food related retail. 7
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LONG ISLAND CITY. A hub for dierent creative industries and one of the most notorious areas for tv studios and a rising area for light manufacturing, typically involving the creative industries. There is a lack, though, of food culture and schools that are not overpopulated. This makes Long Island City a unique place to develop a school, a culinary school, with a restaurant and food related retail. 8
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SITE ANALYSIS. There is a lack of food industries in Long Island City as it is mainly manufacturing. There is also a lack of schools in New York City and Long Island City, schools that can meet the admissions rates of the growing population. Schools in NYC are also very unhealthy. 9
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LOT USAGE. Anywhere that there is not a hatch is going to be built area. The yellow are the lots that we are using, 1, 2, 3, 4, 5, 17, 25, and 37. The dotted part is open garden space, leaving 40% of the built site open for height. 10
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ZONING ALLOWANCE. This map shows the height allowance throughout the site and how they can be stacked.
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Total Lot Area District Max FAR Allowable Use Lot Coverage Streetwall Setback
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86,426 M1-4 2 Light Manufacturing 60% Not Specified Not Specified
ZONING ALLOWANCE. By only using a small percent of the land to develop, we can build a little bit taller.
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Market.
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DEMOGRAPHICS. Connected Bohemians, Low Rise Living, Young Digerati, Aspiring A-Listers, Urban Elders In the direct area there are many young professionals who are still discovering their passion in life. In the past few years with the increase in housing in the area, there has also been an increase of families in the school district, but no new schools have been built to address that. The young people who live here also have the potential to have kids in the future. 14
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Public School 78
Smorgasburg
Crescent Grill
50 kids on waitlist Only elementary school
Expensive rent Far from LIC
Expensive No other farm to tables
COMPARABLES. Looking at other similar programs in the city, we will realize overcrowding at the schools in the area, expensive rents for small business people, and very few farm to table restaurants. These places could all be enhanced by adding in a new hub for these types of programs. 15
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Project.
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OBJECTIVE. The project aims to address the lack of culinary innovation and number of places in the area that provide good healthy options on their menu and how locals interact with their food. It also aims to provide necessary health precautions in schools, while addressing the overcrowding in other Long Island City schools. The project is directed to families in the area as well as any resident who wants to eat well.
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GARDEN. Program \ A big open space through the lot which allows for the public to access the development and interact with the retail restaurants and the public classes oered at the culinary institute and public programs at the elementary school. In order build higher than 2 stories, a courtyard is created in the center of the block as an urban gesture in order to encourage the public to enter the space and interact with the other buildings built on this one block campus. This allows us to build higher while still maxing out the FAR. 18
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RETAIL. Program \ Local Grocery, scattered throughout the main garden, used in conjunction with the FRESH program in NYC, in order to obtain a little extra FAR. Concept \ smaller hubs of grocery, which vendors sell their fresh produce, in their own small hubs. This will help promote the local economy and provide healthy food options for locals. 19
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CULINARY SCHOOL. Program \ Another campus for the Culinary Institute of America, which will also have open classes for the community to learn about healthy eating. Concept \ An open, well lit building with many kitchens and classrooms. There will also be a place for the residents of the area to pay a small fee to learn how to cook from the culinary professionals. The school is connected to an Elementary School to provide good food for the local kids. 20
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RESTAURANT. Program \ Tied to the culinary school will be a ground oor restaurant which will serve aordable options with quality production. Concept \ The restaurant will be an option for real world experience for the students at the culinary school, and another way for the program to enhance the dieting habits of the locals. It will use groceries from the grocery retailers and provide both sit down and take away options. 21
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ELEMENTARY SCHOOL. Program \ an interactive school built to address the lack of seats made available to residents of Long Island. Concept \ An open colorful school to help house all of the waitlisted kids in the overcrowded schools in the area. There will be parts that will be accessible to the public in order to facilitate a community connection, and have events to engage the community with the site. 22
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PROGRAM SUMMARY. The selected programs will work together in order to create a healthy school environment, educate the community and still be able to turn a proďŹ t. 23
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Developer \ amazonia. Architect \ Single and ready to pringle. (formerly diP+chiP)
TEAM. Together we have developed several buildings in areas like the Flatiron District, Storefronts in Soho, Housing at the Essex Crossing, Hydraulic Lab and School in Syracuse, and a community arts/ school in Midtown. We are right for this project because we have experience in dealings in the CIty of New York, as well as experience developing community oriented programs with mainly positive responses from the community. 24
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Financials.
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School. Rent Retail Rent Culinary School. Rent Restaurant Rent Garden Rent
111.4 k SF $45 PSF 2.5 k SF $55 PSF 100.0 k SF $65 PSF 7.3 k SF $55 PSF 13.0 k SF NONE
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Commercial.. Loan to Cost Ratio Loan Amount Equity Amount Amortization Interest Rate Yearly Payment
75% $65.8 M $21.9 M 30 Years 3.4% $3.8 M
Community. Loan to Cost Ratio Loan Amount Equity Amount Amortization Interest Rate Yearly Payment
75% $60 M $20 M 15 3.4% $5.1 M
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Unlevered NOI Levered NOI Unlevered Cash Flow Levered Cash Flow Unlevered Equity Levered Equity Unlevered Net Profit Levered Net Profit Unlevered Equity Multiple Unlevered IRR Levered Equity Multiple Levered IRR
$12.0 M $3.0 M $301.3 M $153.5 M $167.6 M $41.9 M $133.5 M $111.5 M 1.80 13.82% 3.66 31.80%
FINANCIALS. 26
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Exit Cap NOI Acquisition Design + Construction Total Cost Total Debt Total Loan Total Equity Levered IRR Levered Equity Multiple Levered Net Profit
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5% $3.0 M $84.0 M $83.8 M $167.8 M $145.2 M $125.8 M $42.0 M 31.80% 3.66 $111.5
FINANCIAL SUMMARY. Basically, the building will be profitable, and will have a low exit cap for the great Long Island City location. The rents will be affordable for start-up businesses and many people will enjoy some fresh food. 27
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Risk.
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OTHER CULINARY SCHOOLS. ICE, Culinary Institute of America, Other Schools in New York There seems to be a struggle getting people to commit to such an expensive trade level education. There is also a leasing risk for the programs, as there is when developing many programs. But because the program is predicted to be proďŹ table these risks. And because Long Island City is becoming more and more valuable for its proximity to Manhattan these risks are very low. 29
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Strategy.
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SCHEDULE.
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COMMUNITY RELATIONS. Parking \ There is good parking for the park and the other school in the area, but there is also a subway stop 5 minutes away, to encourage people to utilize the public transportation made available. Eect \ Though the main purpose of the openness and the gardens is to encourage the community to engage, it maybe misunderstood during opening, So we will have community events to welcome the locals. Construction \ Noise may be loud, so we will start and stop construction during reasonable hours, when people are not sleeping or relaxing in their nearby homes. 32
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Conclusion.
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HIGHLIGHTS. Building \ 4 stories, with a park to mitigate the urban condition. IRR \ With levered returns over 25% we are conďŹ dent about the return on this project for us and our investors. Location \ This location is booming especially with a population who favors eating and learning about food. Design \ Strategic public strategies between built programs as well as a proďŹ table public space. Demand \ With so many new residential developments, with stagnation in development of programs residents need, there is a demand for more schools, restaurants, public gathering space, and healthy food retailers in the area. 34
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COMMUNITY BENEFITS. This development will provide some valuable community resources needed to address the influx of population in Long Island City. The community will benefit from having a new in zone elementary school, new restaurants, and a new source for groceries. We predict that this will make this proposal even more profitable and leave us to worry less about community disapproval. 35
EAT. Will you be a part of making a healthier and proďŹ table tomorrow? Thank you. 36
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APPENDIX.
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APPENDIX.
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