Paying premium to live in a green building

When the Javits Center goes green on April 21 - 22, it’ll come at a perfect time for the New York State real estate industry. 

 

For one thing, the annual Green Festival coincides with the highest gas prices ever recorded for this time of year. That makes Manhattan, which has already nicely weathered the economic storm, even more attractive to people who want to skip the commute.

 

For another, sustainability is showing up as an attention-worthy amenity - alongside river views and exercise rooms – in New York apartments, condos and coop marketing pitches. 

 

 

 

PlaNYC

 

And, finally, the yearly eco-fest jibes with the findings of the NYC master plan, which suggests that developers, builders and retrofitters should paint the town even greener. The PlaNYC document outlines the ways the city can accommodate a projected one million new residents. It reveals that residential and commercial structures currently generate 75 per cent of the city’s greenhouse-gas emissions. Considering that most of these buildings will still dominate the skyline in 2030, it argues that efforts to cut the city’s carbon footprint should begin soon.

 

That said, retrofitting an existing building is tough, expensive, and can run afoul of NYC’s 50-year-old zoning codes. Try to add insulation, and you could violate guidelines for floor space. Add a roof garden, and you might exceed the building’s allowable height. Or tack on awnings for shade, and you could broach the building’s geographical footprint.

The old and the new

Some existing structures take the plunge anyway. The 16 story Citizen on West 23rd Street is being renovated by the same folks who upgraded Harsen House on West 72nd Street in 2008. There, they added hot water radiant heat, FSC-certified oak floors, ducted kitchen hoods, and energy-efficient, floor-to-ceiling windows, all according to code.

It’s easier, albeit still pricey, for new construction. Not surprisingly, many new glass-and-steel towers are seeking a LEEDS certification, literally the gold standard for sustainability. One such building is the Helena - 39-sparking stories hugging the Hudson on 57^th street. It ranked among GreenHomeNYC.org’s most energy-efficient structures, alongside the enormous Via Verde project in the Bronx.

GreenHomeNYC, an all-volunteer nonprofit, will field a team at the Javits Center eco-fest, and at the many meetings, seminars and green networking events occurring all over the area. Their mission – to create genuine momentum for sustainability in real estate – is clearly gaining ground.

 

DO tell!

 

But the question remains: are buyers and sellers as willing to part with some of their greenbacks as advocates suggest? Would you pay a premium to live in a green building? And, if so, how much more? Five per cent above its plain vanilla counterpart? More? 

As a seller, do you find it worthwhile to add – or advertise – green gadgets to would-be buyers?  

And which amenities matter the most? Sustainably-sourced building materials or rooftop solar panels? Energy saving appliances or low-water commodes? 

Please post your comments or drop me an email, and I’ll follow-up in the weeks ahead with a summary of your comments.

 

What say you?