Environmental Issues in Business and Real Estate 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…
NYC Department of Buildings Releases Proposed Local Law 97 Regulations
On October 6, 2022, the New York City Department of Buildings (DOB) issued proposed regulations to implement Local Law 97 of 2019 (LL97). LL97 requires most large buildings in NYC to meet increasingly stringent greenhouse gas (GHG) emissions limits starting in 2024. The proposed regulations include three key components and numerous other clarifications to the…
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 with…
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 compliance…
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…
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…
