An $89 million transaction is bringing much attention to the opening of the C-PACE (Property Assessed Clean Energy) market in New York City. Appropriately the subject property is located at 111 Wall St, in the heart of NYC’s financial district.
The first project is suggestive of the nature of transactions to be expected not only by scale, but scope as the financing will cover building envelope, power redundancy and HVAC.
“These are classic energy-saving ‘measures’ that can be applied to smaller buildings as well as to buildings north of 1 million square feet as was the case here,” stated Eric Alini, Managing Director of the PACE lending firm, Counterpointe Sustainable Real Estate. “Our hats are off to the NYCEEC and the NYC Mayor’s Office of Sustainability and Petros for completing this transaction which will certainly raise awareness of PACE’s utility as both a financial and sustainability tool,” he continued.
The project is expected to save $2.5 million in annual energy costs and avoid $750,000 in annual Local Law 97 fines starting in 2030 per the Mayor's Office.
“Today, I want to send a clear message to all building owners in our five boroughs — you have a critical financial tool to redesign your properties for energy efficiency and sustainability,” said NYC Mayor Bill De Blasio in a prepared statement released Wednesday.
