Duval & Stachenfeld LLP Announces Formation of New York City Climate Mobilization/PACE Task Force

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.

Contacts

Kristen McMaster, Director of Marketing
Duval & Stachenfeld LLP
Ph:
(212) 672-3786
kmcmaster@dsllp.com