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FeeWarden

Local Law 97 penalty estimate

240 Ocean Pkwy may pay $2,132/year in fees starting in 2030

Multifamily Housing · 59,934 sq ft · Brooklyn

Current fee: none

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Why is this property expected to pay a fee beginning in 2030?
  • Beginning in 2030, the city drops the emissions cap by 40%.
  • At the same energy use, 240 Ocean Pkwy will be 8 tons over the cap.
  • Penalty is $268/ton over the cap, $2,132 total
What is the estimated penalty for 240 Ocean Pkwy right now?

$0/year

  • NYC caps a building's yearly greenhouse gas emissions.
  • 240 Ocean Pkwy is 127 tons under the emissions cap.
  • So it owes no penalty.
Why does the penalty change in 2030?
  • The emissions cap will be lowered by 40% in 2030, from 405 to 244 tons.
  • NYC's grid will become cleaner by 2030, reducing this building's projected emissions from 278 to 252 tons.
  • Energy use is held the same.
  • Tons over go from 0 to 8 tons.
How much would the building need to cut its emissions to avoid the penalty?

4% less emissions than today

  • This building must emit 4% less to avoid penalties.
  • Owners can utilize energy efficiency upgrades or switch from gas or oil to electric.
How energy efficient is 240 Ocean Pkwy?

58/100, grade C

  • 240 Ocean Pkwy scores 58 out of 100 for energy efficiency.
  • That is grade C on the city's scale. 50 is typical for its type.
  • It uses 81 kBtu per sq ft a year.
How reliable is this estimate?
  • This is a planning estimate, not the city's official number.
  • Owners report their own energy use, and reports can have mistakes.
  • The city makes the final call.
  • ✓Energy use comes from the building's own 2024 report to the city
  • ✓Emissions rates for 2024 to 2029 match the law
  • ✓Emissions rates for 2030 on match the city rule
  • ✓The property type is matched to the city's category
  • ○The compliance route the city assigns is not confirmed

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