Summary of Green Building Credit Component Certificates Issued
Seven buildings have been issued Credit Component Certificates and the seven certificates account for the entire $25,000,000.00 of Green Building Tax Credits allocated to the Period one program.
The first five buildings submitted applications on September 30, 2002 and were issued Credit Component Certificates:
- Building: 1400 5th Avenue, New York City
Sponsor: 1400 5th Avenue LLC. Full Spectrum Building and Development
Description: Condominium
Tax Credit: $1,768,386
This project is part of New York City's Department of Housing Preservation and Development "Anchor Program" to promote the co-located development of retail ventures and housing. Located on 5th Avenue between 115th and 116th Streets in Harlem, the project includes a total of 225,000 square feet, including 30,000 square feet of retail space. Its construction is expected to be completed in the summer of 2003. The first Annual Eligibility Certificate (AEC) is due to be received for tax year 2005. AEC's are due for tax years 2005 through 2009.
- Building: 959 8th Avenue, New York City
Sponsor: Hearst Communications, Inc.
Description: Office Building
Tax Credit: $4,998,353.20
Located at the corner of 57th Street and 8th Avenue, the project is a major addition to the existing Hearst building and is intended to consolidate the company's various magazine publishing enterprises under a single roof. The pre-existing six-story Hearst Magazine Building was built in 1928 and landmarked in 1988. As a result, the renovation had to be approved by the City's Landmarks Preservation Committee. The first Annual Eligibility Certificate (AEC) is due to be received for tax year 2006. AEC's are due for tax years 2006 through 2009.
- Building: 625 Broadway, Albany
Sponsor: Picotte Companies, Albany
Description: Office Building
Tax Credit: $3,339,737.50
This building is the New York State Department of Environmental Conservation headquarters. It was designed to meet the LEED (Leadership in Energy & Environmental Design) rating system for sustainable design that was developed by the U.S. Green Building Council. 625 Broadway is the first building to receive LEED certification in New York State and was recently certified with a "silver" rating. The first Annual Eligibility Certificate (AEC) was received for tax year 2002. AEC's are due for tax years 2002 through 2006.
- Building: 20 River Terrace, Battery Park City, New York City
Sponsor: Albanese Development Corporation, Garden City, Nassau County
Description: Condominium
Tax Credit: $2,709,157.60
A "Community Residential Development," this project at "Site 18a" in lower Manhattan is one of the nation's first green residential structures. The groundbreaking for the project was June 1, 2001. The project will comply with Battery Park City's "Green Guidelines," which require all projects at the in the community to be developed using energy efficient and environmentally sound principals. The first Annual Eligibility Certificate (AEC) is due to be received for tax year 2004. AEC's are due for tax years 2005 through 2009.
- Building: Octagon Park, 888 Main Street, NYC (Roosevelt Island)
Sponsor: Becker and Becker Associates, New Canaan, Connecticut (developers)
Description: Apartment Building
Tax Credit: $5,645,894
Note: Building was originally issued a CCC for $6,602,894 however the applicant requested the removal of the credit component for the fuel cell and the credit component for the green refrigerant.
Located on Roosevelt Island between Manhattan and Queens, this project plans to rehabilitate the site of the former Metropolitan Hospital's Octagon Building. The structure was originally built in 1839 and operated as a hospital until the 1950s. Part of the building was demolished in the 1970s and fires in the 80s and 90s damaged the remaining structure. Redevelopment plans include repair of the remaining structure and construction of two new wings, roughly duplicating the footprint and form of the original building. Approximately 500 apartments are planned. The first Annual Eligibility Certificate (AEC) is due to be received for tax year 2005. AEC's are for tax years 2005 through 2009.
The following building submitted an application on July 26, 2004 and was issued a Credit Component Certificate:
- Building: One Bryant Park , New York, NY 10036
Sponsor: One Bryant Park, LLC
Description: Office Building
Tax Credit: $2,823,695.40 (credit for base building only)
This project is located between West 42nd and West 43rd Streets and between Sixth Avenue and Broadway. An integral component and important public amenity of the project is a first-class Broadway theater with up to a maximum of 1,100 seats. The primary element of the building will be a trading facility for the Bank of America, N.A. and office space for the Bank of America and other tenants. Tax credit is being requested for 894,249 square feet of base building. The first Annual Eligibility Certificate (AEC) is due to be received for tax year 2008. AEC's are due for tax years 2008 and 2009.
The following building submitted an application on August 16, 2004 and was issued a Credit Component Certificate:
- Building: Goldman Sachs, Site 26, Battery City Park, New York, NY
Sponsor: The Goldman Sachs Group, Inc.
Description: Office Building
Tax Credit: $3,714,776.30 (credit for whole building)
This project is located at Site 26 within the Special Battery City District. The site is in Northern Battery Park City and is bounded by Vesey and Murray Streets, West Street, and a pedestrian right-of-way which separates the site from commercial development on Site 25. The building will include up to 30,000 gross square feet of ground floor retail with the remainder of the building consisting of trading and related office functions. Tax credit is being requested for the entire building (2,157,994 sq ft.). The first Annual Eligibility Certificate (AEC) is due to be received for tax year 2008. AEC's are due for tax years 2008 and 2009.
