Background

View 34 is a luxury rental property at 401 East 34th Street in the Murray Hill submarket of Manhattan. Developed by UDR in 1985, its distinct design comprises two 35-story towers created in a unique “U” shape that span an entire city block from 34th – to 35th Streets and First Avenue to the FDR Drive. With 714 residences and abundant amenities, including a magnificent 16,366-square-foot roof deck, 24-hour fitness center, resident lounge, media room, children’s playroom, on-site laundry valet, and 24-hour on-site gourmet delicatessen, View 34 offered exceptional features while presenting a host of energy-use challenges.

Solution

In partnership with Logical Buildings™, UDR was able to implement the Real-Time Energy
Management (RTEM) platform SmartKit AI™ at View 34. The platform, which includes smart building meters, smart thermostats, and wireless (IoT) sensors to create complete building operations transparency and HVAC demand dispatch capabilities, provided preventative maintenance alerts that identified energy demand and usage anomalies. Sustainability targets at View 34 were quickly achieved, along with substantial operating expense savings (OPEX) and increased revenue. The program, which includes the SmartKit AI™ Mobile platform, has enabled management to view electrical use throughout the buildings on both the mobile app and web portal, further supporting real-time solutions. The mobile app has additionally empowered staff participation by offering gamified rewards.

Outcomes

• Since implementing Logical Buildings’ SmartKit AI™ platform at View 34 in 2019, UDR has seen net annual savings of >$20,000.
• And a Net NAV Increase @4.5% Cap Rate of $460,000!