Local Law 97: For a Greener NYC

Did you know that buildings account for approximately two-thirds of greenhouse gas emissions in New York City? The recently enacted Local Law 97's ambitious goal is to make New York City carbon neutral by 2050.

Most buildings over 25,000 square feet are required to meet new energy efficiency and greenhouse gas emissions limits as of 2024, with stricter limits coming into effect in 2030. The goal is to reduce the emissions produced by the city’s largest buildings 40 percent by 2030 and 80 percent by 2050. Buildings that don't meet these limits will face significant fines.

A good sign that a building is well-run is when it's proactive. We know of buildings that have been taking steps to ensure they're compliant before the deadlines (2 5th Avenue is one great example). Not only will these buildings avoid hefty fines, they've got an early start on improving the environment. It's a win/win, and something we think more potential buyers will be looking at.