Deal Spotlight
Early-Stage Financing for Energy Audit and Fuel Conversion in Co-op
$
0
Annual cost savings
0
%
Projected PM 2.5 savings
0
%
Projected GHG savings
The Building: River Arts
Building type
Multifamily
Building size
1 building
318,505 square feet
244 units
Year built
1941
Location
New York, NY
Project type
Energy efficiency and fuel conversion
Upgrades
Fuel conversion and building management system
NYCEEC loan product
Equipment Loan
Term
5.4 years
Closing date
September 2014
The Project
River Arts, along with nine other surrounding buildings on 158th Street, were organizing as a “cluster” to receive a no-cost natural gas connection from ConEd. In order to commit to the cluster, River Arts needed rapid access to financing to start the conversion project.
The co-op sought to finance 100% of the project costs to avoid out of pocket costs. The building was eager to start the conversion project to save money and also comply with the local heating fuel regulation.
Total Project Cost
$350,000
NYCEEC Loan
$350,000
Annual Savings
$80,000
The Results
River Arts became a key founder of the cluster, enabling all ten buildings in the area to achieve a no-cost gas connection from ConEd. NYCEEC financed 100% of the project costs, allowing construction to commence at no upfront cost. NYCEEC also financed the cost of a new building management system and in-unit sensors to improve tenant comfort. In addition, NYCEEC financed the co-op’s energy audit, helping them comply with the Local Law 87: Energy Audits and Retro-commissioning.