Posts marked "Due Diligence & Corporate Transactions"

For decades, per- and polyfluoroalkyl substances (“PFAS”) have been widely used in industrial processes and consumer products, including non-stick cookware, strain resistant fabrics, and firefighting foams.  PFAS have emerged as a focus of regulatory concern only in recent years, however, as new studies have detected PFAS in groundwater and drinking water supplies and have associated … Read Post

On August 7, 2017, Empire State Development (ESD) consummated the sale of State-owned surplus property on Staten Island formerly housing the Arthur Kill Correctional Facility to Broadway Stages, an owner and operator of film and television studios.  SPR principal Elizabeth Knauer advised ESD with respect to the environmental review of the project pursuant to the … Read Post

Since 1990, the United States Environmental Protection (“EPA”) has evaluated contaminated sites for inclusion on the Superfund National Priorities List (“NPL”) based on the risks posed by human or ecological exposure to hazardous substances from groundwater, surface water, soil and outdoor air.  On December 7, 2016, EPA finalized regulations authorizing the listing of NPL sites … Read Post

On November 6, 2013, ASTM released its updated E1527-13 Standard for Environmental Site Assessments: Phase I Environmental Site Assessment Process, a standard that EPA has identified in a proposed rule as a means of satisfying the definition of “all appropriate inquiries” (AAI) under CERCLA, as needed to establish certain defenses to liability.  According to ASTM, … Read Post

The availability of Superfund defenses to tenants of contaminated properties is often uncertain, raising the potential of lessee liability and impeding the redevelopment and reuse of contaminated lands.  In an attempt to ameliorate this problem and provide assurances to responsible tenants, EPA recently revised and expanded its guidance clarifying when tenants can make use of … Read Post

Recent court cases in Brazil are creating significant concern within the financial community that public prosecutors and courts may impose liability on banks — without regard to fault — merely because they provided financing for activities that later caused pollution. As a result, lenders should carefully evaluate the environmental aspects of projects in Brazil and … Read Post

In recent months, ASTM International (“ASTM”) has issued or revised key environmental standards governing the performance of and response to environmental site assessments, with potentially significant impacts for lenders, developers and owners of contaminated property.  Before contaminated property is sold or remediated, federal and state law and transactional due diligence generally require an environmental site … Read Post

On July 29, 2011, Governor Cuomo signed a law authorizing local governments to create not-for-profit corporations to act as land banks with respect to vacant, abandoned, or tax-foreclosed property.  These non-profit land banks will have the ability to sell property free and clear of prior tax liens.  However, the new law does not insulate these … Read Post

SPR attorneys recently served as environmental counsel to Acumen Capital Partners in its acquisition of the former Pfizer manufacturing facility in Brooklyn.  The plant, comprising 660,000 square feet, had been vacant since Pfizer operations ceased there in 2008.  Pfizer traces its corporate origins to the neighborhood, having commenced its operations there in 1849. Plans for … Read Post

Four years ago, New York’s Department of Environmental Conservation (“DEC”) and Department of Health (“DOH”) issued new guidance on soil vapor intrusion, triggering the ongoing reevaluation of over 400 contaminated sites and the reopenings of dozens for new testing or mitigation.  Now, the U.S. Environmental Protection Agency (“EPA”) is taking the first steps towards revising … Read Post