LEFRAK COMPLETES LARGEST HIGH-RISE MULTIFAMILY SOLAR PANEL INSTALLATION IN NEW JERSEY, CONTINUING DEVELOPER's PORTFOLIO-WIDE SUSTAINABILITY EFFORTS

(MENAFN- PR Newswire) "LeFrak is committed to community development and promoting environmental sustainability," said Charles Burton, Head of Community Relations for LeFrak. "We're proud to offer New Jersey's largest solar installation at a high-rise residential community. This initiative exemplifies our continued dedication to creating a well-rounded lifestyle for our Newport residents while doing our part to protect the environment. By integrating sustainable practices like this, we're helping shape a greener future, not just for our buildings, but for the communities around us."

"Newport's commitment to reducing its carbon footprint is a prime example of the smart, sustainable development we strive to achieve citywide," said Jersey City Mayor Steven Fulop. "A solar panel installation of this size in Jersey City sets the standard for future projects across the state and country. Our thanks to Newport for leading by example as a forward-thinking community within our city."

The new rooftop system offsets energy produced by electrical systems used in The Beach's common area spaces, including those that power elevators and lighting, as well as cooling and ventilation in the building's lobby and amenities. The innovative design of The Beach's roof and the orientation of the building optimize the amount of solar power generated by the system. The system was installed by Sunkeeper Solar, a Brooklyn-based solar energy company.

"This is exactly what we should be seeing in Jersey City with the expansion of new high-rise residential development and the push for more sustainable development. Solar makes sense on multi-family buildings, and especially because Jersey City is vulnerable to the impacts of climate change, projects like this should become the bar for new development. Going solar saves consumers money, reduces air pollution and creates a more resilient energy grid - solar is a double green amenity," said Doug O'Malley, Director of Environment New Jersey.

As part of Jersey City's waterfront Newport neighborhood, created by LeFrak and Simon in the 1980s, The Beach offers 336 studio to four-bedroom rental homes spread across two towers and a collection of thoughtful amenities including a coworking lounge, state-of-the-art fitness center and outdoor pool. The building reached 75 percent leased in just 10 weeks when it opened in 2021 and continues to resonate with renters looking for a full-service waterfront lifestyle. Newport is one of the most successful mixed-use master-planned developments in the country and represents a sought-after approach to urban living with its collection of high-quality residential developments, neighborhood-serving retail and plentiful outdoor amenities all situated along the Hudson River waterfront.

LeFrak continues to champion sustainability initiatives throughout their communities and developments across the country. Last year, LeFrak partnered with electric vehicle-sharing platform Envoy to offer Newport residents exclusive car-sharing benefits and access to a fleet of on-site electric vehicles, representing Envoy's first expansion into New Jersey.

LeFrak's sustainability efforts also stretch into Queens, New York, where the developer partnered with Blueprint Power to enhance energy efficiency at its 20-building residential development LeFrak City. Supported by a $3 million grant from NYSERDA, this initiative helped transform LeFrak City into a clean energy hub by integrating solar panels and over 150 EV charging stations. LeFrak also participated in New York State's Empire Building Challenge, through which they completed a significant decarbonization of 59-17 Junction Boulevard, a 20-story commercial building in Queens. Valued at $19.7 million, the measures aim to reduce site energy use by over 33 percent, resulting in the overall reduction of onsite fossil fuels by 2035. This initiative highlights the intersection between decarbonization and resiliency, in which necessary upgrades can be leveraged to integrate low-carbon solutions and safeguard critical building systems from future climate impacts.

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About LeFrak
LeFrak is a preeminent, family-owned property company committed to community development and long-term ownership. LeFrak affiliates own and manage an extensive portfolio of real property concentrated in the New York/New Jersey metropolitan area, as well as South Florida, Los Angeles and throughout the West Coast. Through its affiliated companies, LeFrak has developed and built the majority of its real estate portfolio and is one of the world's leading property firms. The firm is acclaimed around the globe for the quality of its projects and its properties, its financial strength and conservatism, its entrepreneurial business model and its commitment to long term ownership. Although primarily focused on the residential and office sectors, LeFrak affiliates also invest in numerous hospitality, retail assets, securities, private businesses and energy.

About Simon
Simon is a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations and an S&P 100 company, that has been around for more than half a century. Through strategic development, Simon properties across North America, Europe and Asia provide community gathering places for millions of people every day and generate billions in annual sales. As the largest retail real-estate developer in the world, Simon leads the industry in innovation and was an early champion of urban and suburban redevelopment. Simon and affiliates continue to focus on the needs of the communities in which they operate – from neighborhood shopping centers to Premium Outlet centers; they strive to offer a comprehensive retail and entertainment experience to everyone.

SOURCE LeFrak

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