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As investor interest and invested capital in the Environmental, Social & Governance (ESG) space has increased over the past several years, real estate investors, owners, developers and other stakeholders have looked to incorporate ESG criteria into their evaluation of new and existing real estate buildings and projects. Here we discuss several ways in which the New York City real estate market participants have been and will continue to be impacted by this increased focus on advancing societal goals while at the same time achieving positive economic returns. Such impacts include the passage of the New York City Climate Mobilization Act and the resulting transition toward green retrofitting, green building certifications, and contractual and risk management protections for building owners.

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