Oct 14 2015
The New York City Energy Efficiency Corporation (NYCEEC), a leading provider of clean energy and energy efficiency financing solutions, has provided a $1.8 million construction loan for the energy efficiency measures at a multifamily condominium developed by Hello Living. Built to high performance building standards, 651 New York Avenue will be a 6-story, 40-unit condominium in Prospect Leffert, Brooklyn.
"As a property developer, working with NYCEEC was great," said Eli Karp, CEO of Hello Living. "NYCEEC tailored a solution that fit our borrowing needs by providing a loan for just the efficiency work. We're excited to embark on this new partnership with NYCEEC."
The benefits of a high performance building extend well beyond just the energy cost savings. Residents enjoy a healthier, quieter and more comfortable living environment because of controlled ventilation, tight air sealing and insulation. Well-insulated buildings are also more resilient because they can hold comfortable and livable temperatures much longer during power outages.
"We're committed to advancing high performance building standards because it's the right thing to do -- conserving energy, saving money, improving comfort and reducing greenhouse gases," said Chris Diamond, head of engineering at NYCEEC. "651 New York Avenue is a great example of how buildings should be constructed if we want to effectively fight climate change."
651 New York Avenue is projected to achieve 45% energy savings and 62% greenhouse gas savings over a conventionally constructed building. The high efficiency measures installed at the property include triple pane windows and doors, high efficiency heat pumps and thick exterior foam insulation, all in excess of current NYC building codes.
NYCEEC finances clean energy technologies, including energy efficiency, renewables, demand management, cogeneration and fuel conversions, across all building types and neighborhoods. Since 2012, NYCEEC has financed over $65 million of projects across 4.2 million square feet of property throughout New York City.
About NYCEEC
NYCEEC is a specialty finance non-profit that provides financing solutions for projects that save energy or reduce greenhouse gases. NYCEEC's custom-tailored solutions solve financing gaps for building owners and clean energy project developers.
About Hello Living
Hello Living is a real estate developer that specializes in the construction of highly energy efficient multifamily developments.