New York, NY – The New York State Energy Research and Development Authority (NYSERDA) and Eleven Riverside Drive Corp. today unveiled a breakthrough for green living in New York City.

Eleven Riverside Drive has partnered with NYSERDA in developing a clean-burning natural gas Combined Heating and Power (CHP) system that will increase fuel efficiency and yield substantial energy savings at Schwab House, a 644-unit cooperative on Manhattan’s Upper West Side operated by Eleven Riverside Drive Corp. The $1.6 million CHP System installation was made possible through a $402,000 award from NYSERDA as part of its shared savings program.

New York State Assemblymember Linda B. Rosenthal (D, WF), who represents the area, praised the groundbreaking. “After years of dedication, I am delighted to see the Schwab House initiate a bold new step in energy efficiency through collaboration with NYSERDA,” she said. “As the first project of its kind, I am confident it will set the standard for modernizing energy use across New York City and I am proud to have helped along the way. This is the start of a greener, more cost-efficient way of heating and cooling buildings across the Upper West Side and throughout the city.”

The newly installed united are projected to save nearly $80,000 annually in utility costs and will decrease the amount of electricity demand by 30%.

Francis J. Murray, Jr., NYSERDA President and CEO said, “The capital investment required for installing CHP is seen as a barrier to the deployment of this technology. The shared savings concept of the CHP System owned by a third party will serve as an option model for others across the State interested in pursuing the energy efficiency opportunities of CHP but constrained by the capital investment.”

Eleven Riverside Drive Executive Manager Lance Kolb, who was named Green Manager of the Year in 2007 by the New York Association of Real Estate Managers, explained, “The CHP System will reduce energy use in the building’s nearly one-million square feet of floor-space by 13 percent, decreasing its carbon footprint and reducing annual utility costs for residents by seven percent. NYSERDA’s creative approach …enabled us to realize our vision for a green program.”

“We are always looking for ways to be fiscally and environmentally conscious while improving quality of life at the Schwab House,” said Joel Mandel, President of the Eleven Riverside Drive Corporation Board of Directors. “This is the most recent of our environmentally-conscious projects, which have also included initiatives to switch to energy-saving lighting and water-saving devices,” he added.