Real Estate Trends: Going Green

Real Estate Trends: Going Green

Green building is quickly becoming one of the most popular trends in real estate both in New York and nationwide.

Going green describes the practice of building homes and offices using environmentally sustainable materials, ecological methods of transporting materials and disposing of waste, and maximum energy efficiency. The standards for green building practices are generally guided by the U.S. Green Buildings Council, which issues certification for projects that meet varying levels of green standards.

The trend picked up momentum throughout last year and some say its only a matter of time before green practices become the standard, not a specialization, for all new construction. Dozens of public entities around the country are in various stages of considering making green building practices a legal requirement.

In addition to increasing political pressure towards sustainability, the move toward green building practices can be partially explained through economics.

By some estimates, the cost of employing green building standards for new development is about two percent higher but can yield, over time, up to 20 percent of total construction costs. For existing structures, the cost-benefit analysis is more complex, but several studies have show a positive correlation between productivity and certain aspects of green buildings, such as better circulation, increased temperature and lighting control, and increased daylighting. Below is a partial list of Leed Certified Buildings In NYC*.

 Commercial 

Hearst Tower (300 West 57^th Street, Manhattan) 

Two Court Square building/ Citigroup building (2 Court Square, Queens)

 Dagher Engineering headquarters (29 Broadway, Manhattan)

 Cook+Fox offices (641 Avenue of the Americas, Mahattan)

 Gensler offices (1230 Avenue of the Americas, Manhattan)

 Seven World Trade Center (250 Greenwich Street, Manhattan)

 New York Mercantile Exchange (World Financial Center, Manhattan)

 Corona Maintenance Shop (Queens)

 National Design Center (164 Fifth Avenue, Manhattan)

 Residential

 The Solaire (20 River Terrace, Manhattan)

 The Helena (601 West 57^th Street, Manhattan)

 Tribeca Green (325 North End Avenue, Manhattan)

 Morrisania Homes (Bronx)

 Other

 Bronx Library Center (310 East Kingsbridge Road, Bronx)

 NYC Office of Emergency Management (165 Cadman Plaza East, Brooklyn)

 * As of December 2007, according to U.S. Green Buildings Council

HMS/ Newsletter/ 2008 winter/ COPY/ green real estate