Emerging Issues
New Model High-Performance Lease Helps Unlock NYC’s Ambitious Climate Goals
In August 2021, the Institute for Market Transformation, with pro bono assistance from SPR, released a model high-performance lease that will provide critical assistance for commercial building owners and tenants seeking to advance building decarbonization and comply with NYC Local Law 97. A “high-performance lease” is a commercial lease that contains provisions that mandate…
NYC Department of Buildings Issues New Guidance on Local Law 97 Adjustment Applications
On Friday April 9, the New York City Department of Buildings (DOB) issued its first Local Law 97 Adjustments Application Filing Guide. DOB began accepting adjustment applications on April 12, 2021 via its DOB NOW: Safety website. Local Law 97 of 2019 (LL97) requires most New York City buildings over 25,000 square feet to meet…
New York City Council Passes Major Amendment to Local Law 97 Affordable Housing Provisions
On October 29, 2020, the New York City Council passed Int. No 1947-A—a bill that significantly amends the affordable housing provisions of Local Law 97 of 2019 to require more buildings to meet greenhouse gas emissions caps. Local Law 97 and the technical amendments in Local Law 147 of 2019 require most new and existing…
NYC Issues Proposed Property Assessed Clean Energy (PACE) Loan Regulations
In late October 2020, the New York City Department of Finance issued proposed regulations to implement a Property Assessed Clean Energy (“PACE”) loan program in NYC to provide targeted loans with favorable terms to building owners for installation of systems designed to reduce energy use and carbon emissions. The deadline to submit comments on the…
NYC Buildings Receive Their First Energy Efficiency Grades
On October 1, 2020, buildings over 25,000 square feet in New York City received their first energy efficiency grades from the City Department of Buildings (“DOB”). Buildings must post the grade “in a conspicuous location near each public entrance to such building” by October 30, 2020. Failure to do so will result in a fine…
New York City Council Considers Amendment to Local Law 97 Affordable Housing Provisions
On May 28, 2020, New York City Councilmember Costa Constantinides, among others, introduced a bill—Int. No 1947—to significantly amend the affordable housing provisions of Local Law 97 of 2019. Local Law 97 and the technical amendments in Local Law 147 of 2019 require most new and existing buildings in New York City over 25,000 gross…