Most buildings in New York City have fuel oil-fired burners to supply heat and hot water. The heating oil can range from #2 oil which is similar to diesel fuel to #6 fuel oil which is heavy and thick. Buildings typically store the fuel in storage tanks located in basements or beneath the sidewalk. The tanks […]
The Importance of Hiring an Environmental Consultant For Leaking NYC Heating Oil Tanks Read More »
In April 2009, the New York Rules of Professional Conduct (Rules) for attorneys replaced the New York Code of Professional Responsibility disciplinary rules (Code). Section 1.6 of the Rules now governs the obligations of lawyers involving confidential information obtained during or relating to representation of a current or former client Rule 1.6(a) provides that a
NY Ethics Opinion May Erode Confidentiality for Sampling Results Read More »
Lenders have long played a role as “surrogate regulator” in transactions. In many cases, lenders force potential borrowers to investigate suspected contamination and frequently require remediation under state oversight. Borrowers often balk at these requests any may even retain their own independent consultants to try to convince lenders that the work is not required or
NY Case Illustrates Why Borrowers Should Not Simply Rely on Lender Approval of Phase 1 Read More »
The ASTM E1527 Phase 1 standard contains a term “Historic Recognized Environmental Condition” or HREC. The term was added to the standard in 2000 to provide a tool for consultants to help distinguish between properties where there was a release in the past that was satisfactorily remediated with sites that have historic contamination that have
State Court Decision Ilustrates Dangers of Inadequately Evaluating Neighboring HRECs Read More »
Buyer agreed to purchase former oil field in 1996 to develop for residential complex. Contract included 40 pages detailing remedial obligations of parties. Buyer had five years to complete investigate of property and inform seller of contamination. If cleanup exceeded $30MM, seller could take over cleanup. Contract also provided that after completion of sellers’ corrective
With property values continuing to plummet in the wake of the Great Recession, it is probably not surprising that brokers are increasingly finding themselves embroiled in lawsuits over scope of environmental disclosure. The risk is particularly heightened in states with Property Conditions Disclosure laws. Common issues involve mold, lead-paint, asbestos, radon, poor drinking water quality and leaking home
Brokers in the Cross-Hairs For Environmental Disclosure Read More »