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⚖️ Major Amendments to Local Law 97 for Co-ops and Condos🗽 A new bill led by Councilwoman Linda Lee aims to provide significant relief by reducing fines associated with Local Law97, which mandates large buildings to cut greenhouse gas emissions. 📜 Bill Adjustments: The proposal allows co-op and condo buildings to include gardens and green spaces in their emissions calculations, effectively increasing permissible emission limits and reducing retrofit costs. 💸 Financial Relief: Buildings with an average unit value below $65,000 could see exemptions or significant reductions in fines from 2030 to 2045. 🌿 Practical Revisions: The Department of Buildings may adjust emission limits for buildings that have made eco-friendly upgrades, such as installing solar panels or switching from oil to gas. 🧑⚖️With backing from 24 council members and the Real Estate Board of New York, this bill is gaining traction. However, it faces opposition from environmental advocates concerned about weakening the city's climate efforts. Council members are pushing for a vote by year-end to balance environmental goals with the financial realities faced by building owners. 🌱🏙️ #LL97 #locallaw97 #Landlords #PropertyManagement #nyc #NYCRealEstate #RealEstateDevelopment Gotham Building

New York City’s Local Law 97 is a landmark local law, recognized across the state and country as an ambitious example of a local building decarbonization law. Local Law 97 limits greenhouse gas emissions from certain large buildings and imposes strict penalties for non-compliance. As we noted in previous alerts, a co-op of multifamily and commercial building owners challenged the law on various grounds, including: (1) that the law is preempted by the New York State Climate Leadership and Community Protection Act (“CLCPA”); (2) the penalties for violating the law are an invalid use or occupancy tax; and (3) that the law deprives Plaintiffs of their due process rights because the civil penalties are excessive, the law would be retroactively applied, and the law is too vague and ambiguous to be enforced. Click here to read the full alert: https://bit.ly/4cDMlXZ #CLCPA #GHGEMissions #CarbonNeutral #BuildingDecarbonization #Decarbonization #LocalLaw97 #RealEstate #CarbonFootprint #Climate #Sustainability

🌍🏢 Challenges Faced by Co-op and Condo Owners in NYC's Climate Law 🌱💰 New York City's landmark climate law is posing financial burdens on co-op and condo owners, requiring them to fund costly environmentally friendly upgrades. As a result, there is a growing push to soften restrictions on building emissions. A proposed bill in the City Council aims to ease penalties for non-compliant buildings, sparking debates among environmental advocates and property owners. Read more about the complexities and implications of this issue in my latest article. #ClimateLaw #Sustainability #NYC

Local Law 97 is here, and co-ops and condos have a lot to know to stay compliant. 🏢⚖️ The Department of Buildings released a comprehensive 98-page "Article 320 Info Guide" to help buildings understand their obligations and options under the new law: ✔ Compliance pathways, including how to challenge "covered building" status ✔Reporting deadlines, extension requests, and steep monthly penalties for late filings ✔Details on emissions caps that get more stringent in 2030 and beyond ✔As the enforcement arm of NYC's Climate Mobilization Act, Local Law 97 is a critical piece of the city's plan to slash building emissions, which account for 2/3 of its carbon footprint. Buildings that act now to understand the law and start planning for compliance can avoid costly penalties down the road.

As climate change intensifies, New York City is driving action to reduce carbon emissions with Local Law 97 (#LL97). 𝐃𝐨 𝐲𝐨𝐮 𝐤𝐧𝐨𝐰 𝐡𝐨𝐰 𝐋𝐋97 𝐰𝐢𝐥𝐥 𝐢𝐦𝐩𝐚𝐜𝐭 𝐲𝐨𝐮𝐫 𝐚𝐬𝐬𝐞𝐭’𝐬 𝐫𝐢𝐬𝐤 𝐞𝐱𝐩𝐨𝐬𝐮𝐫𝐞 𝐨𝐫 𝐯𝐚𝐥𝐮𝐚𝐭𝐢𝐨𝐧? 🌱 Climate change is increasingly driving local regulation. LL97 aims to reduce greenhouse gas emissions from NYC’s largest buildings by 40% by 2030 and 80% by 2050. Similar regulations have been implemented in cities like Boston, DC, and Seattle. 🔍 Increasing regulations are changing the trajectory of risk and asset value. LL97 affects most buildings over 25,000 square feet, requiring them to meet new energy efficiency and emissions standards. Compliance deadlines start this year, with hefty fines for non-compliance. 📅 Actions this year will impact fines beginning in 2025. For each ton of CO2e emitted above the limit, building owners face a fine of $268. Implementing strategies this year is essential to mitigate risk exposure and avoid penalties beginning in less than one year. For building owners and real estate investors in NYC, understanding and complying with LL97 is not just a legal obligation but critical for driving long term asset value. Check out our latest insights on LL97 for more info on timelines, compliance strategies, and financial incentives: https://ow.ly/cwCk50Sx8jG #LocalLaw97 #Sustainability #RealEstate

FYI: Potential important update to Local Law 97. See link to Forchelli Law below. Key provisions of the amendment include: Inclusion of Green Spaces: Counting open and green spaces in emissions calculations. Penalty Reductions: Offering reduced penalties for buildings with lower average assessed values. Emissions Limit Adjustments: Allowing adjustments for buildings that have implemented emissions-reducing technologies such as solar panels, submetering, and oil to gas conversions. The proposed amendment is intended to bring significant relief to condos and co-ops struggling under the weight of LL97’s requirements. By including green spaces in emissions calculations, many buildings will see a reduction in their reported emissions, bringing them closer to compliance without the need for immediate, more extensive and expensive upgrades. The provision for penalty reductions offers financial relief to lower-valued properties, ensuring that these communities are not disproportionately burdened by fines. #nyc #nycrealestate #locallaw97 #nyccoop #nyccondo #sustainability The Corcoran Group #forchellilaw #luxury https://lnkd.in/ehBE53nE

🌍 Introduction to Local Law 97 (LL97): NYC's Ambitious Carbon Reduction Law 🏙️ New York City is taking bold steps to combat climate change with Local Law 97 (LL97), one of the most ambitious carbon reduction regulations in the United States. Here’s what you need to know: 🌱 What is LL97? LL97 is part of NYC’s Climate Mobilization Act, which targets the city’s largest source of greenhouse gas emissions—buildings. Under this law, buildings over 25,000 square feet must significantly reduce their carbon emissions to meet strict limits, starting in 2024 and intensifying by 2030 and 2050. 🎯 Key Goals of LL97: -40% carbon emissions reduction by 2030 (compared to 2005 levels) -80% carbon emissions reduction by 2050 This law affects thousands of buildings, including residential, commercial, and industrial properties. 💼 What Does This Mean for Building Owners? -Property owners are required to track and report their emissions, and make energy efficiency upgrades to meet the prescribed carbon limits. -Non-compliance will result in substantial financial penalties, making it crucial to act early. 🌍 Why LL97 Matters: With nearly 70% of NYC’s greenhouse gas emissions coming from buildings, LL97 is a critical step toward achieving the city’s carbon neutrality goal by 2050. It’s not just a regulatory hurdle—it’s an opportunity for property owners to improve energy efficiency, reduce costs, and contribute to a more sustainable future. Stay tuned as we dive deeper into the specifics of LL97 and how it impacts property owners, managers, and the entire NYC community. #LocalLaw97 #CarbonReduction #NYC #ClimateAction #Sustainability #EnergyEfficiency #BuildingManagement #ClimateMobilizationAct #Genergy

Great strides are being made to ease the impact of Local Law 97 on middle-class co-ops and condos in New York City. A bill supported by 25 NYC Council members aims to soften the sting of the climate law, potentially providing relief to struggling owners. The proposed changes, including counting green spaces in emissions calculations and introducing exemptions and reduced fines, could make compliance more manageable. Stay updated on the latest developments and their implications for building sustainability. #ClimateAction #NYC #Sustainability

As a coop or condo owner in NYC, are you aware of the potential financial impact Local Law 97 could have on you? In case you missed it, Local Law 97 is part of the Climate Mobilization Act, which aims to reduce greenhouse gas emissions from buildings, the city's largest source of such pollution. Under this law, buildings over 25,000 square feet will be required to meet new energy efficiency and greenhouse gas emission limits by 2024, or face significant fines. 𝗔𝘀 𝗮 𝗰𝗼𝗼𝗽 𝗼𝗿 𝗰𝗼𝗻𝗱𝗼 𝗼𝘄𝗻𝗲𝗿, 𝘁𝗵𝗲 𝗳𝗶𝗻𝗲𝘀 𝘄𝗶𝗹𝗹 𝗱𝗶𝗿𝗲𝗰𝘁𝗹𝘆 𝗶𝗺𝗽𝗮𝗰𝘁 𝘆𝗼𝘂! 𝗦𝗼 𝗸𝗻𝗼𝘄𝗶𝗻𝗴 𝘄𝗵𝗮𝘁 𝘁𝗼 𝗮𝘀𝗸 𝘆𝗼𝘂𝗿 𝗯𝗼𝗮𝗿𝗱 𝗶𝘀 𝗶𝗺𝗽𝗼𝗿𝘁𝗮𝗻𝘁. Sound on! 𝗗𝗼𝗻'𝘁 𝘄𝗮𝗶𝘁 𝘂𝗻𝘁𝗶𝗹 𝗶𝘁'𝘀 𝘆𝗼𝘂 𝗴𝗲𝘁 𝘁𝗵𝗲 𝗺𝗲𝗺𝗼 𝘀𝗮𝘆𝗶𝗻𝗴 𝗵𝗼𝘄 𝗺𝘂𝗰𝗵 𝗶𝘁'𝘀 𝗴𝗼𝗶𝗻𝗴 𝘁𝗼 𝗰𝗼𝘀𝘁 𝘆𝗼𝘂! And for a simple explanation on the law, download our LL97 toolkit. Link in comment. Don't forget to give this a like to spread the word! #Sustainability #PropertyManagement #NYCRealEstate

Happy #ClimateWeek! As we start the week, it is crucial to be aware of NYC’s ambitious emission-reducing building law, Local Law 97. Under Article 320, non rent regulated buildings over 25,000 SF must meet certain emission limits by Jan 1, 2025. Read the filing guide here: https://shorturl.at/zmr0u