River Arts is a 244 unit co-op overlooking the Hudson River on Riverside Drive in Lower Washington Heights.
River Arts sought to convert to natural gas to save money and also comply with Local Law 43. River Arts is one of ten buildings in the 158th Street “cluster” to achieve a no cost gas connection from ConEd.
NYCEEC financed 100% of the project costs.
- Project type: Energy efficiency and fuel conversion
- Total project cost: $350,000
- Financial product: Equipment loan
- NYCEEC role: $350,000 loan
THE CLIENT CHALLENGE
River Arts wanted to convert to natural gas to save money and comply with Local Law 43. The co-op needed rapid access to financing to join the 158th street natural gas cluster in order to take advantage of the no cost gas connection from ConEd.
THE NYCEEC SOLUTION
NYCEEC is financing 100% of the project costs by providing a $350,000 loan. NYCEEC quickly turned around a loan for the co-op, enabling it to join the natural gas cluster and receive a no cost gas connection from ConEd.
In addition, NYCEEC is financing the co-op’s Local Law 87 audit and retrocommissioning report and new building management system.
Heavy #6 oil to natural gas conversion
NYCEEC helped fund the following measures:
- New in-unit sensors will improve tenant comfort
- Comply with Local Law 43: Clean Heat
- Comply with Local Law 87: Audits and Retro-commissioning
- Energy cost savings used to repay loan
- Significant greenhouse gas reduction
“NYCEEC quickly turned around our loan, so we could start our project and comply with local law 87.”
– Jack Fogle | In-house Building Manager and Resident