Gotham Building reposted this
President @ Gotham Building | Project Management, LEED GA | 646-450-1305 | straub@gothambuilding.com
🏙️Navigating Local Law 97: The Upside of Office-to-Residential Conversions for NYC Building Owners 🍃 Arup's recent study sheds light on a strategic advantage for New York City building owners in the face of Local Law 97: converting office buildings into residential units. This move not only addresses the city's residential market demand but also offers a pathway to meet stringent environmental regulations. Key Benefits for Building Owners: 🌿Converting office spaces to residential use can significantly reduce carbon emissions, aligning with Local Law 97's mandate for reduced greenhouse gas emissions from buildings. 📉 This transformation could lead to a 54% decrease in carbon emissions by 2050, helping building owners avoid hefty fines associated with non-compliance. 💰 Beyond compliance, these conversions offer an economic incentive by repurposing vacant or underutilized office spaces into profitable residential properties. Why It Matters: With Local Law 97's implementation, building owners are tasked with either making expensive upgrades to cut emissions or facing fines. Office-to-residential conversions emerge as a practical solution, providing a lucrative opportunity to enhance property value while contributing to the city's environmental goals 🏡🔋. Follow link to view full report: https://lnkd.in/ecivn5QX #nycrealestate #nycconstruction #conversations Arup #ll97 Gotham Building
You are a wealth of knowledge, Stephen Straub. Your posts are always informative...
It's going to be interesting to see what happens here. Regardless, it seems NYC is always under construction!
The market will continue to evolve!
That's a big decrease in emissions!
Fascinating, as usual, Stephen!
We learned in the pandemic that office space is not always the best way to work. Seems logical that the transformation to residential space is underway.
Owner@ Veets Networking | Business Networking for Entrepreneurs, Small Business Owners, and Professionals
8moSounds like a win-win, thanks for sharing and keeping us in the know