Project Overview

Monarch Realty Holdings owns seven Upper Manhattan pre-war buildings that lacked adequate building insulation. Several of the properties were facing penalties related to New York City’s Local Law 97 (LL97), which regulates carbon emissions for buildings over 25,000 gross square feet. Other smaller buildings were also in need of repair.

To comply with LL97 and improve occupant comfort in all their buildings, Monarch reached out to NYC Accelerator in 2019. Through the program, the properties received free technical assistance, took advantage of available incentives from Con Edison, and were connected to two vetted service providers — STRATCO Property Solutions and Rains Energy. With support from NYC Accelerator, all the apartment buildings reduced operational costs, while the larger buildings are on track to meet LL97 compliance.

$83,074
Net project cost (after incentives)

$553,826
Total project cost (before incentives)

$470,752
Incentives received (85% of net project cost)

$52,000/year
Estimated energy cost savings

$20,368
Estimated LL97 penalties avoided for 2030

3 months
Actual project duration

1 year
Payback period

The

Opportunity

Through quarterly monitoring and an energy audit, STRATCO Property Solutions identified potential energy conservation measures to improve energy efficiency across Monarch’s building portfolio. Using software to monitor energy usage and adding roof and pipe insulation, Monarch aimed to lower gas consumption, improve occupant comfort, and eventually downsize heating and cooling equipment.

Insufficient Insulation

Inadequate insulation contributed to inconsistent building temperatures and affected occupant comfort.

LL97 Penalties

Three pre-war buildings were facing penalties for exceeding carbon emissions limits set by LL97.

The

Solution

Monarch connected with NYC Accelerator and received:

Free help to find trusted service providers

Access to financial incentives

NYC Accelerator helped Monarch find incentives that made building envelope upgrades affordable.

An energy efficiency plan

NYC Accelerator's trusted service providers — STRATCO Property Solutions and Rains Energy — developed an energy efficiency plan to reduce operating costs in Monarch's large and small buildings and achieve local law compliance.

The Benefits

Incentives to offset upgrade costs
Reduced energy use and reliance on expensive energy sources
Enhanced occupant comfort from consistent building temperatures and fewer drafts
Increased property value
Lowered projected penalties from LL97

From a technical perspective, it has been a highly beneficial experience to enhance Monarch’s building envelope, thereby reducing their carbon emissions and facilitating financial incentives.”

— Ariel Sosa

Chief Sustainability Officer and Consultant for Monarch Realty Holdings, STRATCO Property Solutions

Throughout the project, we have received positive feedback from the building occupants and tenants. They have expressed their satisfaction with the enhanced energy efficiency measures we’ve implemented. Indoor temperatures are now comfortable, and there is nothing I would change.”

— Nicolas Loizou

VP of Operations/Property Manager, Monarch Realty Holdings

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