Cortex Intel deploys mobile app to New York office properties, boosts asset value by millions

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Image from Cortex Intel website

Cortex Intel’s mobile app for building engineers has been fully deployed nationally Oct. 18 and is now being used across 10 million sq. ft. of office property in New York City to reduce operating costs, increase property income and improve sustainability, the company says in a news release.

Office buildings such as 277 Park Avenue, The Woolworth Building, and 110 William Street are reportedly among high-profile Class A assets that utilize the mobile app in their building management system. The news release says the mobile app has helped 277 Park Ave., reduce annual operating costs by $700,000 and 110 William Street by $250,000 causing an increase in asset value and net operating income.

“We’ve already achieved significant financial benefit … through Cortex Intel’s platform, reducing annual operating costs… which translates into a property valuation increase of about $5 million,” says Nicholas Bienstock, co-managing partner at real estate investment management company Savanna.

Scott Alper, president and chief investment officer at Witkoff Group that owns Woolworth Building, claims the mobile app has brought immediate results. Because they are able to make better “small, individual decisions” in managing their office building, their annual operation cost has been reduced by over $100,000.

The mobile app works by connecting directly to a building’s management system. It collects data in real time and then condenses it into charts, visualizations and recommendations that can be accessed by building engineers from their mobile devices. With better information provided by Intel Core’s platform, they can make better operational decisions, Cortex Intel says in its announcement.