1515 Surf - Brooklyn, NY
LCOR is dedicated to minimizing environmental impact through responsible development and operations.
Being good stewards of the environment and our communities lays the groundwork for our continued responsible growth and financial success. Aligned with our philosophy of building “best-in-class” properties that deliver lasting value, we have integrated sustainability principles and objectives into all aspects of our core business strategy by formalizing our enterprise-wide sustainability strategy in 2022.
A message from the CEO:
I am pleased to present LCOR’s third annual Sustainability Report, highlighting our continued commitment to integrate sustainability and resilience objectives into all aspects of our business.
Our sustainability journey over the last decade has been one of continuous growth. We have continued to broaden our impact by establishing dedicated subcommittees, setting performance targets, forging strategic partnerships with industry experts, and hardening our assets through proactive climate resilience planning. Our sustainability strategy is firmly rooted in leading global frameworks including the Global Real Estate Sustainability Benchmark (GRESB), the Global Reporting Initiative (GRI), the Task Force on Climate-Related Financial Disclosures (TCFD), and the United Nations Sustainable Development Goals (UN SDGs). Guided by these frameworks, we continue to leverage technology and innovation to deliver best-in-class communities that provide lasting value and support our sustainability objectives.
In 2024, we continued to advance our sustainability objectives and achieve recognition from industry-leading organizations:
Achieved our third consecutive GRESB Green Star, continuing to improve year-over-year performance.
Launched our Innovative Living Strategy with the acquisition of The Batch Yard in Everett, Massachusetts.
Continued work on our second and commenced work on our third community-scale geothermal heating and cooling system.
Successfully progressed our new development projects, embedding sustainability from conception through completion while achieving additional green building and health and well-being building certifications.
Continued to drive progress toward our performance goals.
Continued to implement climate resiliency planning initiatives based on findings from our Munich RE portfolio-wide analysis.
Formalized our Net Zero Policy, establishing our commitment to achieve net zero Scope 1 and 2 emissions by 2050.
Furthered our DEI efforts through annual assessments, pay parity reviews, mandatory training, and promoting diverse talent.
Supported a variety of community organizations focused on key social issues.
Our people are at the center of our ongoing success. We foster an inclusive culture that champions collective achievement, personal growth, and well-being. We are equally dedicated to providing our residents with communities that promote health and vitality through transit-oriented development, thoughtful amenities, and building design.
I am extremely proud of our dedicated team, whose ongoing efforts continue to advance our sustainability strategy. Thank you to our clients, investors, partners, and communities for your continued trust and steadfast commitment to LCOR as we continue to build value through our sustainability commitments.
Anthony Barsanti
Chief Executive Officer
Recent Sustainability Initiative Highlights
Sustainability in Construction
In 2023, we expanded our Sustainability Standard for New Developments to include detailed guidance for our development teams and partners to ensure we consistently design sustainable and resilient communities aligned with our corporate sustainability objectives.
Many of our communities have obtained or are working towards Fitwel certification to show our dedication to health and wellness. Fitwel is an international building standard that encourages healthier work and living spaces to enhance the well-being and productivity of those who use them. Created by the U.S. Centers for Disease Control (CDC) and General Services Administration (GSA) and now administered by the Center for Active Design (CfAD), Fitwel offers a research-based approach to designing and managing healthy buildings. As the Fitwel standard develops, we will keep using the framework to create communities that enhance our residents' health and overall quality of life.
All development projects are designed to LEED Building Design & Construction (BD+C) standards to ensure minimum design and operational standards adherence. We are incorporating large geothermal heating and cooling systems into three new development projects in the NYC metropolitan area.
Sustainability in Operations
The transition from construction to operations is a crucial step in operating an efficient and healthy building. Following this transition, we continually monitor energy and water usage, perform annual on-site energy- and water-efficiency evaluations, and evaluate equipment upgrades for more efficient options. This is all done with the goal of reducing greenhouse gas emissions. LCOR tracks and reports its emissions from activities such as burning natural gas and fuel oil on-site for heating and backup power (Scope 1), as well as the electricity and heating/cooling produced off-site by local utilities (Scope 2). Going forward, we will endeavor to measure emissions related to resident energy use, construction projects, and our supply chain (Scope 3), while staying aware of changes in GHG reporting frameworks.
Certification highlights
As part of our broader sustainability strategy, LCOR pursues a green and/or healthy building certification at all development projects to valid our commitment to environmental performance and health and well-being. All new communities are designed and constructed to LEED Building Design & Construction (BD+C) or equivalent standards to ensure adherence to minimum environmental standards. Since 2012, LCOR has achieved LEED certification for 11 development projects, Fitwel certification for 5 development projects, and are currently pursuing additional certifications (i.e., LEED, Fitwel, WELL) for various projects currently under development.
Case Study – 1515 Surf, Coney Island, NY
LCOR is dedicated to being environmentally friendly. At the 1515 Surf Avenue construction site in Coney Island, we are building a 463-unit residential development. We are partnering with EcoSave USA to install a geothermal heating and cooling system, which we received a grant for through the NYSERDA pilot program. The geothermal system will use heat from the earth to heat and cool the buildings and provide hot water. It will be the largest in New York, reducing greenhouse gas emissions by 60% compared to traditional systems. This will help the community meet future emissions standards in New York City.
LCOR is committed to providing affordable housing with 139 units for people of all income levels. The community is conveniently located near the beach and the Coney Island-Stillwell Avenue transit station, making it perfect for those who want an active and healthy lifestyle. Residents will enjoy low utility costs, an outdoor pool with an ocean view, a fitness center, lounges, co-working spaces, and indoor basketball and handball courts. The community will also have a "Vertical Boardwalk" that overlooks the beach, with social spaces and gardens that bring the community together.
Supporting Local Communities & Urban Alliance
We take great pride in our commitment to being good stewards of the communities where we live, work, and serve. From partnerships with local charities and volunteer organizations to expanding affordable housing opportunities, LCOR strives to support diverse and vibrant communities where all can thrive. We encourage our coworkers to support our communities and to seek opportunities to make a difference in the lives of others. In 2023, our team supported a variety of community organizations focused on key social issues like food inequality, senior care, childhood poverty, cancer prevention and cures, homelessness, and affordable housing.
Since 2019, LCOR has partnered with Urban Alliance on their Property Management Pathway Program. Focused on workforce development, the program introduces local youth from communities of color to upwardly-mobile, living wage careers within the real estate industry. From dressing professionally to filing a maintenance report, the program provides real-word experience for students transitioning into part- or full-time work after graduation.
