News
Going Green, Saving Green
August 23, 2010
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| In fiscal year '09, the Community Preservation Corp. financed over $25M in green rehab projects for NYC's older housing stock, covering 1,249 apartment units. Now its pipeline is triple that, VP Dick Conley tells us. The non-profit financier—formed 36 years ago by David Rockefeller in response to the capital flight from NYC's multifamily market—is now helping owners save up to 20% on their energy cost bottom line, decrease carbon footprints, and improve product for tenants by financing non-intrusive green renovations, such as replacing or retrofitting boilers, installing aerators and energy-efficient lighting, using Energy Star appliances, and increasing air and fire sealing. CPC's goal is to retrofit up to 20k apartments in occupied multifamily buildings over the next few years. |
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| Above, CPC's Andrew Giglio collects water flow from a faucet at 1033 Avenue St. John in the Bronx, and discovered 3.5 gallons of water was flowing per minute—the ideal is 1.5 to 2 gallons. (An aerator on the faucet fixed it.) The 173-unit, four-building package received $6.8M from CPC, $6.6M from the NYC Department of Housing Preservation and Development, a $537k weatherization grant, and $60k from NYSERDA. Most recently, CPC closed on five green loans, including $6.8M for 650 and 660 Southern Blvd. in the Bronx (along with $6.8M from HPD); $2.2M for 12 -16 Arden St., Manhattan (along with a $2.9M from HPD); and $1.2M for 155 W. 188th St., Manhattan (along with $2.3M from HPD). Over the next few years, CPC will be monitoring and demonstrating savings to build into its underwriting, Dick says. |
