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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.