Due Diligence & Corporate Transactions

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…

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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…

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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…

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Emerging Contaminants Update:  New Federal Report Highlights PFAS Risks as New York State Court Certifies Class Action for PFAS Groundwater Contamination

By Jonathan Kalmuss-Katz For decades, per- and polyfluoroalkyl substances (“PFAS”) have been widely used in industrial processes and consumer products, including non-stick cookware, strain resistant fabrics, and firefighting foams.  PFAS have emerged as a focus of regulatory concern only in recent years, however, as new studies have detected PFAS in groundwater and drinking water supplies…

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Empire State Development Sells Former Arthur Kill Correctional Facility for Redevelopment as Film Studio

On August 7, 2017, Empire State Development (ESD) consummated the sale of State-owned surplus property on Staten Island formerly housing the Arthur Kill Correctional Facility to Broadway Stages, an owner and operator of film and television studios.  SPR principal Elizabeth Knauer advised ESD with respect to the environmental review of the project pursuant to the…

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