Related Management Recognized by EPA for Being Among First Multifamily Properties to Earn ENERGY STAR Certification at Three NYC Properties

Three of Related Management’s affordable housing properties, 30-50 21st St., Terrific Tenements at 423 W 48th St and 527 W 47th St, have been recognized by the U.S. Environmental Protection Agency (EPA) as being among the first multifamily housing properties to earn ENERGY STAR certification for superior energy performance.

Thanks to technical assistance from Bright Power, these three properties join just fourteen others across the nation to make up the inaugural set of multifamily buildings to achieve the prestigious ENERGY STAR multifamily certification. The recognition signifies that these pioneering properties are more energy efficient than 75 percent of similar properties nationwide.

By reducing the amount of energy consumed, these properties will help cut utility bills for tenants and reduce greenhouse gas emissions associated with producing energy. Current estimates show that multifamily properties can become 30 percent more efficient by 2020, unlocking $9 billion in energy savings and preventing annual greenhouse gas emissions roughly equivalent to the average annual output from over four million U.S. households.

“We are thrilled to be among the first owners recognized with the Energy Star multifamily certification. It is a great acknowledgement of our continued commitment to environmental responsibility across all asset classes and we are especially proud that these apartments are not only more sustainable, but also affordable.” said Jeff Brodsky, President of Related Management.

“We are proud to be able to help our longstanding client, Related Management, to achieve the ENERGY STAR multifamily certification on these three properties. It is a great recognition of their industry leadership in energy management and sustainability,” said Jeff Perlman, President of Bright Power.

A combination of the following measures were taken at the three properties by Related Management prior to the multifamily ENERGY STAR rating, making the certification process simple:

Continuous monitoring of energy use at all sites using Bright Power’s EnergyScoreCards (www.brightpower.com/energyscorecards) to make energy efficiency capital improvement recommendations for the future
Installation of new, high efficiency condensing boilers and domestic hot water storage tanks
Bi-level lighting systems in corridors and public spaces
Installation of occupancy sensors in unoccupied spaces such as basements and boiler rooms
High efficiency ventilation fans

Along with Related Management’s three properties, 14 other multifamily buildings were also among the first to earn EPA’s ENERGY STAR for existing buildings. They are:

680 North Lake Shore Drive, in Chicago, Ill.: Owned and managed by Golub & Company, with technical assistance from Goby, LLC
The Ashley at RiverHouse, in Arlington, Va.: Owned and managed by Vornado/Charles E. Smith
Aspira Apartments, in Seattle, Wash.: Owned by TIAA-CREF, managed by Riverstone Residential Group and with technical assistance from JDM Associates
Avalon The Albemarle, in Washington, D.C.: Owned and managed by AvalonBay Communities, Inc
Castle Square, in Boston, Mass: Owned by CSTO Winn Owner LLC and managed by WinnResidential
Circa Green Lake Apartments, in Seattle, Wash.: Owned by TIAA-CREF, managed by Pinnacle and with technical assistance from JDM Associates
ECO Modern Flats, in Fayetteville, Ark.: Owned and managed by Specialized Real Estate Group
Harvard School of Public Health – Shattuck International House, in Boston, Mass.: Owned by President and Fellows of Harvard College and managed by Energy Management Associates, Inc.
Jeffery Parkway, in Chicago, Ill.: Owned and managed by Nautilus Investments, with technical assistance from Elevate Energy
MidAtlantic – DC: The Statesman, in Washington, D.C.: Owned and managed by AvalonBay Communities, Inc.
Peter Cooper Village, in New York, N.Y.: Owned and managed by CompassRock Real Estate
Prescott Wallingford, in Seattle, Wash.: Owned by TIAA-CREF, managed by Riverstone Residential Group and with technical assistance from JDM Associates
River City, in Chicago, Ill.: Owned and managed by Marc Realty, and with technical assistance from Goby LLC
Stuyvesant Town, in New York, N.Y.: Owned and managed by CompassRock Real Estate

“Related Management’s achievement demonstrates that it’s possible to overcome the many traditional barriers to energy efficiency in the multifamily housing market and reap significant energy and cost savings,” said Jean Lupinacci, Chief of the ENERGY STAR program for Commercial and Industrial Buildings. “Through the example they’ve set, we see how we can all help to make properties more cost-effective for renters, while cutting greenhouse gas emissions and protecting human health.”

Energy costs for renters have risen by 20 percent on average over the past decade, so energy efficiency represents a significant opportunity to reduce utility costs and the greenhouse gas emissions associated with the production of energy, which contribute to climate change. ENERGY STAR certified buildings use an average of 35 percent less energy and are responsible for 35 percent fewer carbon dioxide emissions than typical buildings. Many types of commercial buildings can earn the ENERGY STAR, such as office buildings, K-12 schools, hotels, and retail stores.

The new 1-100 ENERGY STAR score and certification for existing multifamily properties is based on nationally representative survey data collected by Fannie Mae from a number of companies, including Related Management and Bright Power. It is the first time existing multifamily properties have been able to be certified as ENERGY STAR. Previously, only new construction multifamily properties have been able to earn certification by meeting prescriptive design requirements for high performance.

More on the first multifamily properties to earn the ENERGY STAR: www.energystar.gov/multifamilyhousing

ABOUT BRIGHT POWER

Bright Power, Inc. was founded in 2004 on the principle that it’s a good idea to know how your building uses energy and it’s an even better idea to use this knowledge to reduce energy use and improve your bottom line. Bright Power specializes in multifamily apartment buildings, saving clients energy, money and time. Bright Power’s energy management solutions include EnergyScoreCards benchmarking software, energy audits, energy procurement, solar energy, green building, and construction management of energy improvements. Our services are designed to help our clients make smart decisions and investments that maximize energy efficiency and minimize costs.

More about Bright Power: www.brightpower.com

ABOUT RELATED MANAGEMENT

Related Companies is the most prominent privately-owned real estate firm in the United States. Formed 42 years ago, Related is a fully-integrated, highly diversified industry leader with experience in virtually every aspect of development, acquisitions, management, finance, marketing and sales. Headquartered in New York City, Related has offices and major developments in Boston, Chicago, Los Angeles, San Francisco, South Florida, Abu Dhabi, Sao
Paolo and Shanghai and boasts a team of approximately 2,500 professionals. The Company’s existing portfolio of real estate assets, valued at over $20 billion, is made up of best-in-class mixed-use, residential, retail, office, trade show and affordable properties in premier high-barrier-to-entry markets. Related has developed preeminent mixed-use projects such as Time Warner Center in New York and CityPlace in West Palm Beach and is currently developing the 28-acre Hudson Yards project on Manhattan’s west side. Related also manages
approximately $3 billion of equity capital on behalf of sovereign wealth funds, public pension plans, multi-managers, endowments, Taft Hartley plans and family offices.

More about Related Management: http://www.related.com/

ABOUT ENERGY STAR

ENERGY STAR is the simple choice for energy efficiency. For more than 20 years, people across America have looked to EPA’s ENERGY STAR program for guidance on how to save energy, save money, and protect the environment. Behind each blue label is a product, building, or home that is independently certified to use less energy and cause fewer of the emissions that contribute to climate change. Today, ENERGY STAR is the most widely recognized symbol for energy efficiency in the world, helping families and businesses save $300 billion on utility bills, while reducing greenhouse gas emissions by two billion metric tons since 1992. Join the millions who are already making a difference at energystar.gov.

Find ENERGY STAR certified buildings: www.energystar.gov/buildinglist

More about ENERGY STAR for commercial buildings: www.energystar.gov/buildings