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Contaminated industrial or commercial sites can be turned into profitable real estate development ventures by taking advantage of the new “brownfield” initiatives.
Under these programs, prospective purchasers and their lenders can obtain releases from liability for past contamination that they did not cause in exchange for performing limited site cleanups. Corporations who have been keeping these properties off the market can now sell these properties, improve their balance sheets and minimize the contingent liabilities that they must disclose to the Securities and Exchange Commission.
We can help clients navigate contaminated sites through state and federal brownfield programs and have extensive experience negotiating agreements for the purchase and cleanup of brownfield sites. We can also help clients identify properties that may qualify as brownfields, develop focused, risk-based approaches for cost-effective and expeditious investigation and cleanups of these sites, and identify sources of governmental and private funding to finance or offset cleanup costs.
EPA Brownfield Program
New York State Brownfield Cleanup Program
New York City Voluntary Cleanup and Environmental Programs