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Local Law Number 97 of 2019 (as amended by Local Law Number 147 of 2019, “Local Law 97”) was enacted by the City of New York to amend the New York City Charter and Administrative Code to achieve reductions in greenhouse gas emissions by 2050 (See, §28-320 and §28-321 of the Administrative Code). The specific goal of Local 97 is to reduce city-wide carbon emissions by forty percent (40%) by 2030 and a total of eighty percent (80%) by 2050. This is accomplished by requiring buildings to retrofit their systems with more energy efficient systems or purchase certain permitted carbon offsets.
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‘Best Efforts’ Clauses In Commercial Leases
By Gary M. Rosenberg, Alexander Lycoyannis and Michael A. Pensabene
Undefined terms of art such as “best efforts” are often utilized in commercial leases, but the interpretation of those terms and the enforceability of the clause, when left to the courts, will turn on how the lease is drafted.
How to Strike a Deal In a Stagnant Net Lease Market
By Chad Kurz
Transactions have slowed in just about every category for commercial real estate and net lease is no exception. The reasons are myriad for that but let’s boil them down.
Can ChatGPT Take the Place of Real Estate Lawyers?
By Tony Alfonso
While we marvel at the myriad applications of ChatGPT, it’s important to note that this newly introduced tool has nuances which can create problems if misunderstood — especially when attempting to produce legal documents or legal advice in real estate transactions.
The Impact of Fed Rate Hikes on CRE Financing
By Erik Sherman
When experiencing pain, the natural human response is to ask when it might stop. That is what commercial real estate, among other industries, have been doing. When will inflation end and the Federal Reserve stop hiking rates?
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