comfort letters

NYC OER To Issue Environmental Review and Assessment (ERA) letters

Brownfields, Corporate and Real Estate Transactions, Environmental Due Diligence, NYC OER / By

One of the key challenges facing purchasers of contaminated property is that the Bona Fide Prospective Purchaser, Contiguous Property Owner and Innocent Purchaser liability protections that are available under the federal Comprehensive Environmental Response, Compensation and Liability Act (CERCLA or Superfund) and similar state laws are self implementing. While EPA may occasionally enter into a […]

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NYC OER Issuing Comfort Letters To Facilitate Real Estate Transactions

Brownfields, Environmental Due Diligence, Lender Liability, Navigation Law, New York Brownfield Cleanup Program, NYC OER, Underground Storage Tanks, vapor intrusion / By

EPA and some state environmental agencies may occasionally issue “comfort letters” to facilitate a particular brownfield project to assuage concerns of developers or lenders about their potential liability. However, regulators have made it clear that they do not have the resources to review conclusions in phase 1 or phase 2 reports generated during routine real

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