Completed in 1959, 125 Maiden Lane is a 17-story, 320,000 square foot commercial office condominium. 125 Maiden Lane wanted to update old, inefficient building systems and cut costs.
In 2011, NYCEEC credit enhanced a turn-key retrofit solution provided by SCIenergy, using a managed energy services agreement (MESA). A year later when the building was severely damaged by Superstorm Sandy, NYCEEC provided a $2.8 million loan to refinance the MESA and fund the rebuild, which included deeper efficiency upgrades.
- Project type: Energy efficiency
- Total project cost: $3.8M
- Financial product: Energy services agreement
- NYCEEC role: $2.8M loan
THE CLIENT CHALLENGE
125 Maiden Lane was looking for an effective way to improve its dated and inefficient building systems and cut costs. With limited capital resources, the building sought a creative solution that preserved building reserves and avoided additional debt.
THE NYCEEC SOLUTION
In 2011, SCIenergy provided a turn-key energy efficiency retrofit solution to 125 Maiden Lane, using a managed energy services agreement (MESA). NYCEEC credit enhanced the transaction with a $190,000 loan loss reserve, permitting a commercial loan to fund the MESA and construction to begin.
A year later, the project was severely impacted by Superstorm Sandy. In the post-Sandy rebuild, NYCEEC provided a $2.8M loan to refinance the MESA structure and fund deeper energy efficiency improvements and resiliency measures.
State-of-the-art digital controls, building management system, high-efficiency variable speed motors and new floor isolation dampers
125 Maiden Lane is significantly improving its energy performance and resiliency at no initial cost.
- Projected completed with no upfront cost to the building owners and no additional debt
- Project saves $513,000 in annual energy costs
- Building’s cash reserves are preserved
- Building will reduce energy utilization by 19%
- Resiliency measures will help protect against losses from future extreme weather events
“NYCEEC helped Time Equities twice, one before and once after Sandy. They really came through for the building.”
– Alice Cook | LEED AP, Director of Sustainability, Time Equities, Inc.