Decoding Local Law 97: Owners and Operators Navigating NYC’s Green Future – Inside R&E Podcast

by | Nov 22, 2023 | Podcast

In this episode of Inside R&E, Michael T. Carr, R&E Litigation Member, re-examines the current state of Local Law 97 with Jac Zadrima and MacKenzie Forsberg, Co-Founders of Genesis Realty Group LLC, as the New York City Department of Buildings continues to unveil details surrounding the rules and guidelines. Their discussion offers clarity to NYC owners and operators across many of the most crucial intricacies of LL 97 – such as Covered Buildings under Article 321, prescriptive measures, key compliance dates, financing strategies and pathways to compliance, as well as the use of consultants or related experts, like architects and engineers. While the broader landscape of NYC’s ambitious climate action plan continues to evolve, this episode seeks to provide real estate professionals – as well as residents and tenants – the knowledge and tools needed to achieve carbon reduction goals and to mitigate exposure to penalties when compliance is not possible within target periods.

Jac Zadrima co-founded Genesis Realty Group for further third party management and development, now overseeing $250M in assets and counting, continuing the organization’s long term planning, financing and acquisitions as CEO. He holds an MBA from Fordham University and is a licensed Real Estate Broker, LIHTC-TaCC Certified, and a certified HPD Property Manager and 7A Administrator who has been active in the New York real estate market since 1986. Jac has been an industry leader involved in commercial real estate and property management spanning 30-plus years. He has orchestrated countless transactions in his extensive career including the acquisition, management, development, private financing, New Market Tax Credit financing and construction of rental properties in the New York area. Additionally, Jac sits on the Board of the Bronx County Historical Society, BMNAR, CHIP and other prominent real estate industry organizations to ensure property owners and residents alike equally thrive in the communities where GRG’s portfolios call home.

MacKenzie Forsberg co-founded Genesis Realty Group LLC and currently serves as COO. She holds a B.A. from Binghamton University and is a licensed Real Estate Broker, LIHTC-TaCC Certified, and a certified HPD Property Manager and 7A Administrator who has worked in an owner-operator position for over 15 years and is highly proficient in Rent Regulation Laws and Compliance. MacKenzie leads GRG’s Green Management initiatives to protect the environment in which we work and increase clients’ cashflow through projects such as Steam to Gas Hydronic Boiler Conversions, Solar Panel Installations, and Lighting Retrofits. She manages NYSERDA & Willdan Incentive Programs, energy- related Local Law Compliance, and Energy Monitoring of our Building systems. She spearheads business development and new property management acquisitions, aids in underwriting and financing for new acquisitions and refi’s, and oversees property and regulatory operations. Additionally, MacKenzie sits on the City of Yonkers Planning Board and is heavily involved in several Women in Business Organizations in NYC and Westchester County, BMNAR, CHIP and other business related organizations.

Michael T. Carr regularly advises some of the largest landlords in New York City concerning their real estate operations needs. His advisory work extends through litigation strategy, leasing strategy and compliance issues. In connection with Michael’s work advising on compliance issues, LL97 has clearly become the leading new concern faced by both landlords and tenants. This episode follows Michael’s recent article published in Brick Underground’s new Boards & Buildings section: Local Law 97 kicks off this January. Is your building on track? (Part I: Overview). Parts 2 and 3 of this series will be released within the next few weeks.

For any questions related to this episode, please contact Michael T. Carr at [email protected], (212) 551-1286. Contact MacKenzie at [email protected] and Jac at [email protected].

Click here to stream this episode, or see the YouTube link below.