Last Updated:
April 30, 2024

Posts tagged "NYC Local Law 97"
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Local Law 97: A Green New Future for NYC Office Buildings

As remote and hybrid work models are becoming more and more popular, many of New York City’s skyscrapers are half-empty. A return to the office is underway, but many companies allow staff to work remotely indefinitely. Meanwhile, landlords are struggling to fill vacant spaces and retain existing tenants by offering never-before-seen concessions.  Rethinking the NYC skyline In light of these new developments, many have begun to question the role of trophy office buildings and towering skyscrapers. NYC’s skyline is instantly recognizable and a symbol of Manhattan’s position as one of the busiest business districts in the world. But as remote work gains traction, a business address on a prestigious Manhattan street isn’t as appealing anymore. Some experts are urging that vacant office buildings be converted to affordable housing or even hotels. Others are urging city officials and building owners to prioritize sustainability and make their buildings more energy-efficient as a means of enticing tenants and, of course, protecting the environment.  With its glistening, sky-piercing skyscrapers, that same iconic NYC skyline is causing some severe damage to the environment and, consequently, to people’s health. According to Green Biz, New York State consumes more fossil fuels in its residential and commercial real estate spaces than any other […] read more
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What is NYC Local Law 97?

Local Law 97 is a key piece of legislation that was passed as part of NYC’s Climate Mobilization Act. LL97 establishes and enforces stringent carbon emission limits for existing buildings, which account for roughly 70% of the total GHG emissions in NYC. To reach the city-wide goal of reducing total carbon emissions by 80% by 2050, buildings will need to meet specific emissions targets defined by their use type. Owners that do not meet their targets will incur potentially substantial fines beginning in 2025. To meet these targets, consider the following:   Step 1: Analyze Ballpark Estimates Could Leave You with Peanuts Faulty benchmarking data or low-quality energy audits are leaving building owners with incomplete or inaccurate data to measure building performance. An unknown margin of error could leave you with hefty fines. Start your Local Law 97 compliance now by verifying energy-use data points and information. Step 2: Plan Don’t Go Shopping on Christmas Eve If you wait until the last minute, you will end up paying more for a less than optimal solution. Invest in improvements that will maximize your ROI. Create a capital plan that leverages a mix of lower-cost, practical improvements with longer-term, future-proof building system upgrades – […] read more
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