Due Diligence & Corporate Transactions
EPA Phases Out ASTM E1527-13 Standard for “All Appropriate Inquiries” Rule
The U.S. Environmental Protection Agency issued a final rule on December 15, 2022, allowing for the use of ASTM International’s E1527-21 standard for Phase I Environmental Site Assessments (ESAs) to satisfy the requirements of the All Appropriate Inquiries Rule (AAI Rule). The final rule will go into effect on February 13, 2023. The notice accompanying…
Developments in Regulation of PFAS
Per- and poly-fluoroalkyl substances (PFAS) continue to emerge, so to speak, as a focus of regulatory attention on many levels: health, environmental remediation, and manufacturing. Below, we discuss some of the more recent developments affecting this ubiquitous class of chemicals. Nicknamed “forever chemicals,” PFAS are a family of chemical compounds with a wide range…
ASTM Publishes New Phase I Environmental Site Assessment Standard
In November 2021, ASTM International published the new Phase I environmental site assessment standard, denominated E1527-21, to replace to prior E1527-13 standard that has been in use for the past eight years. The new standard provides clarity and guidance on the best practices for preparing Phase I reports, which identify environmental conditions on properties…
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…
Environmental Issues in Bankruptcy Sales
The economic distress ensuing from COVID-19 will likely result in more frequent sales of business assets and real estate under Section 363 of the Bankruptcy Code. Section 363 sales provide an expedited process to raise revenue and are designed to enable an asset purchaser to take assets “free and clear of any interest.” However, the…