Newmark Holdings RECEIVES $762,482 in REBATES from Con Edison for NYC led retrofits with Independence LED Lighting
With the retrofits of 24 NYC commercial properties Newmark Holdings expects to save $10 million in operating costs for Newmark Holdings over the next decade.
New York, NY, November 14, 2016 – Newmark Holdings, a vertically integrated owner, operator, property manager and developer of commercial real estate, announced today that it has received $762,482 in rebate incentives following the completion of the LED lighting retrofits for 24 of the buildings in its NYC portfolio. According to Con Edison, the incentive check for Newmark Holdings is the 8th largest incentive they have ever paid out, and the project ranks as the 4th largest lighting project in dollar amount.
Given that this is one of the largest Con Edison incentives provided to date, the “large size” check presentation ceremony will occur this fall with representatives of Con Edison.
“Newmark’s investment will pay off quickly as energy usage declines dramatically in these buildings and the savings accumulate,” said Vicki Kuo, director of Energy Efficiency programs for Con Edison. “Our incentive programs help our customers make their homes and businesses more energy efficient, comfortable and marketable, all while helping to keep New York’s environment clean.”
Independence LED Lighting completed this benchmark energy efficiency initiative for Newmark Holdings, which represents one of the largest and most comprehensive commercial LED base building retrofits of its type in the U.S. Bay City Metering has worked closely with Newmark Holdings for over three decades as its utility submetering company and energy consultant and aligned Independence LED with Newmark Holdings. Bay City Metering played a significant role in both the project implementation and the relationship between Independence LED and Newmark Holdings. Newmark Holdings expects the Con Edison rebate incentives help to deliver a payback in less than 1.5 years. Beyond the major energy and expected operating cost savings of $10 million over the next decade, Newmark Holdings has also led by example relative to environmental stewardship. With 3.7 million kWh saved each year, CO2 emissions reduction reaches 50 million lbs over the next decade. The letter that accompanied the incentive payment from Con Edison specifically referenced the positive environmental impact
Brian Steinwurtzel, Co-CEO of Newmark Holdings said, “We appreciate Con Edison’s rebate incentive and applaud their overall leadership on energy reduction. As a company, we always look to maximize the value of any asset we acquire. This was an opportunity to cost-effectively reduce our operating expenses through state-of-the-art, American-made LED lighting technology and take a leadership role in corporate social responsibility. We were thrilled to work with Independence LED on this project who provided professional and comprehensive services from beginning to end.”
About Newmark Holdings
Newmark Holdings, led by Jeffrey Gural, Eric Gural and Brian Steinwurtzel, is a vertically integrated owner, operator, property manager and developer of commercial real estate with its 63-year-history of hands-on asset management and portfolio of more than 10 million square feet of commercial properties throughout New York City.
Independence LED Lighting: www.independenceled.com Independence LED Lighting is a long standing Con Edison market partner, and four years ago, in September 2012, Independence LED was pleased to participate in one of the earliest Con Edison “large size” check presentation ceremonies: www.independenceled.com/largest-led-tube-retrofit-in-the-us