Not just Trump Tower: These NYC buildings would get absolutely hammered by Green New Deal fines

Almost 20% of all New York City buildings would be fined in 2024, according to a recent analysis

TRD New York /
May.May 20, 2019 11:00 AM
Mayor Bill de Blasio at a Green New Deal rally at Trump Tower (Credit: Getty Images)

Mayor Bill de Blasio at a Green New Deal rally at Trump Tower (Credit: Getty Images)

Several properties that would likely face fines under the city’s “Green New Deal” are older apartment buildings throughout the city.

The legislation imposes penalties of $268 for each ton of carbon above the greenhouse-gas emissions cap for privately owned buildings. Mayor Bill de Blasio, on the eve of his presidential run, recently went to Trump Tower to warn President Trump that he would have to pay fines if his buildings don’t lower their carbon emissions and released a list of eight Trump buildings in Manhattan that would face penalties if they don’t make improvements. He announced his campaign for the presidency soon after.

Trump Tower at 725 5th Avenue (Credit: Wikipedia)

Trump Tower at 725 5th Avenue (Credit: Wikipedia)

An analysis by the Wall Street Journal found that almost 20 percent of all buildings throughout New York City would face a penalty in 2024, while 80 percent would face one in 2030 based on their current patterns of energy use. Manhattan properties made up 46 percent of the buildings.

The legislation would also impact several Queens co-ops. The Council of New York Cooperatives & Condominiums has identified 10 co-ops with 2,600 apartments that would be fined a total of $1.36 million in 2024 if they do not make improvements to their energy profiles.

Walter Hartnett, vice president at engineering and consulting firm Thornton Thomasetti told The Real Deal earlier this month that owners of older residential complexes will be in a pickle.

“It’s very difficult to enhance those types of assets without a meaningful capital improvement, essentially a reclad or an overclad,” he said. “And at that point there’s large costs.”

“It’s one thing to create a tax to incentivize compliance, but it’s a different thing to create something that… effectively would bankrupt what would be a relatively small co-op,” said Time Equities’ Francis Greenburger. [WSJ] – Eddie Small


Related Articles

arrow_forward_ios
Sheldon Adelson and the Venetian (Getty, The Venetian Resort® Las Vegas)

Sheldon Adelson is leaving Las Vegas (maybe)

Sheldon Adelson is leaving Las Vegas (maybe)
Columbia Property Trust CEO Nelson Mills and 245-249 West 17th Street (Photos via Columbia Property Trust; StreetEasy)

Columbia Property Trust collects 98% of its rent in Q3

Columbia Property Trust collects 98% of its rent in Q3
The Factory building at 30-30 47th Avenue with Square Mile Capital’s Craig Solomon and Invesco CEO Marty Flanagan (Photos via The Factory; Square Mile; Invesco)

Here’s what tenants are paying at the Factory in Long Island City

Here’s what tenants are paying at the Factory in Long Island City
Bob Sulentic (Getty, iStock)

CBRE income falls nearly 10%

CBRE income falls nearly 10%
From left: Paramount CEO Albert Behler, 1301 6th Avenue, 712 5th Avenue, 31 West 52nd Street (Getty; Google Maps)

Paramount Group back at work, but tenants waiting until 2021

Paramount Group back at work, but tenants waiting until 2021
Tony Malkin (Getty, iStock)

Empire State Realty Trust reports second consecutive quarterly loss

Empire State Realty Trust reports second consecutive quarterly loss
Michael Shvo and the Transamerica Building in San Francisco and  (Unsplash)

Shvo, Deutsche Finance close on Transamerica Pyramid for $650M

Shvo, Deutsche Finance close on Transamerica Pyramid for $650M
Amazon CEO Jeff Bezos with (top to bottom) 5 Warehouse Lane in Elmsford in Westchester County, 2300 Linden Boulevard in Brooklyn and 1502 Bassett Avenue in the Bronx (Getty; Google Maps)

Amazon inks three warehouse deals for delivery stations

Amazon inks three warehouse deals for delivery stations
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...