SUCCESS BY THE NUMBERS

900
ANNUAL COST SAVINGS
43
PROJECTED ENERGY SAVINGS
43
PROJECTED GHG REDUCTION
8
VEHICLES REMOVED OFF THE ROAD

OVERVIEW


The landmark former bank headquarters at 55 Wall Street had been successfully converted to mixed use in 2006, with 107 residences, a renowned ballroom and commercial kitchens.

In the process of meeting NYC’s energy audit requirement, the building’s management company realized there were considerable operating savings through energy efficiency measures. They approached NYCEEC to see if there was an opportunity to offset the cost of the new chillers through energy savings.

  • Project type: Energy efficiency, combined heat and power (CHP), fuel conversion
  • Total project cost:  $8.3M
  • Financial product: Equipment loan
  • NYCEEC role:  $6.75M loan

THE CLIENT CHALLENGE


The landmark former bank headquarters at 55 Wall Street had been successfully converted to mixed use in 2006, with 107 residences, a renowned ballroom and commercial kitchens. But failing chillers were compromising building comfort and replacing the systems required significant capital that ownership was challenged to find.

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THE NYCEEC SOLUTION


In the process of meeting NYC’s energy audit requirement, the building’s management company realized there were considerable operating savings through energy efficiency measures. They approached NYCEEC to see if there was an opportunity to offset the cost of the new chillers through energy savings. NYCEEC’s evaluation showed that extensive system upgrades would result in financial and emissions savings. The comprehensive approach included a CHP system, fuel conversion from central steam to natural gas sourced heating, building management system upgrade, and lighting and electric motor upgrades. Moreover, the $900,000 in annual cost savings would allow the building to make the improvements without a cash outlay or assessment on condo owners.

THE RESULTS

The residents and ballroom visitors at 55 Wall Street will enjoy a better lit, more comfortable and resilient building.

  • The project required no upfront cost and did not raise fees or assessments to building owners
  • No payments until construction completion, even though operating savings will begin within 6 months from project start
  • CHP system will help during prolonged blackouts, improving building resiliency.

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“We are taking a classic Greek revival building and making it part of the new Green revival, it’s great for our residents and for our bottom line.”

– John Aiello | FirstService Residential, Property Manager