NEW YORK — The New York City Energy Efficiency Corporation (NYCEEC) has announced its largest multifamily project to date: a $6.75 million loan to finance a multifaceted energy efficiency and co-generation project for a National Historic Landmark, the Cipriani Club Residences at 55 Wall Street in Lower Manhattan. The overall project will represent an $8.3 million investment that will reduce energy consumption and related emissions by 42% as well as cut energy costs in half – saving the building $900,000 annually.
The project centers around a 750kW combined heat and power (CHP or cogeneration) system, which will generate electricity onsite and use excess heat from the process for heating and cooling. With onsite generation, CHP offers the building’s residents resiliency in the event of outages, important in a neighborhood that was flooded after Hurricane Sandy. Cost reduction and energy efficiency measures include new lighting, elevator upgrades, natural gas boilers, and reliable, energy-saving variable frequency drives for major equipment.
“We are delighted that we can help bring a venerable building up to the most modern standard for energy efficiency and generation,” said Posie Constable, NYCEEC Director of Business Development. “The scale and range of this project shows what’s possible—and profitable.” NYCEEC’s financing is being provided to the building as a “no upfront cost” solution, not requiring any project-level investment by the building.
“NYCEEC really came through for us—their loan allowed us to do all the recommended improvements in our Local Law 87 energy audit,” said Gregory Brennan, president of the 55 Wall Street condominium association. “In addition, their engineers helped us to better understand how to maximize our savings opportunities.”
Designed as the National City Bank building by Isaiah Rogers in 1836 and expanded by McKim, Mead & White, 55 Wall Street was converted into a residential and commercial condominium with 107 units in 2006. “We are taking a classic Greek Revival building and making it part of the new Green Revival,” said John Aiello, senior property manager for FirstService Residential, the company that has managed the building since 2014. “It’s great for our residents and for the building’s bottom line.”
NYCEEC is a non-profit financial services firm that develops financing solutions for clean energy projects that save energy or reduce greenhouse gases. NYCEEC’s solutions solve financing gaps for building owners.