Page 16 - NY Cooperator May 2019

16 THE COOPERATOR — MAY 2019 COOPERATOR.COM RUDD Enhancing Property Values Improving Amenities & Services Providing Cost-Effective Management Call Fred Rudd, President, at (212) 319-5000 to find out how our experience can improve your property. 641 Lexington Ave. 10th Fl., New York, NY 10022 RuddRealty.com Our Expertise Your Solutions Our Expertise Your Solutions Integrity Teamwork Experience RUDD REALTY MANAGEMENT CORPORATION Exclusive Manhattan Management for Over 30 years 250 Park Avenue South New York, New York 10003 212-557-3600 www.TudorRealty.com To learn more about our property management services, please contact Andrew S. Lazarus, Senior Vice President 212-813-3054 or ALazarus@TudorRealty.com Since 1990, Tudor Realty Services Corp. has been providing hands- on, proactive property management services to cooperative and condominium buildings throughout New York City. Life was simpler in 1990. New rules and regulations as well as changing echnology have certainly made managing your building t more challenging. Let us tell you how our extensive experience, team approach, strong financial reporting, and advanced use of technology will help you meet the challenge. 37966_Cooperator_5x6.25.indd 1 12/8/17 11:24 AM boiler—as it runs on natural gas and, as the engines combust, it’s producing waste heat. In New York City, the chemistry of the battery – we’re talking lead acid versus lithium ion – impacts where it will go. Lithium ion needs to go outside – a roof or a courtyard, perhaps – but lead acid can be sited inside the building. Can you retrofi t RPH to an existing co-gen- eration system? Typically yes, but it can come down to space. But if they already have cogen or a so- lar PV system, those are the two out of three technologies in the RPH system that are most likely to be deployed at any time, so we could go in and retrofi t their equipment with the RPH package. Th e main idea behind the RPH is that it gives you a lot more ability to reduce con- sumption and to also reduce demand charg- es. It’s increasingly important in New York City as the electric grid infrastructure evolves to dispatch generation at specifi c times dur- ing the day; smoothing out your load profi le to avoid peak loads. Which is another way of asking how you can create an electricity consumption profi le where you’re using as similar an amount of energy throughout a 24-hour period as possible, thereby avoiding big peaks in mornings and aft ernoons, when people are leaving for or coming home from work or school. Tell us about these residential properties on which you have worked/are working. In the Bronx, it’s 126 units at 111 East 172nd Street, a new-construction aff ordable housing development. Th en, the one in Queens is a signifi cantly larger development from developer Omni New York LLC. It’s another new construc- tion that basically scales up what we did in the Bronx...something close to 400 units, a mixed-use building with quite a bit of retail. It’s exciting because the scale of the system is much bigger, and the impact on the operating cost of the building will be quite signifi cant.” When considering the battery, are people factoring in variables such as likelihood of an extreme weather event? Yes. One of the fi rst things we try to do with a client that’s interested in RPH is to un- derstand what their needs and priorities are when it comes to that type of tech, because resiliency might be their most prominent need, especially in areas that were heavily im- pacted during Hurricane Sandy. Anywhere in a fl ood zone or where power outage is a sig- nifi cant concern, the battery storage system may be something you want to size based on which systems you want to function during a blackout. During Sandy, for example, in the Rockaways, there was neither electricity nor natural gas, which would render a natural gas-fi red generator or cogen system useless. So maybe you’d opt for a larger solar-tied battery system there that’s designed more around back-up power capability while, in an area where you’re maybe not as concerned SAVE YOUR... continued from page 6 with fl ooding, your battery system will be designed with an aim toward reducing util- ity bills via managing demand, where you’re smoothing out those peak loads. You’ve yet to install RPH in any condo or co-op associations, but should those where it’s feasible consider it? By combining the three aforementioned technologies, RPH ensures you’re getting the most bang for your buck from each one, more benefi ts in terms of resiliency, more demand savings, more savings on your utility bills, and fl exibility in terms of back-up power. Each technology has benefi ts of its own, but they also work in harmony with each other and the building to deliver the maximum benefi t. And, in co-ops and condos, as op- posed to rentals, these residents are invested and are likely to be living there long-term. By embracing the latest technology, you’re in- vesting in the future of the building. I’d also say that, as far as policy is con- cerned, the city and state are thinking about how they’ll achieve their aggressive green- house gas emission reduction goals, and NY- SERDA has already ceased off ering incentives for installing cogen alone. Th ey’re consider- ing encouraging pairing cogen with other technologies. So tides are changing. If you’re just now doing a fuel conversion from oil to natural gas, or you’re in a building where the boiler needs to be replaced, then it’s a great time to be looking to incorporating this type of project into that larger heating plant eff ort that you’d already planned. Or even when replacing a roof. In associations it can take some time to get any initiative passed or proj- ect approved, so a good way to streamline things is to incorporate the energy upgrade into a larger project. n Mike Odenthal is a staff writer/reporter with Th e Cooperator. adjustable rate mortgage (ARM) or other products. Do Jumbo Mortgages Get Securitized? Whether or not a particular fi nancial institution sells its jumbo originations into securitizations or keeps them in portfolio de- pends on the institution. Gendels reports that NCB keeps its jumbos in portfolio. Like sub- par loans (loans with riskier attributes, such as borrowers with low credit scores or other credit impairments), jumbos can be sold into securitizations on the secondary market, though not to FNMA or the Federal Home Loan Mortgage Corporation (a.k.a., Freddie Mac), another quasi-governmental lending institution active on the secondary market. In the fi nal analysis, jumbo mortgages are distinguished from their conventional coun- terparts almost entirely by their size. Th e pro- cesses by which the loans are made are nearly identical, accounting for factors such as the loan-to-value ratio of the property; the bor- rower’s ability to repay; and the borrower’s credit-worthiness. While terms may diff er from one institution to another, there is little EVERYTHING... continued from page 6