Real Estate News
BrainBox AI Announces 45 Broadway as First New York City Installation of its Autonomous Commercial Real Estate Climate Technology
BrainBox AI, a pioneer in predictive and self-adaptive commercial building technology, today announces the inaugural installation of its artificial intelligence technology in a New York City commercial property. The building, owned by Cammeby's International Ltd., is located at 45 Broadway. This announcement comes weeks after New York's Governor Kathy Hochul made a major commitment to decarbonizing buildings and two years before Local Law 97 fully takes effect.
"The installation of BrainBox AI's technology at 45 Broadway is a major milestone for us as we enter one of the world's most significant commercial real estate markets, said Sam Ramadori, CEO, BrainBox AI. "Our scalable technology enables buildings to become more sustainable and autonomous while reducing energy costs, decreasing emissions, improving day-to-day comfort, cutting down on maintenance, and extending equipment life."
In 2019, New York City passed the Climate Mobilization Act, a groundbreaking and ambitious plan for reducing emissions in one of the nation's largest commercial real estate markets. One law in particular, Local Law 97, specifies that most buildings over 25,000 square feet will be required to meet new energy efficiency and greenhouse gas emissions limits by 2024, with stricter limits coming into effect in 2030.
"As New York City adopts new regulations on carbon emissions from buildings, BrainBox AI offers real estate owners and operators a solution that allows for both individual building and portfolio-wide impact, said Frank Sullivan, Chief Commercial Officer, BrainBox AI. "Local Law 97 sets new parameters around what commercial real estate success looks like in New York City."
BrainBox AI offers a direct solution to help buildings meet the standards of Local Law 97 by using deep learning and cloud-based computing to produce savings in energy costs of up to 25%, up to 40% reduction in carbon footprint and improved occupant comfort. Building operators can also see an extension in the service life of the HVAC equipment with lower runtimes up to 50%.
BrainBox AI will be working with Cammeby's International Ltd., a real estate investment company founded in 1967. The firm manages more than $13 billion in assets, with properties in Manhattan, Queens, Brooklyn and the Bronx. 45 Broadway, a 32-floor building offering Class A office space, was constructed in 1983 and is located in Manhattan's Financial District.
Aron Weber, Regional Director at Cammeby's International Ltd. added: "We recognize that we must reduce the operating emissions from our buildings and energy efficiency is a central factor in our decarbonization strategy. With HVAC being one of the largest consumers of energy, we are excited to partner with BrainBox AI to further optimize our building's energy and sustainability performance while delivering greater comfort for our tenants."
