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Sustainable, Eco-friendly & Green...all add up to Smarter Real Estate |
The New York State Legislature just passed legislation to offer a one-year tax credit for the installation of green roofs. This credit is up to $100,000 for any building owner that is basically willing to incorporate vegetation into their rooftops. Essentially, a "green" roof is one topped with a waterproof membrane that's then covered with soil and certain types of vegetation.
The New York Marriott Downtown has recently joined the ranks of the sustainable movement by installing a rooftop microturbine farm to help with energy consumption.
Apparently Long Island New York is a hotbed for greening. Earlier this year, we discussed how Levittown was encouraging its inhabitants to bring their homes up to energy efficient standard (see Greening the 'Burbs). Now the town of Babylon is following suit by participating in the "Long Island Green Homes" program, an initiative that will help homeowners subsidize costs for energy-efficient projects.
Let's talk real green.
The "Doing Well by Doing Good? Green Office Buildings" paper published in April by the Institute of Business and Economic Research offers evidence that there is more money in incorporating sustainable building methods. Authored by three distinguished academicians, the study focused on 694 certified green office buildings, which were either Energy-Star or LEED-rated, and 7489 non-certified office buildings located within a quarter mile of them.
There must be something to this green thing after all. After Citigroup completed its first LEED certified office parks in Irving and Los Colinas Texas and its new LEED gold certified 15 story building in Queens, it has opted to build and develop green interiors for the rest of its retail portfolio.
For the first time in decades, Memorial Day weekend showed a decrease in travel. Although the numbers aren't in yet, the FTA announced that road travel in March was down by 11 billion miles, which is the worst decline since these statistics were first reported in 1942. Obviously, the culprit is the price of fuel, which is currently hovering around the $4.00 per gallon mark, depending on the grade you use.
In the ever-greener world of the building industry, two distinct entities are discovering an inextricable link. I'm talking about developers and architects, and their connection may seem obvious; after all, developers always utilize the services of architects in the design of their buildings. However, today's architect is no longer just a designer, but someone involved with the longer-term financial viability of new projects.
Starwood, a hospitality development and management company, has launched "ELEMENT," a new environmentally sustainable brand of hotels. ELEMENT hotels will be built utilizing only LEED guidelines, and the plan is to open twenty in the next year. The first to launch is in Lexington MA, which, coincidentally, is also the site of the first military engagement of the American Revolution. If Starwood is taking advantage of this fact by using Lexington to make its first shot in the Green Revolution, kudos to them.
A cable television show called American Chopper has a terrific following on The Discovery Channel. If you've ever had the chance to view it, you know there's much enjoyment in observing the Teutul family's exploits as they convert motorcycles into works of art. Based in Orange County New York, the show takes place at the family's store, Orange County Chopper.
In the last few weeks, there has been such an incredible amount of "Earth Day" celebrations, festivals, seminars, and exhibitions that it is virtually impossible to have missed one somewhere. Rising energy prices have surely helped increase awareness of the natural environment and the importance of reducing one's carbon footprint, and corporate America is definitely in on the plan.
Apparently there is a brouhaha brewing between Apple Computer and The Big Apple, and it's over the use of a logo. Apple has recently complained to the U.S. Patent and Trademark Office that New York City has infringed upon its trademark by using an Apple logo for its GreeNYC initiative. The computer maker's contention is that this will cause confusion in the marketplace.
Here's some "shocking" news about energy efficient commercial buildings. Apparently, they actually have higher occupancy rates, lower operating costs, increased rental rates, and higher sales values than more conventional structures. This is based on new reports released by the New Buildings Institute (NBI) and the CoStar Group.
Last week, a consumer news event occurred that was lightly reported, but packed seismic ramifications for both good and bad. This past January and February, Apple's iTunes Store was the biggest music retailer in the county, online or off, outpacing even the marketing giant that is Wal-Mart...
An event called Earth Hour 2008 took place last Saturday, starting at 8 pm in Australia, and literally spreading around the globe. Sponsored by the environmental group World Wildlife Fund, Earth Hour's goal was to get governments, businesses, and households to use candle power for just one 60 minute span as a way of cutting back on greenhouse gases. 100 million participants was the target number of people turning off lights and
non-essential electronic gear.
Although the real estate market is currently taking some hits and there is much flux in the development arena, there are still some hotspots that are continuing to move with full force. For example, not only is the West Side of Manhattan showing great strength in commercial and residential development, much of it is also going green.
Have you ever wondered what New Yorkers think of global warming? A new survey conducted by researchers at Columbia and Yale Universities and led by the Center for Research on Environmental Decisions (CRED) at Columbia has found that a majority (78 percent) of New Yorkers believe global warming and climate change is a serious issue caused both by human and natural forces...
The concept of the Energy Efficient Mortgage (EEM) has yet to catch on, especially in light of the current economic environment. According to the Energy Star Program, EEMs are essentially a financing tool that makes it easier for borrowers to qualify for loans to purchase homes with specific energy-efficiency improvements. Lenders can offer conventional EEMs, FHA EEMs, or VA EEMs.
Apparently, the planet's fastest growing economy is not immune to the realities of the marketplace. China, currently the world's industrial engine, has taken a new step towards environmental responsibility by putting rules into effect concerning the seeking of financing through the public equities market. The country's State Environmental Protection Administration (SEPA) is forcing corporations to delay offerings of public stock until they've complied with environmental rules...
The green and sustainability movement is creating opportunities in areas outside of the real estate and construction industries. According to a study published by PricewaterhouseCoopers titled, "Technology Executive Connections: Going Green: Sustainable Growth Strategies," technology corporations entered the green world as a way of making a contribution towards a cleaner planet. However, many of these same corporations are now seeing economic benefits in the creation of newer, cleaner, and more energy-efficient products.
In a little spot Down Under the Manhattan Bridge Overpass, the Brooklyn neighborhood known as DUMBO has taken a dramatic step into the green era by launching a sustainability program called SEED. Smart Environmental Efforts in DUMBO is designed with a "foundation of five initiatives that encourage public recycling, alternative modes of transportation, consumption reduction, greater energy efficiency, and environmental education."
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