Stroock Real Estate Practice Group Special Bulletin
“NYC’s Green Building Law: A Comprehensive Mandate for Energy Efficiency and Emissions Reduction from Existing Buildings”
New York City's green building legislative package (the "Legislation"), touted to be the "most significant action to date to meet the City's PlaNYC commitment of 30% emissions reductions by 2030," should be of great interest to all buildings owners and managers in the City. The Legislation, which consists of four separate bills and is designed to reduce energy costs and carbon emissions from existing buildings and to create new jobs in New York City, requires compliance with the New York City Energy Conservation Code ("Energy Code") for new construction and significant renovations; energy audits and retro-commissioning of Covered Buildings (defined below) once every ten years; benchmarking standards for certain Covered Buildings and certain City-owned buildings; and lighting system upgrades in Covered Buildings to meet the requirements of the Energy Code.
In addition, New York City has adopted the FRESH zoning incentive program to provide certain zoning and financial incentives for the establishment and upgrade of new and/or existing grocery stores in underserved areas.
This Stroock Real Estate Practice Group Special Bulletin provides a brief overview of the Legislation and the FRESH program and their potential implications to building owners and managers in New York City.