Boro Park Village is a two-building condominium in Brooklyn’s Mapleton/Boro Park neighborhood.
The owners and managers had limited capital but wanted to improve the buildings’ energy efficiency and heat distribution to lower costs and improve comfort.
NYCEEC provided a $130,000 loan for construction as well as a bridge loan for a NYSERDA incentive.
- Project type: Energy Efficiency
- Total project cost: $243,000
- Financial product: Equipment loan
- NYCEEC role: $130,000 loan
THE CLIENT CHALLENGE
Boro Park Village is a two-building condominium in Brooklyn’s Mapleton/Boro Park neighborhood. The owners and managers wanted to improve the buildings’ energy efficiency and heat distribution to lower costs and improve comfort, but had limited capital and did not want to assess condo owners significantly.
THE NYCEEC SOLUTION
The building wanted to take advantage of NYSERDA’s incentives and low-cost financing from its Green Jobs Green New York (GJGNY) program. As a GJGNY- approved financing partner, NYCEEC blended its loan capital with GJGNY funds to provide a low-cost loan.
In addition to the construction loan, NYCEEC provided a bridge loan for the NYSERDA incentive to relieve cash flow concerns. And when construction was delayed by six months, NYCEEC extended the construction capitalization period to help the condominium manage project cash flow.
UPGRADES: Aerators, air sealing, direct-fired (instant) hot water heaters, energy management system, heating and heat distribution balancing, insulation, variable frequency drives
Not only were the annual cost savings of $24,812 extremely helpful to the buildings’ bottom line, the buildings are now more comfortable:
Less drafty and even heat throughout the buildings
Direct-fired hot water systems provide instant hot water, meeting residents’ needs and comfort
Significant reduction in wasted energy, i.e. more money in residents’ pockets
“On cold days in New York, there is wasted energy just flying out of open windows all over the city as residents try to cool overheated rooms. NYCEEC’s support allowed Radiator Labs to bring our low-cost, simple solution to the market.”
– Marshall Cox | CEO, Radiator Labs