55 Wall Street Embarks on $8.3 Million Project to Cut Energy Costs, Consumption and Emissions
The Cipriani Club Residences, located at 55 Wall Street in Lower Manhattan, is making an $8.3 million investment in a multifaceted energy efficiency and cogeneration project which, once completed, stands to reduce the building’s energy consumption and related emissions by 42% as well as cut energy costs in half – saving $900,000 annually.
“This project is being financed with a $6.75 million loan from the New York City Energy Efficiency Corporation (NYCEEC), a non-profit that develops financing solutions for clean energy projects,” said Chris De Weaver, a managing director for FirstService Residential who helped to orchestrate the project. “The loan is being provided as a ‘no upfront cost’ solution, not requiring any project-level investment by the building.”
On top of the loan, the project qualifies for $1.6 million in rebates from the New York State Energy Research and Development Authority (NYSERDA) and Con Edison.
The project centers around a 750kW combined heat and power (CHP or cogeneration) system, which will generate electricity onsite and use excess heat from the process for heating and cooling. With onsite generation, CHP offers the building’s residents resiliency in the event of outages, important in a neighborhood that was flooded after Hurricane Sandy. Cost reduction and energy efficiency measures include new lighting, elevator upgrades, natural gas boilers, and reliable, energy-saving variable frequency drives for major equipment.
“The NYCEEC loan allowed us to do all the recommended improvements in our Local Law 87 energy audit,” said Gregory Brennan, president of the 55 Wall Street condominium association. “In addition, their engineers helped us to better understand how to maximize our savings opportunities.”
55 Wall Street was converted to a 107-unit condominium in 2006. “We are taking a classic Greek Revival building and making it part of the new Green Revival,” said John Aiello, senior property manager for FirstService Residential, which has managed the building since 2014. “It’s great for our residents and for the building’s bottom line.”