Regulatory Update – New York City enacts law (Local Law 88) affecting multifamily owners
New York City enacts law (Local Law 88) affecting multifamily owners
Applicable properties must upgrade their lighting systems to meet the New York City Energy Conservation Code by January 1, 2025. Owners do not have to upgrade the lighting systems all at once. They can choose a schedule that meets the above deadline. Owners are obligated to upgrade their systems only once. If the Conservation Code is amended after an owner performs upgrades, the owner does not have to perform another upgrade to meet the revised standards.
Additionally, Local Law 88 requires that owners install electric submeters for the following:
- Non-residential tenant space of 10,000 gross square feet or more on one or more floors let or sublet to the same person
- Floor larger than 10,000 gross square feet consisting of tenant spaces let or sublet to two or more different persons
For properties where there are multiple tenants on a floor covered by one submeter, the monthly statement must include the electrical consumption for the area covered by the submeter and the percentage of that area that is leased by the tenant.
Please contact NWP Services for questions regarding compliance with this local law.