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The Grand Tier, a luxury apartment building in New York City, is a desirable place to live. It has views of Central Park, a private patio, and a marble-clad lobby that is home to a rare French tapestry. But despite all of these adornments, it is staring down the barrel at tens of thousands of dollars in fines from the city’s Local Law 97. The 377,564-square-foot multifamily property is one of more than 50,000 NYC buildings that are subject to the law’s penalties and must reduce their carbon emissions by 2024 when the law takes effect. The Grand Tier is also one of the more than 70 percent of New York City properties that use natural gas, which is a large contributor to carbon emissions.

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