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Developers and building owners, tenants and lenders operating or underwriting loans in New York City, and perhaps beyond, should consider the impact of the city’s newly enacted Climate Mobilization Act (CMA or the Act).
TAKEAWAYS
The Climate Mobilization Act constitutes a profound shift in the regulation of commercial real estate in New York City and all stakeholders including building owners, investors, sellers and purchasers, tenants, and lenders will need to consider how to quantify and allocate the costs of compliance (or non-compliance).
C-PACE (commercial property assessed clean energy) financing will likely become an increasing feature of the landscape of New York City real estate transactions.