Geothermal

Geothermal in Harlem Means a Greener City

Big city based condominium complexes are rarely known for being energy or environmentally friendly. But before Full Spectrum developers even had land in Harlem to build on, they knew they wanted to make a living environment that tenants could feel good about living in.

The developer’s $40 million condominium complex at 1400 on 5th in Harlem meets the state’s green building criteria because it was constructed with 70 percent recycled and renewable sources, and will use 35 percent less energy because of the geothermal well that will help to heat and cool the building year round. The geothermal well is also known as a geoexchange system that uses the ambient earth temperature to help maintain a level temperature in a building. According to Full Spectrum, the complex is the first affordable urban mid-rise to qualify for the New York State Green Building Tax Credit, and the average tax credit for each homeowner is estimated at $24,000 over a 5-year period. “After an immeasurable amount of hard work from a wide range of team members, it is incredibly rewarding to see Full Spectrum’s core beliefs regarding environmental sustainability, economic sustainability and cultural relevancy affirmed through the success of the 1400 Fifth Avenue project,” said Carlton Brown, who is the chief operating officer of Full Spectrum. “It says a lot of good things about the prospects for redeveloping the country’s emerging urban markets in ways that are responsible to the environment, responsible to long term stakeholders and that encourage the entrance of new financial and human resources into communities that had been long overlooked.” The 225,000 square foot development has 129 condominium homes plus first floor retail space. More than two-thirds of the condominium apartments were reserved for middle-income buyers, with the balance of the homes selling at market rates. It was developed as part of the Alliance for Neighborhood Commerce, Home Ownership and Revitalization (ANCHOR) Mixed Use Program developed by the Housing Partnership to spur economic development through retail opportunities and housing in distressed areas. Construction of the development was made possible through a public-private partnership with the NYC Department of Housing Preservation and Development, the Bank of America, Fannie Mae, the Housing Partnership Development Corporation, NYC Housing Development Corporation, the US Department of Housing and Urban Development, The Empire State Development Corporation, and the NY State Energy Research and Development Authority.