Bushburg Company Profile

Background

Bushburg is an integrated real estate development and management company specializing in transformative projects that create long-term value in emerging markets. Since its inception in 1999, Bushburg has been the driving force behind the predevelopment planning, ground-up construction, and adaptive reuse conversion of sites in New York and New Jersey. The company leverages its understanding of dynamic generational change and its commitment to solution-driven design to deliver premium living and working experiences for its residential and commercial tenants.

Key Strategic Focus

Bushburg's strategic focus centers on identifying and investing in emerging neighborhoods, particularly in Brooklyn and Jersey City. The company specializes in adaptive reuse projects and ground-up developments, aiming to revitalize underutilized properties and contribute to community growth. By integrating modern design with historical preservation, Bushburg targets markets poised for growth, ensuring their projects meet both current demands and future trends.

Financials and Funding

Bushburg has successfully secured significant funding to support its ambitious projects. In 2023, the company, in partnership with Sequoia Development Group, received a $59 million bridge loan from Slate Property Group and McCourt Partners to complete a 16-story, 285-unit multifamily development at 711 Montgomery Street in Jersey City's McGinley Square neighborhood. This funding facilitated the final stages of construction, with completion set for the first quarter of 2024.

Additionally, in 2024, Bushburg, alongside The Moinian Group, secured $140 million in refinancing from MF1 Capital for their 320-unit mixed-use project, The Highland, located at 2840 Atlantic Avenue in Brooklyn. This refinancing supported the completion and stabilization of the development, which includes residential units, commercial space, and an on-site charter school.

Pipeline Development

Bushburg's development pipeline includes several key projects:

The Highland: A 14-story, 370,000-square-foot mixed-use development in Brooklyn's Cypress Hills neighborhood. The project comprises 320 residential units, ground-floor commercial space, and an on-site charter school. Amenities include a rooftop terrace, fitness center, co-working space, tenant lounge, children's playroom, and on-site parking. Leasing commenced in early 2024, with move-ins beginning in March.

711 Montgomery Street: A 16-story, 285-unit multifamily development in Jersey City's McGinley Square neighborhood. The project features a mix of studios to three-bedroom apartments and communal amenities such as bike storage, a dog run, fitness center, co-working lounge, conference room, indoor/outdoor rooftop deck, and lounge. Completion was scheduled for the first quarter of 2024.

Westview: A proposed multi-phase development in Jersey City's West Side neighborhood, encompassing three mixed-use high-rise structures. The project aims to transform approximately 8.29 acres of mostly vacant land into a vibrant community, blending commerce and residential living. Bushburg is collaborating with land use planners Dresdner Robin to realize this vision.

Technological Platform and Innovation

Bushburg distinguishes itself through its commitment to adaptive reuse and innovative design. By integrating modern amenities with historical preservation, the company creates unique living and working spaces that honor the past while embracing the future. This approach not only revitalizes underutilized properties but also contributes to the cultural and economic growth of emerging neighborhoods.

Leadership Team

Joseph Hoffman: Founder and CEO of Bushburg. Under his leadership, the company has developed over 3 million square feet of real estate, focusing on transformative projects in emerging markets.

Jordan Franklin: Chief Operating Officer. Before joining Bushburg, Franklin co-founded Doorkee, a peer-to-peer rental platform. He brings a background in technology and operations to the company.

Ford Sypher: Chief Operating Officer. A former Army Ranger with experience in disaster response, Sypher oversees leasing and operations, ensuring efficient management of Bushburg's properties.

Leadership Changes

In recent years, Bushburg has expanded its leadership team to support its growth and diversification. The addition of Jordan Franklin and Ford Sypher has brought new perspectives and expertise, enhancing the company's operational capabilities and strategic vision.

Competitor Profile

Market Insights and Dynamics

The real estate development industry, particularly in emerging urban markets, is characterized by rapid growth and transformation. Developers focusing on adaptive reuse and mixed-use projects are well-positioned to capitalize on the increasing demand for integrated living and working spaces. Bushburg's emphasis on revitalizing underutilized properties aligns with these market dynamics, offering a competitive edge in attracting tenants and investors.

Competitor Analysis

Key competitors in the real estate development sector include:

The Moinian Group: A major player in real estate investment and development, known for large-scale projects and strategic partnerships, including collaborations with Bushburg.

KRE Group: Recognized for transformative projects like Journal Squared in Jersey City, KRE Group focuses on large-scale residential and mixed-use developments.

LeFrak Organization: A prominent developer with a history of large-scale projects, including the Newport development in Jersey City, contributing significantly to urban revitalization.

Strategic Collaborations and Partnerships

Bushburg has engaged in significant collaborations to enhance its market position:

The Moinian Group: Partnered on The Highland project in Brooklyn, combining resources and expertise to develop a mixed-use residential and commercial property.

Sequoia Development Group: Collaborated on the 711 Montgomery Street project in Jersey City, securing substantial financing to complete the multifamily development.

Operational Insights

Bushburg's strategic approach involves identifying underutilized properties in emerging neighborhoods and transforming them into vibrant, mixed-use developments. By focusing on adaptive reuse and integrating modern design with historical elements, the company differentiates itself from competitors. This strategy not only preserves cultural heritage but also meets the growing demand for unique living and working spaces.

Strategic Opportunities and Future Directions

Looking ahead, Bushburg aims to expand its portfolio beyond Brooklyn and Jersey City, exploring opportunities in other emerging markets. The proposed Westview project in Jersey City's West Side neighborhood exemplifies this direction, with plans for a multi-phase development featuring mixed-use high-rise structures. By continuing to focus on transformative projects in emerging neighborhoods, Bushburg positions itself to capitalize on market trends and contribute to urban revitalization.