LL84/09 Benchmarking, amended by LL133/2016
What is the importance of benchmarking your building’s energy performance?
Local Law 84 Benchmarking, as amended by Local Law 133/2016 requires owners of buildings greater than 25,000 square feet to benchmark their energy and water efficiency annually by May 1st.
How does LL84/LL133 data influence prospective buyers of co-ops, condos, multifamily rental and commercial buildings?
- the Energy Star Score (1-100) is another indicator of a building’s financial health and quality of management
- provides the owner with an energy performance baseline from which to measure improvement
- provides new information to building owners, managers, banks, appraisers, prospective buyers and tenants
- compares annual operating performance with other buildings
- indicates whether or not LL97 Carbon Emissions Limits financial penalties are expected in 2025 or 2030
- warns prospective buyers about possible high cost capital expenditures required in the near future
What the market values = Market Value
When compared to low LL33 scoring buildings, energy efficient buildings have:
– higher rents and/or asset values
– lower vacancy rates/faster sales
At the Owner’s request, IGP redid the 2019 LL84 Benchmarking by the management firm. We measured the building, noted the space use details required by Portfolio Manager, and improved the LL33 Energy Efficiency Grade from a “D” to a “B”.
Please contact us at info@igpny.com or 212-737-5720.