The financial resources needed to create a new building is astounding. That is why Ric Clark of Brookfield Real Estate believes the best way to save the environment is by “turning ugly-duckling properties into swans,” he told Real Estate Weekly.
Clark recently spoke at the Young Mens/Womens Real Estate Association luncheon, where he highlighted that a building renovation can reduce the net-carbon released into the atmosphere, and that constructing a building from the ground-up can damage the environment in a variety of different ways.
Five Manhattan West near the Hudson Yards was considered one of the “ugliest” buildings in the City, but the developers did wonders, and the structure is now a respected part of the neighborhood.
Brookfield’s business model focuses on sustainability, with its renewable power subsidiary considered “one of the world’s largest investors, owners, and operators in renewable power, with 18,000 megawatts of generating capacity sourced from hydro, wind, and utility-scale solar,” notes Real Estate Weekly.
If it’s a business's obligation to figure out ways to save the environment, Brookfield seems to have cracked the code (or at least a part of it). The company is now renovating 666 Fifth Avenue after its Hudson Yards success.
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To read the full report, click here: https://rew-online.com/ugly-buildings-offer-greatest-rewards-says-brookfields-ric-clark/