'Green' residential building topped out in Nov. 21 ceremony.

The world's first "green" residential high-rise building was "topped out" today in a traditional ceremony marking the completion of vertical construction. An American flag was raised to top of the 27-story building, which was selected by U.S. Department of Energy to be presented at last September's "Sustainable Building 2002 Conference" in Oslo, Norway.

The $120 million "green" building, a project announced by Governor George E. Pataki in June 2000, features:

* On site filtering and recycling of waste water to supply flush water for toilets; the new "green" building will use 33 percent less water than a comparable nongreen building;

* Energy strategies that will result in a 67% reduction in electric energy use during peak demand hours and that are 35 percent more efficient than current NYS codes, including: Natural gas-fired absorption HVAC system; digital programmable thermostats; dimmable and motion-detector controlled lighting, low-E glazing, high efficiency insulation, variable speed pumps, motors and fans, 30% more natural light, and the use of Energy Star appliances;

* Photo-voltaic solar array for generating electric power to provide at least five percent of base building electric load, and provisions for the future use of fuel cells;

* The collection of rain water for irrigation of the roof gardens; plumbing fixtures that use 10% less water than required by the Energy Policy Act of 1992;

* Recycling of at least 60% of construction waste; high use of construction materials with recycled content and of materials manufactured within 500 miles of the site;

* Improved indoor air quality through high-efficiency air filtration system and fresh air supply to every apartment including humidification during winter months.

James F. Gill, Chairman of the Hugh L. Carey Battery Park City Authority (BPCA), said "Today we honor and salute the Albanese Development Corporation and the outstanding team of construction professionals who are bringing one of the world's most significant buildings to one of the world's greatest communities. What we're seeing today is more than a topping out ceremony. We're also seeing an important step forward in the fulfillment of a dream. It's a dream that began with Governor Pataki's vision and leadership in environmental issues, a dream that will soon be realized as our new "green" building nears completion."

Timothy S. Carey, president and CEO of the BPCA, said, "Today we're topping out an important new residential building that can't be topped when it comes to excellence in environmental design. At 20 River Terrace we are doing much more than simply adding another great building to Battery Park City. We are setting new standards that could revolutionize building design and strengthen New York's future."

Russell Albanese, president of Albanese Development Corporation (ADC), said, "When we were first designated by the BPCA to develop 20 River Terrace, we knew we were embarking on a project with the potential to make a significant contribution to the cause of sustainable development. We were challenged to design and construct a building that will substantially reduce energy consumption, harvest 5% of electric energy from the sun, be free of ozone depleting refrigerants, substantially reduce water consumption by treating and recycling waste and storm water, and select materials for the building in a manner that minimizes further depletion of our natural resources. We share a planet where the environment is finite and natural resources are limited. As we complete this building, we pledge our full cooperation in sharing the insights gained and lessons learned, to help further sustainable development in other parts of the world."

At the topping out event Albanese also unveiled the name ADC has selected for the "green" building: "It gives me great pleasure to formally announce that we have selected a name for 20 River Terrace that captures the environmental spirit infusing this project. It's a name that embodies the single-minded vision that has brought us to this juncture -- 'The Solaire' -- Sol for sun, and Aire, for the breath of life. Solaire captures the very essence of this project, the heart of why we are here today -- celebrating and protecting our environment, our atmosphere."

In addition, Albanese recognized the leadership team behind "The Solaire," including ADC's development partner, Northwest Mutual; design architect Cesar Pelli and Associates; architect Schuman, Lichtenstein, Claman, Efron; and general contractor Turner Construction Company. He also recognized the financial team that successfully enabled The Solaire to be the first utilizer of Liberty Bonds for residential development in lower Manhattan, led by Fleet Real Estate Finance Group and including co-lenders Westdeutsche Immobilien Bank, Hamburgische Landesbank, HSBC, Roslyn Savings Bank, Washington Mutual and Apple Bank. He extended special thanks to the New York State Housing Finance Authority for their efforts in underwriting and issuing the bonds for the project.

In January 2000, Governor Pataki proposed a Green Buildings tax credit -- the first of its kind in the nation -- designed to encourage the construction and rehabilitation of environmentally-sound buildings by providing a credit for the development of "green buildings". The tax credit was enacted into law and became effective on January 1, 2001. The provision provides tax savings, promotes improved environmental standards, helps increase energy efficiency, and creates awareness of new technologies that can improve the quality of life of those living or working in environmentally friendly buildings.

At 380,000 SF, the 293-unit "green" building at 20 River Terrace, which is expected to be completed in the spring of 2003, will demonstrate that sustainable technology is applicable for large as well as moderate-scale construction.