NEW YORK, Feb. 15, 2022 (GLOBE NEWSWIRE) -- 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%.
Now, 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.”
By instating limitations on building emissions, building owners across New York City must move towards sustainable, energy-saving methods and renewable energy in their buildings. BrainBox AI’s zero-Capex solution can empower building owners and facilities managers to dramatically reduce their buildings’ energy spend and carbon emissions utilizing the existing systems they have in place, moving them one step closer to net-zero carbon goals.
About BrainBox AI
BrainBox AI was created in 2017 with the goal of redefining building automation through artificial intelligence to be at the forefront of a green building revolution. Headquartered in Montreal, a global AI hub, BrainBox AI has a workforce of over 100 employees and supports real estate clients in numerous sectors, including office buildings, airports, hotels, multi-residential, long-term care facilities, grocery stores and commercial retail.
BrainBox AI works in collaboration with research partners including the U.S. Department of Energy’s National Renewable Energy Laboratory (NREL), the Institute for Data Valorization (IVADO) as well as educational institutions including Montreal’s École de technologie supérieure (ETS) and McGill University.
Learn more about BrainBox AI.
About Cammeby’s International Ltd.
The principals of Cammeby's International Ltd. have been in the real estate business for over 50 years. They own, develop, operate and manage real estate primarily in the northeast region, with an emphasis on New York, New Jersey, Pennsylvania and Connecticut.
For media inquiries:
For BrainBox AI
Rebecca Bender
Montieth & Company
rbender@montiethco.com
For Cammeby’s International Ltd.
Christa Segalini
Antenna Group
christa.segalini@antennagroup.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b50acd13-2205-4596-9f35-83cad9116368
