Upcoming Local Law 97 (LL97) Compliance Requires Planning Now
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If you’re thinking of buying a building larger than 25,000 square feet, don’t forget to plan for Local Law 97 (LL 97) compliance. Carbon emission limits go into effect in 2024, with the goal of reducing greenhouse gas emissions by 80% by 2050.
LL 97 affects approximately 50,000 buildings citywide, many of which will require extensive retrofits to meet GHG emission limits. The legislation calls for a 40% reduction in citywide GHG emissions compared to a 2005 baseline.
For many building owners, meeting the city’s aggressive emission targets will likely require a two-pronged approach: reducing the property’s energy consumption and transitioning to cleaner energy sources.
If you’re considering buying a property that’s subject to Local Law 97 (LL 97) requirements, you’ll want to make sure you have the right team to advise you on your compliance strategy. Cornerstone can assist with finding the right partners early in the process to help inform your ultimate purchasing decision.
If you have any questions about any part of the buying and selling process, or if you would like to discuss an upcoming or prospective transaction, please contact us.
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