April 1, 2009
Since 2004, GreenHomeNYC has presented monthly articles on green building construction, renovations, and management in The Cooperator, a Yale Robbins newspaper serving 3,300 New York City cooperatives and condominiums.
A Green Lining in a Down Market
Converting to an Energy-Efficient Building
By Erik D. Nevala-Lee
The realities of a depressed real estate market have finally settled upon New York City. We’ve seen a significant drop in sale prices over just the past few months. This has been coupled with a rapid increase in inventory levels as units stay on the market longer, further exacerbating this downward spiral in price. While there are many reasons for the slump in the housing market that can and have filled many other articles and columns, the real question is what can a building do to attract new buyers and to keep existing owners in their units in the future. Green design and energy efficiency improvements provide an opportunity for buildings to address demand for and price of their units on the market.