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The cohort of 10 landlords which also includes the Durst Organization, Rudin Management and Silverstein Properties will be eligible to submit decarbonization proposals to NYSERDA by July 31 to compete for up to $5 million each in funding to implement the program. A total of $27 million is available in this round, but more will be available in the future, according to the state.
Beam Living, Hudson Square Properties, Jonathan Rose Companies, L+M Development Partners, Invesco and Omni New York round out the group. Altogether, the landlords committed to achieve carbon neutrality at more than 52 million square feet of high-rise office buildings and 250 multifamily buildings consisting of 12,000 units by no later than 2035.
New York announces $50m challenge to decarbonise high-rise buildings
A total of 10 real estate groups have been selected, with each company committing to achieving carbon neutrality in one or more buildings they own through investments in energy efficiency, electrification, energy storage and retrofit projects
Image: Shutterstock
A total of 10 real estate groups have been announced as partners in New York’s $50 million (£36m) challenge to establish public-private partnerships to decarbonise high-rise buildings across the state.
Each real estate group selected for the Empire Building Challenge has committed to achieving carbon neutrality in one or more buildings it owns through investments in energy efficiency, electrification, energy storage and retrofit projects.
(Getty images)
About a decade ago, the Israeli bond market emerged as an attractive source of capital for U.S. real estate companies at a time when traditional sources of financing proved somewhat scarce.
For U.S. firms, a corporate bond issuance in Israel provided the ability to raise debt without saddling a building with a mortgage, and at favorable interest rates compared to those available closer to home. For Israeli institutions with limited domestic investment opportunities, the bonds provided attractive returns.
But the easy access to financing at low rates has also had a downside, as firms like Starwood Capital Group, Brookland Capital and Canada-based Urbancorp took on more than they could handle and defaulted on their debt.