Energy Storage, Industrial - January 9, 2023
New York Properties Implement Carbon Capture
Five multifamily properties in Manhattan owned by Glenwood Management will add carbon capture technology in the first three months of 2023.
The technology will be installed by CarbonQuest, a carbon capture technology provider supporting onsite building decarbonization across the real estate sector.
Carbon will be captured from buildings to prevent it from being emitted into the atmosphere. The installations will occur at The Fairmont (300 East 75th Street), The Bristol (300 East 56th Street), The Paramount Tower (240 East 39th Street), The Barclay (1755 York Avenue), and The Somerset (1365 York Avenue).
Through CarbonQuest’s proprietary emission-reduction process, CO2 is captured from building flue exhaust before it has the chance to escape as a GHG. Subsequent to this initial capture, the CO2 undergoes a multi-stage process that separates and captures CO2, producing an end product of liquid CO2 stored securely in a bulk tank.
A large portion of the sustainable CO2 generated at the Glenwood buildings will be sold to NYC-based masonry firm and block producer Glenwood Mason Supply (unaffiliated with Glenwood Management), where the CO2 will be sequestered permanently in concrete blocks. CarbonQuest is also in the process of forming partnerships with other CO2 offtakers.
“Studies have shown that the building sector is a significant contributor to climate change, and federal and city legislation are both incentivizing technology that can drive emissions reduction at a building level,” said Josh London, Senior Vice President at Glenwood Management, in a statement. “With the success of our first CarbonQuest system at 1930 Broadway, we are excited to roll out the technology to more of our portfolio, leveraging carbon capture alongside other technologies to reduce our emissions and gain compliance with local regulations.”
The technology is timely since New York City’s Local Law 97 will begin to penalize buildings based on their CO2 emissions in 2024. Based on their current carbon usage, Glenwood's properties would incur roughly $7 million in penalties between 2024 and 2029, followed by $15 million in penalties in the years ranging from 2030 to 2034.