need Phase I Environmental Site Assessment want ASTM never sleeps Why Due Diligence Matters in New York

• Adherence to E-Designation Measures: The New York City Office of Environmental Remediation (OER) has recently placed restrictive environmental reviews on property being built or re-zoned on historically industrial use only parcels throughout the state. Placement of an e-designation on your property can mean hazardous materials contamination, high ambient noise levels, or air emission concerns. Engaging a professional consultant can help in understanding exactly what applies to your property and the implications that it can have when contemplating any renovations or making changes in property use as well as finding the most cost effective route to compliance.

• Compliance with New York Health and Safety Regulation: Understanding the property's historical and/or intended usage is critical information obtained during due diligence which will pay off in dividends to the investor. Knowing the history of a given asset can safeguard the property owner from inadvertently breaking Environmental Protection laws. After September 11th, 2001, the New York City Department of Environmental Protection (NYCDEP) created the Community Right-to-Know law. This law requires that all businesses in the five boroughs handling or storing hazardous materials annually file a Tier II to the Department of Environmental Protection (DEP). Noncompliance with this law can result in hefty fines. Some due diligence firms may offer right-to-know inventory and auditing services and management.

• Paperwork is filed correctly the first time: There are countless regulatory authorities in New York City that govern or play a role in commercial real estate transactions and development in one way or another. It can get confusing trying to figure out who to engage and when. Having the right due diligence consultant to guide you through the regulatory process can help you achieve compliance much more efficiently. As an example, when environmental contamination is encountered at a site, an experienced consultant will consider all applicable regulations and the needs of parties involved to advise whether to engage the NYCDEP (city-level) or the NYDEC (state-level).

• The right professionals are hired: New York State Law dictates that, "Only a person licensed or otherwise authorized under this article shall practice engineering/land surveying or use the title 'professional engineer/land surveyor'". Unauthorized practice is considered a class E felony, leaving the offending party open to probation of up to 4 years and your investment compromised.

• Your Part of the Solution: Enacted in 2007, PlaNYC, the City's groundbreaking effort to address long term challenges (including climate change), has led to a six-part energy efficiently legislation requiring all new construction and retrofitting's comply with the city's energy code. These codes are long and arduous, but a compliance assessment can be included as part of your due diligence process. Should you learn that the asset is non-compliant, a skilled consultant can recommend and implement the required energy efficiency measures and help navigate the endless incentives available to offset the cost to achieve improved energy efficiency.

need Phase I Environmental Site Assessment want ASTM New York never sleeps Why Due Diligence Matters in New York New York New York

• Adherence to E-Designation Measures: The New York City Office of Environmental Remediation (OER) has recently placed restrictive environmental reviews on property being built or re-zoned on historically industrial use only parcels throughout the state. Placement of an e-designation on your property can mean hazardous materials contamination, high ambient noise levels, or air emission concerns. Engaging a professional consultant can help in understanding exactly what applies to your property and the implications that it can have when contemplating any renovations or making changes in property use as well as finding the most cost effective route to compliance.

• Compliance with New York Health and Safety Regulation: Understanding the property's historical and/or intended usage is critical information obtained during due diligence which will pay off in dividends to the investor. Knowing the history of a given asset can safeguard the property owner from inadvertently breaking Environmental Protection laws. After September 11th, 2001, the New York City Department of Environmental Protection (NYCDEP) created the Community Right-to-Know law. This law requires that all businesses in the five boroughs handling or storing hazardous materials annually file a Tier II to the Department of Environmental Protection (DEP). Noncompliance with this law can result in hefty fines. Some due diligence firms may offer right-to-know inventory and auditing services and management.

• Paperwork is filed correctly the first time: There are countless regulatory authorities in New York City that govern or play a role in commercial real estate transactions and development in one way or another. It can get confusing trying to figure out who to engage and when. Having the right due diligence consultant to guide you through the regulatory process can help you achieve compliance much more efficiently. As an example, when environmental contamination is encountered at a site, an experienced consultant will consider all applicable regulations and the needs of parties involved to advise whether to engage the NYCDEP (city-level) or the NYDEC (state-level).

• The right professionals are hired: New York State Law dictates that, "Only a person licensed or otherwise authorized under this article shall practice engineering/land surveying or use the title 'professional engineer/land surveyor'". Unauthorized practice is considered a class E felony, leaving the offending party open to probation of up to 4 years and your investment compromised.

• Your Part of the Solution: Enacted in 2007, PlaNYC, the City's groundbreaking effort to address long term challenges (including climate change), has led to a six-part energy efficiently legislation requiring all new construction and retrofitting's comply with the city's energy code. These codes are long and arduous, but a compliance assessment can be included as part of your due diligence process. Should you learn that the asset is non-compliant, a skilled consultant can recommend and implement the required energy efficiency measures and help navigate the endless incentives available to offset the cost to achieve improved energy efficiency.