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🏙️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