Deadline Approaches for NYC Building Owners: Compliance is Key

Critical Compliance Deadlines for NYC Building Owners

As the deadline for Local Law 97 (LL97) and Local Law 88 (LL88) approaches, building owners across New York City are facing an urgent call to action. With only a short time remaining, The Cotocon Group urges owners to take immediate steps, or they risk facing significant fines.

The Importance of Local Laws 97 and 88

Local Law 97 mandates that buildings over 25,000 square feet are required to report their greenhouse gas emissions and stay compliant with strict carbon emission limits. Failure to meet these thresholds can lead to fines that might reach millions of dollars annually. On the other hand, Local Law 88 requires extensive upgrades, including lighting improvements and sub-metering installations for buildings of the same size. Missing any critical filings or not completing the required work could also lead owners to serious enforcement actions.

Fines and Consequences of Non-Compliance

Every day that goes by without compliance adds more risk. The City of New York is vigilant and ready to impose penalties as soon as the deadline passes. Jimmy Carchietta, Founder and CEO of The Cotocon Group, notes that many owners underestimate the urgency. 'Last-minute inquiries are flooding in from owners realizing they have underestimated the time needed for compliance,' he shares. The emphasis here is on proactive measures rather than reactive ones; waiting could prove to be an untenable gamble.

Cotocon's Expertise in Compliance

The Cotocon Group has established itself as a reliable partner for NYC building owners for over 15 years. Their extensive range of services includes everything from emissions analysis to detailed compliance reporting. They handle a variety of different legal requirements:

• LL97 emissions analysis, reporting and filing
• LL88 lighting and sub-metering analysis, reporting and filing
• LL84/133 Energy and Water Benchmarking analysis, reporting and filing
• LL87 Energy audits and retro-commissioning analysis, reporting and filing
• LL97 A320 penalty mitigation and resolution pathways

A Tech-Driven Compliance Solution

Recognizing the challenges faced by building owners, The Cotocon Group has evolved into a technology-driven company. The introduction of The Carbon Shield—a compliance intelligence platform—has changed the game. This innovative solution gives building owners real-time visibility into their potential fines, compliance progress, and even tracks violations. With such transparency, owners can monitor their standing well in advance of any city assessments.

Act Now to Avoid Fines

For building owners who haven't yet established a relationship with a compliance partner, this week represents the last opportunity to act. With thousands of reports already filed, the reality is that Carchietta warns the risk of fines is imminent after the approaching deadline. 'We've already helped numerous owners navigate these codes effectively, but time is running out,' states Carchietta. The Cotocon Group strongly encourages building owners to act promptly to protect themselves from significant financial implications and potential damage to their reputations as regulators become increasingly stringent.

Frequently Asked Questions

What are Local Laws 97 and 88?

Local Laws 97 and 88 are New York City regulations aimed at reducing greenhouse gas emissions and improving building energy efficiency through necessary upgrades.

How can building owners ensure compliance?

By consulting with experts such as The Cotocon Group, building owners can receive tailored guidance and assistance in completing required filings and upgrades.

What are the potential penalties for non-compliance?

Building owners risk facing substantial fines, which can accumulate to millions of dollars if greenhouse gas emissions exceed allowed limits as set by LL97.

What role does the Carbon Shield play?

The Carbon Shield platform offers owners real-time insights into their compliance status, helping them track emissions and any impending violations seamlessly.

When is the deadline for compliance?

The next critical deadline for compliance with Local Laws 97 and 88 is imminent, underscoring the urgent need for building owners to act now to avoid fines.

About The Author

Greetings, I'm 32-year-old author and financial specialist Evelyn Baker. My introduction into the financial industry started with an economics degree and continued with a wealth of experience in wealth management and financial consulting. My great passion over the years has been assisting people and companies in making wise, well-informed decisions to reach their financial objectives.

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