NEW YORK--(BUSINESS WIRE)--Duval & Stachenfeld LLP – The Pure Play in Real Estate Law® – announces the formation of its New York City Climate Mobilization Task Force. The Task Force will address all client needs with respect to the newly adopted Climate Mobilization Act in New York City including the statute enabling PACE (Property Assessed Clean Energy) financing, which was enacted as part of the Climate Mobilization Act. The City included PACE so that it would assist in paying for the costs of compliance. PACE provides a way for owners to finance up to 100% of the cost of the improvement that will be needed to meet the requisite carbon reduction targets.
The new law requires a 40% reduction of greenhouse gases from (most) medium to large sized privately owned buildings in New York City by 2030 and an 80% reduction by 2050. Additionally, the Act requires that compliance be in place starting in 2024.
The Duval & Stachenfeld NYC Climate Mobilization Task Force will: (i) assist clients with compliance with the Act; (ii) assist clients in assessing rights and obligations for costs of compliance in respect of new and pre-existing agreements (including, for example, leases, joint ventures, loan transactions, construction, development and property management agreements); and (iii) represent borrowers and lenders in PACE financings.
Duval & Stachenfeld Chairman, Bruce Stachenfeld, said: “The Climate Mobilization Act is going to have a major effect on nearly every building owner in our hometown of New York City. The assistance our clients will need will span many practices, including: Real Estate, Real Estate Finance, Leasing, Development, Land Use, NYC Real Estate Tax & Incentives, PACE Finance, and Tax Exempt Organizations. Fortunately, we have all of these practices within our Real Estate Pure Play. Clients have already been calling us for advice on the Act and we have assembled a 20-attorney team to advise our clients on all aspects of compliance with the Act as well as the PACE financing component.”
Real Estate Finance Practice Chair, Tom O’Connor, who has been leading the Firm’s cutting-edge PACE Finance Practice, added: “We have been handling PACE financings for over a year. After seeing this niche product develop over the past few years, I believe a lender – or borrower – that is not open to PACE finance is putting itself at a real competitive disadvantage in New York City.”
Duval & Stachenfeld (the “Firm”) is known for regularly handling the most complex and sophisticated real estate transactional work throughout the United States and globally as well. With approximately 45 full-time real estate attorneys, the Duval & Stachenfeld Real Estate Practice Group has one of the largest real estate law practices in New York City. The Firm distinguishes itself with its pure play focus on real estate law. For more information, please visit www.dsllp.com.
