Real estate developer exploring Carbon Capture in five of its NYC apartment buildings
Carbon capture technology provider CarbonQuest will install its technology in five multifamily properties in New York in the first quarter of 2023.
The properties, which are owned by real estate developer Glenwood Management, will use CarbonQuest's emission-reduction process to capture carbon dioxide (CO2) from building flue exhaust before it escapes as a greenhouse gas.
The technology will be installed at Glenwood’s buildings in New York City, including The Fairmont at 300 East 75th Street, The Paramount Tower at 240 East 39th Street, The Bristol at 300 East 56th Street, The Somerset at 1365 York Avenue and The Barclay at 1755 York Avenue.
The installations follow Glenwood’s pilot carbon capture project with CarbonQuest at The Grand Tier at 1930 Broadway.
The captured CO2 will undergo a multi-stage process that separates it and produces liquid CO2 stored in a bulk tank. CarbonQuest says it will sell this "Sustainable CO2" to other companies that use it for carbon utilization and sequestration, including those that mineralize carbon in concrete as well as concrete aggregates manufacturing. A large portion of the Sustainable CO2 will be sold to New York City-based masonry firm and block producer Glenwood Mason Supply.
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In addition to the carbon capture system at each property, CarbonQuest will also provide its Carbon Management Software that tracks the capture of the CO2 in real time. The software will also measure, verify and report CO2 emissions to third party auditors, verifiers and regulators.
CarbonQuest’s technology is expected to help Glenwood Management prevent up to 5,000 tons of total emissions per year across five buildings and 2.5 million square feet of residential space. It will also help the company eliminate potential fines under New York City's Local Law 97, which will begin penalizing buildings based on their CO2 emissions in 2024.
Based on its current carbon usage, Glenwood’s properties would incur around $7 million in penalties between 2024 and 2029, rising to $15 million between 2030 and 2034.
“With New York City’s building emission penalties set to go into effect next year, property owners are looking for innovative ways to decarbonize. And while improving energy efficiency is part of the equation, capturing carbon before it is emitted is also a critical part of the path to decarbonisation,” Brian Asparro, Chief Operating Officer at CarbonQuest, said.
“A growing number of property owners are evaluating our building carbon capture technology, and we are excited to continue partnering with forward-thinking real estate operators to reduce carbon emissions in the built environment,” Asparro added.
CarbonQuest says introducing its technology and Sustainable CO2 into the market will allow its customers to support a circular economy while meeting net-zero and ESG goals with a cost-effective, turnkey solution.
