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In this episode of Inside R&E, Michael A. Pensabene, R&E Litigation Member, invites Tina Larsson, Co-Founder & CEO of The Folson Group, for a comprehensive discussion of the structural, financial and operational issues facing New York City condominiums and cooperatives, including their struggle to meet the evolving NYC Local Laws (such as the recently-enacted LL 97, as well as LL 152, LL 126 and LL 11) which have aggressively tightened climate and safety regulations.
Their conversation provides advice to co-op and condo boards of aging buildings on ways to proactively approach building infrastructure and compliance with the new regulations, and even ways to reduce fines when compliance is not possible before deadlines. Michael and Tina stress the importance of being proactive concerning compliance with LL 97 (the Climate Mobilization Act), which imposes fines starting as early as 2024 that increase dramatically by 2030. Michael and Tina also address LL 152, highlighting the complications building owners and managers will face when – for example – periodic inspections result in gas shutdowns, exposing the building to imposed abatements. When addressing compliance with any of these Local Laws, ultimately, Tina says, the longer you wait, the more costly it will be.
Michael A. Pensabene’s practice spans all areas of commercial litigation, with a focus on joint venture and partnership disputes, contract and lease disputes, landlord/tenant litigation, construction issues and condo/coop disputes, as well as board representation of co-ops and condos. His experience affords him the judgment to evaluate the interests of the parties, and to know how and when to assert clients’ rights to achieve their objectives.
Tina Larsson is the powerhouse behind The Folson Group, New York City’s leading coop and condo consultant. Tina leveraged her analytical skills in the financial industry and was able to save her coop $340,000, leading to the creation of The Folson Group. Tina holds a LEED Green Associate designation, is the author of Living the High Life, and is passionate about supporting boards to make their buildings safer, more sustainable and more affordable.
For any questions related to this episode, contact Michael A. Pensabene at [email protected] or (212) 551-8406. Tina Larsson can be reached by email at [email protected], or on LinkedIn, Instagram (@folsongrp) and YouTube (@folsongrp).
Click here to stream this episode, or see the YouTube link below.