Mascia Development’s property management arm, Mascia Management, provides an experienced asset management team dedicated to achieving increased income and efficiency through Green operations. Our leadership in property management has allowed us to demonstrate the benefits of Green management: increased income generation and tenant retention, reduced energy and water use, and the numerous tax and financing incentives. In addition to managing Mascia Development’s acquisitions and completed renovation projects, Mascia Management’s team also lends this expertise to owners, investors, and lenders unfamiliar with the implementation of Green asset management.

Consumers and real estate investors have become increasingly aware of the advantages of Green building, as well as the importance of Green operations. Because of an industry-wide commitment to developing sustainable building techniques, the added costs for most of the necessary technology are now affordable. Integrating sustainable asset management practices and technology into our portfolio, as well as our clients’ properties, will have multiple benefits for tenants, investors, clients, and our community.

Energy and maintenance efficiencies- high-performance building systems and technologies integrated into the design of the renovated portfolio generate savings in reduced energy and operating costs;

Reduced risk of obsolescence- the use of Green asset management techniques greatly reduces the risk of the properties becoming obsolete and increases the building’s useful life;

Marketing bonus- the attention given to innovative Green building projects by the media allows for multiple marketing and public relations opportunities. This will increase awareness of the properties our company manages with prospect tenants and capital sources, while greatly reducing out-of-pocket marketing expenses;

Health and community benefit- Green buildings improve the health, well-being, and quality of life for occupants, which increases tenant satisfaction and decreases turnover;

Environmental stewardship- operating Green can have multiple benefits beyond those enjoyed directly by tenants and Investors. Green buildings also reduce the US reliance on fossil fuels and New York’s greenhouse gas emissions, as well as the “heat island” effect, which contribute to global warming.

As an example of the benefits we will reap, the Durst Organization, a New York City based developer, found that not only did their Green residential buildings lease-up faster than comparable properties, but that “people are willing to pay a premium for it ^[1].” A New York Times survey reported that “when faced with the choice of renting or buying two similar apartments…consumers increasingly will opt for the one with Green features, even if it comes at a higher price^[2] .”

New York City has taken additional steps to establish itself as a leader of the Green building movement. The City recently passed Local Law 86, which mandates the use of Green building practices on most city-funded construction and renovation projects. New York City also recently adopted the NYC Energy Conservation Code, which mandates energy audits and retrofits, lighting retrofits, and energy benchmarking, for most of the City’s buildings, both public- and privately-owned. Our experience with green building and operations provide us with the knowledge necessary to navigate this new regulatory landscape and the many tax credits and other incentives available to building owners for Green upgrades.

Mascia Management’s asset management services include guidance on how to take advantage of the city, state, and federal incentive programs available for energy efficient buildings.

• The Energy Policy Act of 2005 includes a tax deduction for expenses related to the installation of systems that reduce by 50% or more, up to $1.80 per square foot of each building built or renovated, the total annual energy and power costs of interior lighting systems, heating, cooling, ventilation, and hot water systems. This deduction was renewed for 2010, and numerous bills have been introduced to further extend the deduction and increase the maximum to $2.25 per square foot.  
• The New York State Energy Research and Development Authority (NYSERDA) administers the Energy Smart Loan Fund, providing low-interest loans of up to $500,000 for Green building improvements.  
• New York’s Green Building Tax Credit allows owners of residential buildings to claim a tax credit over five years. These are only a few of the incentives, loans, and other programs that will reduce the costs associated with the installation of energy efficient technologies and augment the long term benefits of building Green.

As Green building practices have been adopted throughout the commercial office industry, the technologies themselves have become more widely available at reduced prices. Residential developers and building owners, those most sensitive to small increases in first costs, can now take advantage of the reduced lifecycle costs and marketing bonuses enjoyed by their commercial counterparts.

^{[1]Neuman, William. "It's Getting Easier to Be Green." New York Times 13 Aug. 2006.
[2]Ibid.}