FirstService Residential’s NYC Office Feeds on Green Energy Through 2021

622 Third Ave.

FirstService Residential has entered into an agreement to acquire 100 percent clean energy for its New York City regional office. The contract extends through 2021 and continues the property management firm’s initial commitment to the cause of renewable energy, which started in 2016.

FirstService Residential’s three-story office at 622 Third Ave. in Manhattan uses approximately 700,000 kilowatt-hours of energy per year. Since the installation of efficient solar or wind generation systems on site is not possible at the facility, the clean energy conversion was accomplished by purchasing RECs (renewable energy certificates) through 3Degree Inc.

Ongoing efforts for sustainable assets

Since 2016, the firm’s New York City branch has converted more than 55 percent of its managed portfolio to 100 percent green energy—totaling more than 125 million kwh of renewable energy per year. The achievement was possible through energy services companies (ESCOs). Furthermore, all properties managed by FirstService Residential have the option of receiving 100 percent renewable energy through subsidiary FS Energy’s aggregation programs. This affordable solution has been adopted by 102 of FirstService Residential’s managed properties.

Thom Devlin, a co-creator of the FirstService Energy aggregation program and an advisor for the FS Energy Aggregation Program, said in a prepared statement: “FirstService Residential New York City President, Dan Wurtzel, felt it was important to be a leader in this decision before offering it to our properties. The portfolio is now on track to be the largest 100 percent green electricity purchase in the multifamily space. In my mind, it’s notable, because it’s a voluntary decision on the part of the properties.”

“It’s an amazing testament to the environmental commitment of the co-op and condo boards in the First Service Residential portfolio. We’re very proud of this achievement and we look forward to continued progress towards full participation,” added FirstService Residential New York City President Dan Wurtzel.

Image courtesy of Yardi Matrix