NEW YORK, July 12, 2016 /PRNewswire/ -- The New York City
Energy Efficiency Corporation (NYCEEC) announced its largest
multifamily project to date: a $6.75
million loan to finance a multifaceted energy efficiency and
cogeneration project for a National Historic Landmark, the Cipriani
Club Residences at 55 Wall Street in Lower Manhattan. The overall
project will represent an $8.3
million investment that will reduce energy consumption and
related emissions by 42% as well as cut energy costs in half –
saving the building $900,000
annually.
The project centers around a 750kW combined heat and power (CHP
or cogeneration) system, which will generate electricity onsite and
use excess heat from the process for heating and cooling. With
onsite generation, CHP offers the building's residents resiliency
in the event of outages, important in a neighborhood that was
flooded after Hurricane Sandy. Cost reduction and energy efficiency
measures include new lighting, elevator upgrades, natural gas
boilers, and reliable, energy-saving variable frequency drives for
major equipment.
"We are delighted that we can help bring a venerable building up
to the most modern standard for energy efficiency and generation,"
said Posie Constable, NYCEEC
Director of Business Development. "The scale and range of this
project shows what's possible—and profitable." NYCEEC's financing
is being provided to the building as a "no upfront cost" solution,
not requiring any project-level investment by the building.
"NYCEEC really came through for us—their loan allowed us to do
all the recommended improvements in our Local Law 87 energy audit,"
said Gregory Brennan, president of
the 55 Wall Street condominium association. "In addition, their
engineers helped us to better understand how to maximize our
savings opportunities."
Designed as the National City Bank building by Isaiah Rogers in 1836 and expanded by McKim,
Mead & White, 55 Wall Street was converted into a residential
and commercial condominium with 107 units in 2006. "We are taking a
classic Greek Revival building and making it part of the new Green
Revival," said John Aiello, senior
property manager for FirstService Residential, the company that has
managed the building since 2014. "It's great for our residents and
for the building's bottom line."
About NYCEEC
NYCEEC is a non-profit financial services firm that develops
financing solutions for clean energy projects that save energy or
reduce greenhouse gases. NYCEEC's solutions solve financing gaps
for building owners.
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SOURCE NYCEEC