City wants old buildings to go green

TRD New York /
Apr.April 22, 2009 09:00 AM

The city is proposing laws and other initiatives today to reduce energy consumption and related emissions of greenhouse gases by requiring owners to make green updates to their old buildings. The proposal would result in $2.9 billion in private investment in building improvements by 2022, and it is expected to generate 2,000 new jobs in energy auditing and related fields, as well as thousands of temporary construction jobs. Rohit Aggarwala, the director of the city Office of Long-Term Planning and Sustainability, said the focus on older buildings is particularly important in New York because buildings account for 80 percent of the city’s carbon-dioxide emissions and energy costs are about $15 billion a year. The city said the building improvements will only be mandatory if the energy audits show the cost of the improvements could be recouped through declines in energy bills within five years, but some in the real estate industry complain that the audits could cost $20,000 to $30,000. [NYT] and [Post]


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Hudson Yards megadevelopment inspires a new line of sex toys
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
As shopping habits shift toward the digital, some property owners think demanding a portion of retail tenants’ online sales is only fair. (iStock)

Landlords eye taking cut of retailers’ online sales as rent

Landlords eye taking cut of retailers’ online sales as rent
A former Bloomberg construction director pleads guilty to tax fraud after accepting bribes for employment (iStock)

Bloomberg construction director pleads guilty to tax fraud

Bloomberg construction director pleads guilty to tax fraud
AKA Wall Street at 84 William Street (Google Maps)

Prodigy Network’s AKA Wall Street hotel closes permanently

Prodigy Network’s AKA Wall Street hotel closes permanently
Sotheby’s CEO Charles Stewart and 1334 York Avenue (Sotheby's; Google Maps)

Sotheby’s gets $483M loan for its UES headquarters

Sotheby’s gets $483M loan for its UES headquarters
Simon Property Group’s David Simon, Turnberry's Jackie Soffer and the Aventura Mall (Getty, Wikipedia)

Here’s what tenants are paying at Florida’s largest mall

Here’s what tenants are paying at Florida’s largest mall
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...