Time Equities breaks ground on 65-story green condo/boutique hotel

Developer Time Equities, Inc. recently hosted a groundbreaking event to celebrate one of Lower Manhattan's newest green residence and boutique hotels: 50 West St. Designed by architect Helmut Jahn, the $600 million, 580,000 s/f mixed-use skyscraper anticipates LEED-Gold certification upon its completion in 2011. Technologies utilized by this eco-friendly building will include sustainable technologies, such as a green roof, water-efficient plumbing fixtures, automated blinds and energy control systems. Demolition waste will be recycled, and the new construction materials will be sustainable and rapidly renewable. The 65-story tower will feature an energy efficient glass facade to promote use of daylighting and filter UV rays. Time Equities will donate $4.6 million to the Department of Housing Preservation and Development's affordable housing preservation fund, $350,000 to the NYC Board of Education for a Lower East Side Space Sciences Center and $430,000 to local P.S./I.S. 89 for a computer science program. The development will contain 240 residential units and 150 hotel and retail units. The project is also expected to create 740 construction jobs and 175 permanent jobs. The architect of record is New York city-based Gruzen Samton. Privately-held Time Equities Inc. (TEI), founded in 1966, has been in the real estate investment, development and asset & property management business for more than 40 years.  The TEI portfolio consists of approximately 20.4 million square feet of residential, industrial, office and retail property. TEI is implementing portfolio-wide sustainability initiatives aiming to reduce the carbon footprint associated with the operation of its buildings by 20 percent by 2010. TEI will be carbon neutral in its corporate operations by the end of 2009.