Price and business attorney Michele Cea discuss a major law hitting NYC.

Local Law 97 requires NYC buildings exceeding 25,000 gross square feet submit an annual emissions report, with the first report due on May 1, 2025, covering the emissions for the calendar year 2024. If the owner of a covered building fails to submit a building emissions report within 60 days of the deadline, they will be subject to a civil penalty.First, a building owner, or the board in the case of condos and co-ops, must calculate the greenhouse gas emissions for the preceding year.
If a building surpasses its emissions limits but is actively working towards compliance and provides the necessary documentation, the Department may offer a negotiated resolution instead of imposing a penalty.
It’s crucial for businesses entering long-term leases to understand the current status of their building’s greenhouse gas emissions. If a building faces penalties due to excessive emissions, the owner is likely to pass these additional costs onto the tenants.

Michele Cea is a founding member of the firm. Mr. Cea graduated from Catholic University School of Law in Milan, Italy (J.D., 2009, with honors), and Fordham University School of Law in New York (LL.M., 2011, Cum Laude).

Prior to completing his LL.M at Fordham Law School in 2011, Mr. Cea worked in a boutique Italian corporate law firm, where he was primarily dealing with shareholder agreements and various business transactions. In New York, Mr. Cea collaborated as a foreign attorney with a preeminent white-collar law firm in matters related to financial frauds, securities regulation and corporate compliance, among others. Mr. Cea was also employed as an Associate in the New York office of an International law firm, where he represented European clients operating in the U.S. In this position, he gained a valuable experience in the business law and real estate practice area, including corporate formation and dissolution, commercial transactions, residential and commercial real estate, trademark registration and business immigration.

Mr. Cea founded his own practice focused on representing foreign nationals and companies operating in the United States. He has extensive experience with international corporate matters, real estate transactions and  non-immigrant visa petitions, such as extraordinary ability and investor visas.

Mr. Cea is licensed to practice in New York (2013) and in Italy (2012). Mr. Cea is fluent in Italian and conversational in Spanish. Mr. Cea is a member of the New York City Bar Association, the New York State Bar Association.

Learn more at https://cealegal.com/.

 

Connect with Michele Cea on social media:

Instagram: https://www.instagram.com/cealegalnyc/

LinkedIn: https://www.linkedin.com/in/michelecea/