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NYC and Landlords are Going Green

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Spring at The New York Botanical Garden

The word “green” means different things to different people. For many developers and building owners, it’s what fills their pockets. But if you’re an environmentalist, it means something else entirely. However, sustainability is now officially poised to affect everyone in real estate. Last September Mayor Bill de Blasio committed New York City to reducing its greenhouse gas emissions by 80 percent below 2005 levels by 2050. That means it’s time for the industry to reconsider their favorite color.

A major component of the mayor’s One City Built to Last plan is retrofitting every public building in the next 10 years for emissions reduction. Private buildings are in the mayor’s plan, too. The city hopes to catalyze the retrofitting of some 20,000 of them with its “retrofit accelerator” program, making up an estimated 15 percent of citywide built square footage. Two-thirds will be multifamily buildings, and roughly 40 percent will be government-assisted affordable or rent-stabilized buildings, if all goes according to plan.

According to the Mayor’s Office of Sustainability nearly three-quarters of the city’s emissions come from energy used to heat, cool and power buildings. (And as an added bonus, the emissions reduction process is expected to create 3,500 jobs in construction and energy, and upgrade the energy efficiency best practices skills of more than 7,000 building employees.) There are financial incentives and support available to owners via the city’s new Building Energy Exchange where teams of real estate and construction experts are available for guidance, particularly for small and mid-sized owners who may have less liquidity and no in-house sustainability team, said Amy Spitalnick, a spokeswoman for the mayor.

Read complete story on Green Day: The City and Landlords are Going Green


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