Deal Spotlight
East 24th Street
$
0
Annual cost savings
0
%
Projected energy savings
0
%
Projected GHG savings
The Building: East 24th Street
Building type
Multifamily
Building size
1 building
370,200 square feet
392 units
Year built
1966
Location
New York, NY
Project type
Cogeneration
Upgrades
Cogeneration
NYCEEC loan product
Equipment Loan
Term
9.5 years
Closing date
December 2015
The Project
East 24th Street worked with NYCEEC on a cogeneration energy efficiency project. The goal was to install new cogeneration and HVAC systems in the building while preserving building reserves and credit line capacity.
Total project cost
$4.4 M
Incentives
$1.4 M
NYCEEC loan
$2.95 M
Annual savings
$440,000
Simple payback period
9.5 years
The Results
The project resulted in a cleaner and better-performing building. Sub-metering allows residents to share cost-benefits of new cogen and HVAC systems. The project preserved building reserves and credit line capacity and proved success in financing clean building upgrades when restrictive mortgage covenants are in place.