News: Brokerage

Rose Associates hosts NYSERDA event on CHPs

Rose Associates hosted a presentation by the New York State Energy Research and Development Authority (NYSERDA) at The Churchill, a 586-unit condo-op located in Murray Hill. At the event, NYSERDA led a discussion focused on Combined Heat and Power systems (CHPs), which, during normal operation, generate a portion of the building's electricity and hot water, reducing energy costs. CHPs also supply power to critical systems should the city's electric grid go down. As a property manager and owner, Rose has long been active in the area of energy conservation and has an Energy Management Services team that serves clients in this area. The Churchill, a Rose-managed property, has recently been equipped with a CHP system and new dual fuel (gas/oil) burning boilers. Rose is actively involved in The New York City Mayor's Carbon Challenge, an effort aimed at cutting citywide greenhouse gas emissions 30 percent by the year 2030. CHP systems help meet this goal because on-site generation of heat and electricity eliminates the operation and distribution losses of central power plants, resulting in lower greenhouse gas emissions. So far, The Churchill's CHP system has reduced greenhouse gas emissions equivalent to adding more than 1,700 acres of US forest. "On-site electricity is critical in times of power outage as it keeps elevators running and water flowing," said Ed Donnelly, director of technical services at Rose. "We've installed Combined Heat and Power systems in numerous buildings, many of which we've also equipped with dual fuel boilers. Rose continues to encourage owners to commit to these systems, which are environmentally responsible and also deliver meaningful cost savings." At the NYSERDA event, experts discussed the benefits of CHP systems and the impact that The Churchill's system has had on day-to-day operations. The Churchill uses its generated heat to supply domestic hot water, space heating and to heat the rooftop pool—an ongoing cost savings that offsets the investment in the system. In the event of a power grid failure, the CHP energy can be redirected to maintain limited elevator service, power water pumps and provide emergency lighting. The heat can be dedicated to needs like space heating and domestic hot water. The building owners and managers in attendance were also informed of the $100 million worth of incentives currently available for CHP through NYSERDA's complementary pair of CHP programs—the CHP Acceleration Program (PON 2568) and the CHP Performance Program (PON 2701).
READ ON THE GO
DIGITAL EDITIONS
Subscribe
Columns and Thought Leadership
Strategic pause - by Shallini Mehra and Chirag Doshi

Strategic pause - by Shallini Mehra and Chirag Doshi

Many investors are in a period of strategic pause as New York City’s mayoral race approaches. A major inflection point came with the Democratic primary victory of Zohran Mamdani, a staunch tenant advocate, with a progressive housing platform which supports rent freezes for rent
AI comes to public relations, but be cautious, experts say - by Harry Zlokower

AI comes to public relations, but be cautious, experts say - by Harry Zlokower

Last month Bisnow scheduled the New York AI & Technology cocktail event on commercial real estate, moderated by Tal Kerret, president, Silverstein Properties, and including tech officers from Rudin Management, Silverstein Properties, structural engineering company Thornton Tomasetti and the founder of Overlay Capital Build,
Tri-state capital  migrates nationally amid  regulation pressure - by Reese Weaver

Tri-state capital migrates nationally amid regulation pressure - by Reese Weaver

New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,

A fresh start - by Shallini Mehra and Amit Doshi

A fresh start - by Shallini Mehra and Amit Doshi

For the past several years, the New York City multifamily housing market has been defined by disruption. The combined impact of the HSTPA rent laws and a sharply higher interest rate environment has fundamentally reduced