NEW YORK CITY-The cornerstone was dedicated on the nation’s first “green” residential tower. Dubbed, the Solaire, the 27-story, 293-unit $120 million high-rise at 20 River Terrace in Battery Park City, was developed by the Garden City, NY-based Albanese Organization in a public-private joint venture with Northwestern Mutual Management Co. It is the first new residential construction to be completed Downtown since Sept. 11 and was the first beneficiary of Governor Pataki’s green building tax credit. It was also the first beneficiary of Liberty Bonds. The residence is currently 80% leased and 60% occupied with rents ranging from the mid $2,000s per month for a studio to $6,000 per month for a three-bedroom unit.

The Solaire has been environmentally engineered to consume 35% less energy, reduce peak demand for electricity by 65%, require 50% less potable water, provide healthier indoor air quality and offer substantially more natural light than typical residential buildings. The residence features include the use photovoltaic cells, integrated within the exterior walls that are capable of generating 5% of the building’s base electric load; a Fresh air supply to each residence, filtered to remove 85% of particulate matter; and the use of green building materials with high recycled content, or manufactured with renewable or rapidly renewable resources, free of formaldehyde and containing low or no volatile organic compounds.

“The Solaire stands as a model for future residential development in New York City and across the nation, but also as a symbol of the ability of New Yorkers to rise above adversity,” Pataki said.

“It was a challenging after Sept. 11,” added Bill Norton, regional director Northeast for Northwestern Mutual, which has invested more than $545 million in New York City since Sept. 11.

Timothy S. Carey, president & CEO for the Battery Park City Authority, said, “In 2000, Governor Pataki initiated the nation’s first tax credit for ‘green” development, and in doing so set the stage for healthy urban living.”

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