Some residential managers aren’t waiting for the last minute to make their buildings ready for Local Law 97, which kicks in at the year’s end and requires extensive changes in heating systems.
As we reported, the law calls for most city buildings to reduce greenhouse gas emissions to certain levels or face huge fines.
Argo Real Estate manages 130 buildings with 13,000 apartments in Manhattan, Queens and Brooklyn. Executive vice-president Gustavo Rusconi said they’ve “been working collaboratively with [co-op and condo] boards since 2019, when the law was passed.”He said that whileNo Argo-managed buildings switched to electric heat. “It’s cost-prohibitive,” Rusconi said. But he helped clients find ways to significantly reduce emissions by adapting old boilers to the new requirements.
Rusconi said that most upgrades were paid for through assessments. “But we also worked with heating companies to finance part of installations and in some cases by refinancing mortgages.”
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