Local Law 97 (LL97) requires NYC buildings to reduce carbon emissions. Building Information Modeling can assist in planning energy-efficient solutions.
It’s time to make a Local Law 97 decision. The deadlines are closing in, the professionals who will help you are getting booked up, and the time frame to raise money is shortening.
The Climate Mobilization Act divides building boards into three categories: unaware, struggling to fund retrofits, and preferring fines. A new bill proposes tax abatements for emission reductions, aiming to alleviate financial burden.
Governing documents of co-ops and condos should be updated periodically for smoother operations. Consider e-friendly communication, clear language, staggered board elections, mediation, fees, indemnity, smoke-free policies, repair responsibility, and community involvement.
Succession issues in co-ops regarding the inheritance of apartments upon a shareholder's death are prompting boards to update proprietary leases to include domestic partners and adult children, but considerations such as financial impact and occupancy rights must be carefully weighed.
A co-op's failure to secure a signed assumption agreement for apartment alterations led to a $2.5 million repair bill, highlighting the importance of ensuring buyers take responsibility for previous modifications through signed documents.
Co-ops and condos are considering electrification to meet carbon-emission deadlines, but high costs and concerns about electricity supply are slowing conversion projects. However, incentives and funding programs are available, and as electrification technologies become more common, costs are expected to decrease. Experts advise to start with energy efficiency improvements and gradually transition to electrification.
Three tips to lower insurance costs.
Redesigning a dysfunctional doorman station.