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View of Midtown Manhattan. Photo: Frank Franklin II/AP View of Midtown Manhattan. Photo: Frank Franklin II/AP

The COVID-19 pandemic has created myriad operational and financial issues for building owners, including increased costs due to safe reopening requirements, reduced income due to tenant defaults, reduced tenant demand for space, government restrictions on eviction proceedings and increased scrutiny from lenders. Building owners in New York City, though, have the added task of preparing for the coming implementation of the 2019 Climate Mobilization Act (the “CMA” or the “act”).

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