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Local Law 97 penalty estimate

984 Sheridan Avenue: $1,432,268/year in fees starting in 2030

Multifamily Housing · 86,000 sq ft · Bronx

Current fee: $1,381,508/year

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

$1,432,268/year

  • Beginning in 2030, the city drops the emissions cap by 40%.
  • At the same energy use, 984 Sheridan Avenue will be 5,344 tons over the cap.
  • Penalty is $268/ton over the cap, $1,432,268 total
What is the estimated penalty for 984 Sheridan Avenue right now?

$1,381,508/year

  • NYC caps a building's yearly greenhouse gas emissions.
  • 984 Sheridan Avenue is 5,155 tons over the emissions cap.
  • Penalty is $268/ton over the cap, $1,381,508 total
Why does the penalty change in 2030?
  • The emissions cap will be lowered by 40% in 2030, from 580 to 350 tons.
  • NYC's grid will become cleaner by 2030, reducing this building's projected emissions from 5,735 to 5,694 tons.
  • Energy use is held the same.
  • Tons over go from 5,155 to 5,344 tons.
How much would the building need to cut its emissions to avoid the penalty?

94% less emissions than today

  • This building must emit 94% less to avoid penalties.
  • Owners can utilize energy efficiency upgrades or switch from gas or oil to electric.
How energy efficient is 984 Sheridan Avenue?

1/100, grade D

  • 984 Sheridan Avenue scores 1 out of 100 for energy efficiency.
  • That is grade D on the city's scale. 50 is typical for its type.
  • It uses 1,249 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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