Why NYC Building Owners Should Invest in a Retrofit Now

If you own property in New York City, you know the headache of having to instate ad-hoc solutions to persistent structural problems due to budget constraints. Local Law 97 is calling on NYC building owners to make improvements that reduce emissions or face fines. Though daunting, LL97 is an opportunity for NYC building owners to group together structural improvements while implementing measures to lower greenhouse gasses. This can all be done at a reduced cost thanks to the incentives being provided at the City, State and Federal level.

Why NYC Building Owners Aren’t Investing in Improvements

Why do NYC building owners avoid investing in sustainable building upkeep? Money. Money (cost) includes variables such as rising insurance rates, scaffolding expenses, supply chain dysfunction and a shortage of available architects and contractors. In order to skirt these expenses, co-op/condominium boards tend to opt for cheaper, temporary solutions to complex projects. As a result, these temporary solutions leave future owners and board members to deal with mounting repercussions. My research indicates that cutting corners in the short-term is not the most cost-effective approach. This is precisely because supplies, equipment, services and labor are subject to dramatic market fluctuations which rarely benefit property owners.

The Benefits of Performing A Retrofit Now

There are factors that stand to benefit property owners if they act swiftly and strategically. New York State and Con Ed incentives, the Inflation Reduction Act and reasonable interest rates all present time-sensitive opportunities. As interest rates increase, incentive programs run dry and supply chains are disrupted, there will be overwhelming demand for dwindling resources. Other factors, such as impending fines enforceable through the Climate Mobilization Act (LL97), should encourage property owners to act now. In addition, as LL97 becomes more prevalent, potential property owners will be more likely to buy into buildings who have done the work to be compliant. Failure to invest in smart and enduring modifications is not only a financial hazard, but an environmental one.

Why Green Potential?

Green Potential works closely with NYC building owners to generate holistic solutions to the problems I’ve outlined. We source funding for building retrofits. We also coordinate a team of consultants, architects and engineers who are qualified for and excited about your particular project. Our database of vendors provides optimal efficiency so that the ideal service providers are well-matched with building stakeholders.

As a board member and owner, I understand the weight and importance of a building retrofit. Consider us the building representative that takes into account all dimensions: scope, incentives, labor, materials, sustainability, insurance, fees and fines, look and feel and—most importantly—cost.

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