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New York

BHS breaks from norm with advisory arm on development

New division uncouples consulting from sales and marketing agreements

From left: Robin Schneiderman and Stephen Kliegerman, 9 DeKalb Avenue and 45 Broad Street
From left: Robin Schneiderman and Stephen Kliegerman, 9 DeKalb Avenue and 45 Broad Street

Brown Harris Stevens Development Marketing is debuting a line of business aimed at lenders, commercial brokers and equity investors sussing out residential projects in New York City.

Led by Robin Schneiderman and Stephen Kliegerman, the new research and advisory arm will provide data and consulting for residential condo and multifamily rental projects.

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Formalizing the advisory arm divorces the firm’s consulting from exclusive sales and marketing agreements, breaking from the industry status quo for new development divisions.

“It’s what I call the Covid project,” said Schneiderman. “It’s something that nobody has ever formalized and I think, especially in the times we’re in now and headed forward, everybody is in need of data.”

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The consultancy will help developers land financing, plan uses for development sites and even help projects time the market, according to Schneiderman.

Its services will include preparing investment proposals, auditing marketing plans, custom analytics for projects, and third-party architectural reviews. It is work Schneiderman has been doing on an ad hoc basis for several clients, such as helping JDS Development land a $240 million mezzanine loan from Silverstein Capital Partners for 9 DeKalb Avenue, and advising Madison Equities and Gemdale Properties to hold off on starting construction at 45 Broad Street.

“I often play the middleman between the sponsor and their equity,” said Schneiderman, describing the role the consultancy will fill. “I’m on the commercial side of the residential business.”

Schneiderman said this has been in the works since March and April, when the city was in lockdown. He said the division now has about a dozen clients.

Kliegerman said the new division did not stem from revenue concerns, the drop in residential sales volume, or BHS and Halstead’s merger. He said it’s “a response to the marketplace” in terms of the degree of uncertainty and need the firm perceives for this kind of service.

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