Real Estate
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’s Natural Gas Ban Intends to Speed Up Building Electrification
In the waning days of its 2021 legislative session, the New York City Council passed a new law limiting the use of carbon intensive fuels in future building construction. Passed by the City Council on December 15 and signed by outgoing Mayor Bill De Blasio on December 22, Local Law 154 seeks to address 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…
City Issues New Local Law 97 Affordable Housing Guidance
New York City issued new guidance on compliance with Local Law 97 of 2019 (Local Law 97), as amended, for affordable housing and extended the compliance deadline for some types of rent regulated buildings. Local Law 97 requires most buildings over 25,000 square feet to meet progressively stringent greenhouse gas emissions (GHG) limits or to…
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…
