In The News
50+ New York ClimateTechs To Know
New York City is world-renowned for its financial, real estate, and media industries, and it’s also fast becoming a hotspot for cutting-edge Climate Techs.
In May 2024, it became the first US metropolis to adopt climate budgeting
$3.5B venture capital funding has flooded its climate tech sector since 2021
In 2023, climate startups in NYC raised $664M in venture or growth funding
It’s also home to a vibrant ecosystem enabling impact startups, incubators, investors and operators to break new ground and fast track partnerships.
And a meeting place for these impact investors and mission-driven founders eye-ing global expansion and new markets.
Check out the full article here, and check out the decarbonization platforms including:
🏠️ Hydronic Shell Technologies
Founder: David Goldstein
What: Transforming buildings with a facade-integrated HVAC technology for cost-effective and non-invasive retrofits
🔥 Kelvin
Founder: Marshall Cox
Latest Funding: $30 million
What: Reducing wasted energy, saves money, and enables pinpoint temperature control for apartments in legacy buildings.
🧮 Nantum AI
CEO: Gary Chance
What: Enabling buildings to hit energy targets via real time and predictive data as well as intelligent recommendations to save energy, reduce carbon emissions, and lower costs.
🏡 Sealed
Founders: Lauren Salz and Andy Frank
Latest Funding: $31 million
What: On a mission to stop home energy waste by enabling contractors to install more home weatherization and electrification projects and grow their businesses.
🤖 Renovate Robotics
Founder: Andy Stulc
What: Working on construction automation, starting with roofing
🏛️ Thalo Labs
Founder: Brendan Hermalyn
What: Modular hardware and software systems to help buildings measure, reduce and capture GreenHouseGas emissions for permanent storage.
Innovation 100: Nantum AI CEO, Gary Chance
Innovation in the built world happens because talented and driven people make it happen.
The Innovation 100 list created by Brad Hargraves of Thesis Driven and a selection committee consisting of leaders at Propmodo, Ten31 Media, and Loopnet, is a collection of the individuals doing the most to drive the future of real estate forward.
They made a point to select individuals from a wide variety of roles and perspectives. The final list has a mix of technology entrepreneurs, real estate executives, creatives, investors, and policy / public sector advocates.
We're proud to share Nantum AI's CEO, Gary Chance, is on the list. Additionally, our significant partnerships with Jamestown and other real estate operators are celebrated.
Congratulations to everyone who made the Innovation 100 list. We are so grateful for your contributions to the real estate industry!
Sustainability & Social Responsibility: Report
Jamestown LP has released a report every year since 2013 that highlights key aspects of their Sustainability and Social Responsibility Program, including performance targets, operations, stakeholder engagement strategies, policies and benchmarking, and
reporting efforts.
Their team regularly exhibits innovation through technology integration. In 2023, Jamestown engaged in more than 135 partnership discussions, evaluated 83 innovative concepts, and implemented 24 pilots — 40% more than in 2022.
The report features results from expanding their AI & Innovation Tech initiatives including Nantum AI (see image below or page 27).
"Our initial data on the Nantum AI pilot at Waterfront Plaza anticipated an annual energy savings of 230,741 kWh and financial savings of approximately $57,685. When the 1-year pilot period concluded in November 2023, the final savings reported was $71,000 — a 150% ROI. The 284,000 kWh of electricity we saved is equal to the average energy use of more than 25 homes for one full year."
122 Fifth: Inside the Rebirth of a Manhattan Landmark
Bromley Cos. recently completed a $100 million renovation of the historic 122 Fifth Avenue in New York's Flatiron District. The project transformed the 1899 Neo-Renaissance building, modernizing its interior while carefully preserving its historical exterior. Led by STUDIOS Architecture, the renovation expanded the property into an adjacent parking lot, resulting in a 300,000-square-foot mixed-use space featuring offices, retail, and rooftop terraces. A key aspect of the redesign involved relocating the building's core, allowing for more natural light and improved tenant flexibility.
The renovation placed a strong emphasis on sustainability and tenant well-being. The project incorporated various green features, earning LEED Gold certification and targeting Fitwel certification. Among the sustainable elements are green roofs, advanced air filtration systems, and the use of locally sourced materials. To further enhance energy efficiency, Bromley Cos. implemented Nantum AI, an innovative software system integrated with the building's automation system. This "brain within the building" uses data from IoT sensors to optimize energy consumption based on real-time occupancy, significantly reducing energy use and carbon emissions.
Despite facing numerous challenges, including construction during the COVID-19 pandemic and unexpected issues with the 120-year-old structure, the development team successfully completed the project. The renovation skillfully blends historic elements with modern design and technology, creating a landmark property for the Lower Fifth Avenue area. Notable features include a redesigned lobby with bespoke elements, efficient vertical transportation, and nearly 15,000 square feet of rooftop terraces and gardens. The project not only revitalized a historic building but also set new standards for sustainable, tenant-focused design in Manhattan's competitive real estate market.
Smart Building Insight: Sustainability in focus, as it relates to real estate
Sustainability in focus, as it relates to real estate:
Nantum AI was profiled in Fast Company’s article about AI-optimized building technology. Nantum shared its work with Carr Properties, among others.
Bromley Companies’ 122 Fifth receives LEED Gold Certification with use of Nantum AI
Manhattan, NY The Bromley Companies, developer of a diversified national portfolio, has been awarded LEED Gold Certification for its flagship 122 Fifth property. LEED (Leadership in Energy and Environmental Design), developed by the U.S. Green Building Council (USGBC), is the most widely used green building rating system in the world and an international symbol of excellence in sustainable development. 122 Fifth’s energy efficiency derives in large part from its pioneering application of Nantum AI, a software that uses artificial intelligence to automate building systems with real-time occupancy data, utilizing the least amount of energy to provide the maximum amount of indoor comfort.
Nantum AI is a software that uses artificial intelligence to automate a building’s energy usage and heating/cooling systems with real-time occupancy data. It leverages the entirety of the building’s accessible data to efficiently allocate energy without sacrificing occupant comfort. For example, as occupants depart the building in off-peak hours, the Nantum AI decreases the BMS (air) system, which in turn saves energy and carbon emissions, as well as dollars.
The software is able to integrate with sensing devices which calculate the total number of building occupants in real-time. Collectively, the system ensures a comfortable and sustainable residency experience for tenants and simultaneously helps landlords save utility costs and centralize its building data to analyze it for further optimization.
Surge of New Product Launches and Industry News Showcased at Realcomm | IBcon 2024
Realcomm | IBcon 2024 has once again become the epicenter of innovation in real estate technology, and presented an impressive collection of new product launches and crucial company updates.
Smart Building Insight: Smart building product launches and related announcements
Smart building product launches and related announcements:
JLL announced an AI-powered facility management app.
Kode Labs announced another set of integrations in late May. And, the firm announced TJX as a new enterprise customer.
Lumen Energy announced that it has worked with Nuveen to conduct initial site assessments across 1,400 sites.
Prescriptive Data has announced a rebrand to “Nantum AI”, the name of the firm’s main product. This is not an uncommon move, as other vendors have rebranded the company to a leading product offering.
Welcome to the Age of the AI-Optimized Building
Artificial intelligence is emerging as a powerful tool for reducing emissions in buildings, despite AI itself being criticized for its environmental impact. Companies like BrainBox AI are developing software that automates and optimizes building operations, particularly HVAC systems, leading to significant energy savings and reduced CO2 emissions. For example, a trial at Loyola University's Schreiber Center in Chicago showed that AI-driven optimization cut energy bills by 10% and CO2 emissions by 15% in an already high-performing building. This technology is becoming increasingly important as cities implement emissions reduction laws and investors demand greener real estate assets.
The concept of AI-optimized buildings is gaining traction across the industry. For instance, at 122 Fifth in Manhattan, owner Bromley Cos. has installed Nantum AI technology that uses sensors to automate energy usage and environmental systems based on real-time occupancy data. Other examples include 555 Greenwich in Manhattan, which uses AI to predict weather patterns and adjust its geothermal heating and cooling system accordingly, and Carr Properties' One Congress skyscraper in Boston, which has cut energy bills by more than 25% through machine learning and analytics. While challenges remain, such as the cost of implementation and the need for widespread adoption, many in the industry see AI as a crucial tool for achieving sustainability goals in the built environment.
Jamestown’s Latest Strategy Is Leaning Into Tech Partnerships
Jamestown L.P., a global real estate investment firm known for its innovative approach to property management and development, has been increasingly focusing on integrating technology partnerships into its strategy. With $11.6 billion in assets under management across the U.S., Europe, and Latin America, Jamestown has been at the forefront of industry trends such as sustainability and mixed-use developments. The company has implemented an internal program called Innovation Ideas, encouraging employees to submit tech ideas for use in their properties. This initiative has led to successful implementations of various technologies, from ChatGPT to foot traffic analysis tools, across their portfolio.
One of Jamestown's notable tech partnerships is with Prescriptive Data, a company that uses AI to optimize building operations. At properties in San Francisco and Washington, D.C., Jamestown has utilized Prescriptive Data's technology to more efficiently run HVAC systems. The results have been impressive, with their San Francisco property seeing a 260 percent return on investment. This partnership is part of Jamestown's broader sustainability program, which was launched in 2008 and focuses on reducing utility costs and carbon emissions. The company's approach to tech integration involves piloting various projects, learning from both successes and failures, and relying on the experiences of other major real estate firms to inform their decisions.
122 Fifth Avenue Leverages Nantum AI to Secure LEED Gold Certification
The Bromley Companies, developer of a diversified national portfolio, announced today that it has been awarded LEED Gold Certification for its flagship 122 Fifth property in Manhattan. LEED (Leadership in Energy and Environmental Design), developed by the U.S. Green Building Council (USGBC), is the most widely used green building rating system in the world and an international symbol of excellence in sustainable development. 122 Fifth’s energy efficiency derives in large part from its pioneering application of Nantum AI, a software that uses artificial intelligence to automate building systems with real-time occupancy data, utilizing the least amount of energy to provide the maximum amount of indoor comfort.
“122 Fifth was redesigned from the ground up to utilize innovative technological solutions to improve the tenant experience- including in sustainability, where our Nantum AI platform empowers real-time, automated calculations of energy, costs, and carbon emissions reduction,” said Nicholas Haines, CEO at Bromley Companies. “We’re thrilled to see that effort be recognized by the U.S. Green Building Council with a LEED Gold Certification and look forward to many more creative applications of this technology in the coming months.”
Nantum AI, sometimes referred to as the “brain within the building,” is a software that uses artificial intelligence to automate a building’s energy usage and heating/cooling systems with real-time occupancy data. It leverages the entirety of the building’s accessible data to efficiently allocate energy without sacrificing occupant comfort. For example, as occupants depart the building in off-peak hours, the Nantum AI decreases the BMS (air) system, which in turn saves energy and carbon emissions, as well as dollars.
“Modern buildings face mounting pressure to decarbonize, and the redesign of 122 Fifth Avenue has prioritized technology to meet these demands. Nantum AI’s advanced artificial intelligence platform empowers operators to enhance operational performance through actionable insights,” stated Gary Chance, CEO of Nantum AI. “We are proud to contribute to 122 Fifth achieving Gold LEED certification and look forward to a future driven by data, health, and efficiency.”
122 Fifth Avenue Achieves LEED Gold Certification In Union Square, Manhattan
The Bromley Companies announced that 122 Fifth Avenue has been awarded LEED Gold Certification by the U.S. Green Building Council. The 11-story office building in Union Square, Manhattan yields 300,000 square feet of retail and office space and was recently renovated by STUDIOS Architecture. The property has an L-shaped massing with frontage on both Fifth Avenue and West 17th Street.
Amenities at 122 Fifth Avenue include bike storage, private locker rooms, and rooftop terraces. The building is also targeting a Fitwel certification in addition to its LEED Gold Certification.
A key contributor to 122 Fifth’s energy efficiency is Nantum AI, an artificial intelligence software that automates building systems based on real-time occupancy data, minimizing power consumption.
“122 Fifth was redesigned to improve tenant experience and sustainability,” said Nicholas Haines, CEO of Bromley Companies. “Our Nantum AI platform enables real-time calculations of energy, costs, and carbon emissions reduction.”
Outdated Utility Data Systems Are Stalling the Renewable Energy Revolution
Energy is not created equally. Unlike burning fossil fuels like gas and coal, renewable energy allows us to consume energy with very little greenhouse gas emissions. But, as sustainable as renewable energy generation can be, it often isn’t reliable enough to power an entire electricity grid. Because renewable energy supply and energy demand are both variable, even the cleanest energy grids often need a fossil fuel component. Fossil fuel plants can be quickly turned on and scaled up when demand peaks, preventing disruptive or dangerous power outages.
These peak demand times are also when power is most expensive. Some utilities calculate the energy rate for a whole year based on a property’s peak demand segment. To lower emissions and energy bills, buildings need to use data from utilities about energy sources and consumer demand at any given time. Most advanced energy management and BMS systems can manage energy using utility data, but obtaining the data in a usable format is not always easy.
Utility companies are also not created equally. Some have portals that allow consumers to directly access real-time data about the grid. For example, New York’s Con Edison has an API that allows third parties to import data easily into energy management systems. But, not all utilities are as sophisticated as the country’s oldest grid. “In a perfect world, every utility company in the U.S. would update their metering infrastructure and allow real estate and technology companies to access their pricing and demand information in real time via API,” said Gary Chance, CEO of Nantum AI. Unfortunately, most utility companies don’t have the incentives or resources to create and maintain such technology. The U.S. has thousands of electricity companies, a number that is growing due to the increasing prevalence of options for customers to choose where they get their power.
A Guide to the Building Efficiency Mandates Sweeping Across the U.S.
Around 30 U.S. cities are implementing new building efficiency rules to reduce carbon emissions, and our interactive guide showcases a selection of them.
Property owners, especially those with national portfolios, are facing the need to navigate various regulations, and compliance may require significant investments and resources.
The consequences of non-compliance extend beyond fines, potentially affecting property value and tenant relationships, underscoring the importance of strategic preparedness.
The Urban Green Council estimates that 40 percent of NYC multifamily buildings and 80 percent of office properties could offset their emissions by the 2030 requirements using only renewable energy credits. “Renewable energy credits aren’t a great indicator of carbon emissions reduction,” said Byron Avery, VP of Strategic Sales at Prescriptive Data, a real estate tech provider that helps buildings comply with Local Law 97 and other performance standards nationwide. “Owners make the biggest impact by improving the buildings and decarbonizing at the source, rather than buying renewable energy credits.”
Building Management Systems Adjust to a “Net Zero” World
Reporting on carbon emissions is no longer voluntary for much of the corporate world. The EU has had climate disclosure regulations in place for just over a year. Cities and states around the U.S. also made their own disclosure reporting rules last year, most notably California, which implemented its requirements last October. So far, the Federal government has failed to enact the SEC’s proposed new reporting standards, but it is expected to be front and center on the regulatory agenda session that starts in April of this year.
Even without federal oversight, there is more pressure than ever for companies to make climate commitments. Climate activists are increasingly targeting corporations. Investors are refusing to invest in companies without a climate action plan. Young workers are preferring to work for companies that have a sustainability-minded corporate culture.
All of this has led many companies to make carbon “net zero” pledges. These are corporate initiatives that require the company to reduce its carbon footprint to zero by a certain date. Since there is no definitive definition for net zero, some companies have tried to use carbon offsets to hit their goals. But this tactic has faced scrutiny, leading more and more companies to go even further with their sustainability goals. Of the largest 500 global companies, 66 percent now have climate commitments, 39 percent of which have a net zero target. A growing percentage of them (15 percent) are going even further by committing to being powered only by renewable energy in the near future.
Now, buildings are starting to feel the pressure from this new corporate landscape. Offices, retail locations, logistic properties, and multifamily buildings are all being asked to report on their carbon use. Most are not prepared for this new task. “Fifty-nine percent of building owners say that they don’t have the data to comply with upcoming ESG regulations, and only five percent of buildings have updated their legacy systems to be ready for the kind of building automation needed for carbon reduction,” said Gary Chance, CEO of Prescriptive Data, a building operation and HVAC software provider.
Your Building Has A Story To Tell: Let AI Narrate It
The smarter and more connected buildings become, the more complex the systems behind them must be. Each door opened, light switched on, and temperature adjusted offers a glimpse into the heartbeat of the building, painting a detailed picture of its operational rhythms. While this may sound like a headache and a complicated maze of access and permissions to IT teams, the opportunities unlocked with AI-powered buildings are unmatched. Through automation, buildings can anticipate and predict the future needs of a building, ensuring optimal performance, energy efficiency, and an enhanced user experience. Even though most buildings aren’t even at this automated level of operation, AI can take it a step further and may be the push owners and operators need to invest in smarter tech. In a world increasingly driven by data, understanding and optimizing your building’s operations is no longer a luxury—it’s a necessity.
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Indoor environmental wellness index (IEW-Index): Towards intelligent building systems automation and optimization
The impact of indoor environment quality (IEQ) on occupants’ wellness and productivity is substantial. Simultaneously, due to buildings’ significant role as one of the largest energy consumers, there is a pressing need for improved energy efficiency and intelligence in building design and operation. This paper introduces a novel indoor environmental wellness index (IEW-Index) as a real-time key performance indicator (KPI) derived from controllable factors associated with wellness. The main objective of this index is to develop a universally applicable metric for IEQ, incorporate real-time data and personalized settings, and facilitate the real-time optimization of building control systems. In addition, a novel framework based on a multi-agent system (MAS) for building control systems is introduced, encompassing a detailed design of components and communication protocols. The IEW-Index’s effectiveness has been successfully demonstrated through three real-world case studies formulated using the developed MAS framework. The findings indicate a direction for creating a sustainable building automation system that is intelligent and autonomous.