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Local Law 97 penalty estimate

66 Reade Street

Multifamily Housing · 27,591 sq ft · Manhattan

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What would the estimated penalty be in 2030, assuming nothing changes?

$0/year

  • Beginning in 2030, the city drops the emissions cap by 40%.
  • At the same energy use, 66 Reade Street will stay under the cap.
  • So it owes no penalty.
What is the estimated penalty for 66 Reade Street right now?

$0/year

  • NYC caps a building's yearly greenhouse gas emissions.
  • 66 Reade Street 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 186 to 112 tons.
  • NYC's grid will become cleaner by 2030, reducing this building's projected emissions from 59 to 38 tons.
  • Energy use is held the same.
  • Tons over go from 0 to 0 tons.
How much would the building need to cut its emissions to avoid the penalty?
  • No cut is needed.
  • At its current energy use it stays under the 2030 cap.
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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