Location
Project Overview
At Roosevelt Landings, in New York City, a two-streamed approach combining deep building efficiency improvements with cost-saving cogeneration installation, created a model for improving NOI and rapidly increasing the value of the property by $19 million while serving the comfort needs of tenants, lowering the buildings’ climate-related emissions, and meeting the City’s audit and retro-commissioning requirements. NYCEEC provided the financing for $4.5M of the $8M total that allowed the project to come to fruition in 2013, and the results for both the building owners and the efficiency investors have been excellent. With a substantial return and no additional debt for the owners, it’s a model that is likely to get the attention of property investors and managers nationwide. The project took advantage of two increasingly common efficiency related investment structures in which energy related capital improvements become operating expenses to the building owner: Power Purchase Agreement (PPA) and Energy Services Agreement (ESA).
