In a recent report compiled from data gathered by the US Energy Information Administration, the Census Bureau, and the Carbon Disclosure Project, NYC ranks last among the top 40 most environmentally sustainable cities. The top ranking cities were Seattle and San Francisco, while the bottom two were Detroit and NYC. In order to improve the standing of the city and attract both businesses and residents, NYC property renovations are including more environmentally-friendly and energy saving features.
NYC Property Renovations and the City’s Infrastructure
New York City has an aging infrastructure which has been added onto over the past century instead of being overhauled. This is understandable, since the gas lines that serve the city are almost 60 years old, and, despite almost 6,000 leaks in 2012 alone, would cost an extraordinary amount of money to repair and replace. The electrical and telecommunication systems in NYC have been patches and are practically buckling under the strain as our electrical needs are constantly on the rise. Until such time as the city figures out the cost and logistics to overhaul its infrastructure, the burden falls on commercial real estate investors to “go green” with better and more efficient NYC property renovations.
NYC Property Renovations and Older Structures
Investors can do a number of things to make NYC property renovations result in commercial real estate which is more environmentally friendly, energy efficient, and less reliant or burdensome on the city’s old infrastructure. Installing plumbing that uses less water, energy efficient windows, better appliances, and more can not only reduce the energy and carbon footprint but also save property owners a lot of money. The move to installing solar powers to offset the usage and cost of drawing energy directly from the grid can move properties into “green” territory while also increasing the inherent value. Using newer materials to insulate buildings better from the outside elements reduces energy usage. With careful research, commercial real estate investors can find federal and state incentives for NYC property renovations which can greatly lower the cost of “green” installations and materials.
Financing NYC Property Renovations and Upgrades
Putting in the time, materials, and technology to make NYC properties more environmentally sound and energy efficient translates to higher revenue for commercial real estate investors. Express Capital Financing provides solutions for renovations on properties of all sizes throughout New York City. Contact our offices today to learn about our financing programs to help renovate your next property.