Green Building Brings Profits In NYC

Buyers and renters in New York City have always been hungry for housing. The city is one of the liveliest housing markets in the world, boasting a high demand for a less-than-high supply. But as housing choices evolve, the amount of bedrooms may not be the ultimate deciding factor for some environmentally-conscious renters. Green housing is surging in New York, and renters are lining up at the chance to get a spot. And the developers of these buildings couldn't be happier.

"Developers say they are building green because they believe in it, but they also expect to gain a competitive edge. If faced with the choice of renting or buying two similar apartments, the developers say, consumers increasingly will opt for the one with green features, even if it comes at a higher price."

" 'We think it’s important to do, and we think that other buildings that don’t do this will become obsolete, and our buildings will continue to maintain their value,' said Douglas Durst, who built 4 Times Square, a pioneering green office building, in the late 1990’s. He is now building his second green apartment tower."

Thanks to Melissa Chow