Installation Planned for Stuyvesant Town-Peter Cooper Village, the Largest Private Multi-family Residential Property in U.S
Blackstone, one of the world’s leading investment firms, has undertaken a bold initiative in the area of sustainability, using funds it oversees from its real estate investor clients. In partnership with Ivanhoé Cambridge, a real estate subsidiary of Caisse de dépôt et placement du Québec (CDPQ), the largest private multi-family residential rooftop solar project in the United States will soon be implemented for completion by 2019, according to its November 8th press release announcing the project.
StuyTown Property Services (SPS), the property management company of Stuyvesant Town and Peter Cooper Village based in New York City, will run the project which will encompass 9,671 high efficiency solar panels, generating enough energy to power over 1,000 New York City apartments annually. StuyTown, the largest rental apartment complex in the U.S., houses 11,200+ multifamily units in 56 buildings in Manhattan’s East Village. It serves over 27,000 New Yorkers that represents 1.7 percent of Manhattan’s population.
When completed the solar panels will offset 63, 000 tons of carbon dioxide emissions, comparable to removing 12,000 cars from the road for one year. StuyTown’s 22 acres of rooftops will house the 3.8 Megawatt (DC) solar energy system capable of tripling Manhattan’s capacity to generate solar power.
“We are incredibly proud of the long-term partnership we are building with the StuyTown community,” said Nadeem Meghji, Head of Real Estate Americas at Blackstone. “In 2015 we made a commitment to preserve StuyTown’s unique heritage and be responsible stewards of its future. This innovative solar project is one of many initiatives we designed and implemented to make the community more sustainable and environmentally friendly.”
StuyTown has a history of embracing energy saving and sustainable initiatives, having won an ENERGY STAR certification for three straight years for its sophisticated energy management technologies. Other sustainable initiatives have included the installation of LED lighting, high efficiency hot water heat exchangers, and elevator shaft louvers to minimize heat loss and domestic water flow control valves. They incorporated the use of a centralized building management system to control steam heating distribution that manages all of its sustainable initiatives
“Working to make communities more sustainable underpins many of our business decisions. We are especially proud of this initiative and congratulate our partners Blackstone and the team at SPS. Stuyvesant Town Peter Cooper Village is a very special place and continues to be a leader in New York City”, said Daniel Fournier, Chairman and CEO, Ivanhoé Cambridge.
