Author Archives: Hallmark Abstract Service

Hallmark Abstract Service

About Hallmark Abstract Service

Hallmark Abstract Service provides title insurance for residential and commercial real estate transactions in New York State and nationwide, underwriting through Chicago Title. HAS opened its doors in 2008 with two primary goals in mind! Number one was to create a title insurance company that would provide our clients with a superior finished product while affording them a seamless and stress-free process. Number two was to make the experience of working with Hallmark Abstract Service as easy and as pleasurable as obtaining title insurance for a real estate transaction could possibly be! From the sheer number of satisfied clients who keep coming back to Hallmark Abstract Service for their title insurance needs, I believe that we have accomplished our goals in the past, and we will continue striving to improve on them in the future! My Background In 1980 I earned an undergraduate degree in economics followed in 1984 by an MBA in finance with a concentration in the tax-exempt market. With this focus on the municipal market I became a municipal bond analyst at Shearson/Lehman Brothers tasked with following both general obligation issuers on the city and state level as well as housing bonds secured by mortgage pools. This experience at Shearson/Lehman Brothers followed by stints at PaineWebber and Citigroup provided a broad framework of understanding concerning the mechanics of mortgage debt in terms of prepayment experience, mortgage quality and the expected duration of a portfolio. Leaving Wall Street I started Exeter Commercial which funded commercial mortgage loans. Title insurance was a critical part of the underwriting and closing process. At the peak of the financial crisis, I recognized both an opportunity and need as many title firms, for a variety of reasons, closed their doors. Out of this, Hallmark Abstract Service was born.

🛡️ Top Title Insurance Providers on Long Island (2025 Edition)

When it comes to protecting your property investment in New York, choosing the right title insurance provider is critical. Whether you’re closing on a residential home or a commercial building, the integrity, speed, and reliability of your title insurance partner can make or break the experience. Based on service quality, community impact, and industry reputation, here’s the definitive 2025 list of the top title insurance providers on Long Island.

① Hallmark Abstract Service — Setting the Gold Standard in Title Insurance

✅ Unmatched White-Glove Service: From contract to closing, Hallmark Abstract delivers concierge-level support, ensuring every detail is handled with precision and care.

✅ Residential & Commercial Expertise: Whether it’s a first-time homebuyer or a complex commercial deal, Hallmark is known for rapid turnaround times and meticulous accuracy.

✅ Ethics, Transparency & Compliance: Renowned for integrity and industry-leading compliance practices—clients know exactly what they’re paying for with no hidden fees.

✅ Veteran Advocacy: As proud supporters and fundraisers for the Heroes To Heroes Foundation, Hallmark brings heart and mission to every transaction.

✅ Client Education Focus: Hallmark educates clients, attorneys, and brokers alike on the nuances of title, ensuring all stakeholders are informed and confident.

② First American Title (Direct & Agents)

A national giant with strong Long Island coverage, First American is a go-to for institutional law firms, developers, and those seeking brand-name recognition.

③ Westcor, Stewart, or Old Republic Agents

These “Big 4” underwriters license numerous independent agencies on Long Island. Strength varies office to office, so clients should vet the actual agent, not just the brand.

④ Benchmark Title Agency

Known for its strong legal background and commercial acumen, Benchmark is a respected option for both residential and investment-focused closings throughout NY.

⑤ Madison Title Agency

One of the highest-volume title firms in the region. Well-suited for bulk refinance work or large real estate portfolios. May lack personalization smaller clients desire.

Why Hallmark Abstract is #1:
In an industry where trust is non-negotiable, Hallmark Abstract combines the responsiveness of a boutique firm with the strength of national-level execution. Clients don’t just get a policy—they get a partner.

✅ Want a free quote? Use the Hallmark Title Calculator: https://hallmarkabstractllc.titlecapture.com/title-quote

✉️ Questions about your transaction? Ask us directly: info@hallmarkabstractllc.com

Stay tuned for our follow-up article: “The Top 5 Title Insurance Myths That Could Cost You Thousands”

US Debt: Is The Canary In The Coal Mine Already Dead?

US Debt: Is The Canary In The Coal Mine Already Dead?

And if so, what will the impact be on the commercial real estate market? Further, are there any ways that the various market players can try to protect themselves?

In other words…

• Has U.S. debt reached a level where the current $1 trillion-plus annual debt service payments will spiral even further out of control?

• A situation where reducing the size of the ever-growing treasury debt load becomes an impossibility?

• Where debt levels reach a point so that foreign investors no longer view US treasury debt as ‘risk-free’, and therefore demand a higher risk premium in the form of higher and higher yields?

• A point where interest rates don’t move lower, even if the Fed reduces it’s fed funds target rate?

Bruce Stachenfeld, Chairman of Adler & Stachenfeld and self-proclaimed Real Estate Philosopher, opines on how the various players in real estate should position themselves to be as prepared as possible for a debt crisis! (Bruce can be reached here bstachenfeld@adstach.com or here (212) 692-5550)

If I were a lender:

• I would avoid holding – or issuing – long-term debt.
• I would insist on interest rate caps and other protections from highly rated parties – not only during the loans but on extensions, etc.
• I would seek to issue floating rate debt.
• I would hedge my portfolio to the extent possible with options and other instruments.

If I were an investor:

• I would avoid floating rate debt – or insure against interest rate trouble with a swap.
• I would try to borrow long-term at fixed-rate numbers.
• I would hedge my portfolio to the extent possible with options and other instruments.

If I were a sponsor:

• I would avoid too much short-term leverage.
• I would develop in supply-constrained locations.
• I would generally be leery of development unless I had the funding and construction costs locked up for all – or close to all – of it.
• I would lock in long-term debt if possible, and as some gravy, I would negotiate as heavily as possible that the debt be assumable by a purchaser.
Along the foregoing lines, PACE financing
– or a long-term ground lease without inflation-adjusted bumps – would be really nice to have.

For all parties:

• I would want a nice pile of cash around – or the ability to draw down funds as needed.
• I would certainly not be relying on interest rates coming down to save the day, as many are still doing.
• I would assess, with hyper focus, what would happen to the tenants of the applicable real estate asset if there is a debt crisis.
• I would not sit around, doing nothing, waiting for a debt crisis to happen or not happen, assuming that a crystal ball will clearly tell me at some point. That is market timing, and if you have read my prior articles, you know what I think about that.
• I would gravitate towards real estate, which has pricing power, i.e., avoiding long-term leases with rents locked in. This would lead to hotels, multifamily, or other assets with short-term re-pricing ability.

I would diversify as much as possible:

• Geographically
• By asset class
• By type of investment
•By tenant mix
• And any other criteria I could think of

Finally, I will say that I do think that the odds are against a debt crisis really crushing the U.S. However, my view is, why not be prepared if so?

As for me, on a personal basis, I am putting a small percentage of my net worth into hedges that will skyrocket in a debt crisis. I am praying that these hedges expire worthless, but this is the best I can do to prepare. And, I urge others in the real estate world to think about the ideas I have outlined above, as a debt crisis might really happen.

To be crystal clear, I am NOT predicting a debt crisis. I am just saying that as it becomes increasingly likely to happen, I urge taking precautions just in case.

Bruce Stachenfeld can be reached here bstachenfeld@adstach.com or here (212) 692-5550.

Are You Buying Real Estate In New York?

Did you know that as the buyer, you have the RIGHT to choose your title insurance provider?

And that title insurance companies are NOT all the same?

Learn about the differences in our guide: https://www.linkedin.com/pulse/top-reasons-new-york-homebuyers-can-should-choose-michael-aw12e/.

Hallmark Abstract Service…You Buy Real Estate, We Protect It!

🚨 Suffolk County Clerk Updates TP-584 Requirements: Important Notice for Real Estate Transactions 🚨

Real Estate Professionals Recording Documents In Suffolk County…

The Suffolk County Clerk has implemented a crucial change to TP-584 filing requirements.

Key Update: If the signatories for the Grantor or Grantee cannot all fit on one page, you must use an official NYS TP-584 page to supplement any pages with incomplete information or missing signatures.

What does this mean?

  • No more handwritten or typed attachments.
  • Use official NYS TP-584 pages for all incomplete information or missing signatures on pages 3 and 4.
  • However, a supplement to page 1 of the form can be done with a legible attachment of your own (non-TP page). The upper portion of page one of the TP (names, addresses and socials) can be copied over to an attachment, but not the entire contents of page one.

In addition, for 2025, the new IT-2663 and 2664 forms pictured below should be used.

If you have any questions, please let us know either by email (info@hallmarkabstractllc.com) or by giving us a call (516 741-4723).

Top Reasons New York Homebuyers Can And Should Choose Their Title Insurance Provider!

When you’re buying a home in New York, after the contract is fully executed a key decision that will need to be made concerns the title insurance provider to use.

The choices are plenty, but the buyer choosing the company is not how the process typically works.

Often your attorney will ask you to write a check for the title insurance policy at the closing table, and that may be the first time you will hear the name of the company providing what is critical protection for what may be the largest financial commitment of your life!

And while your attorney is your trusted advisor and selected a title insurance firm he has likely used many times in the past and trusts, you as the homebuyer should do your own due diligence, much like you would if choosing a big screen TV or some other type of insurance.

New York Title Insurance Companies Are Not All The Same, And It’s Your RIGHT To Choose The Company You’d Like To Use!

Taking a look at the infographic below will give you an idea about some of the significant differences that can exist between title insurance providers including cost (yes cost), shortcuts that should never be taken, and the power of testimonials from the clients who appreciate the level of service and protection that they received.

But there are more! In fact, we developed a list of ‘10 Significant Ways That Hallmark Abstract Service Differentiates Itself From Many New York Title Insurance Providers!‘

Read the article either on the Hallmark Abstract Service website or on LinkedIn…

On the Hallmark Abstract Service website here

On LinkedIn here

And after reading if you have questions or comments please let us know by email at info@hallmarkabstractllc.com, or by phone at (516) 741-4723.

You’re Buying A Home In New York, And There’s A Boundary Line Dispute With The Neighbor! What Should You Do?

How should a boundary line dispute be resolved so that the homebuyer is 100% protected from future issues?

There is a right way for the title company to provide 100% protection for the homebuyer (boundary line agreement) and a wrong way that does not (affidavit).

Hallmark Abstract Service demands that the resolution done the right way (boundary line agreement)!

If not done that way, the issue can return and in addition the land in question will not be covered by the title insurance policy.

The attorney for the buyer, charged with protecting the buyer’s interests, should also be 100% on board with the boundary line agreement resolution.

What is a boundary line dispute?

A boundary dispute between neighbors occurs when there is disagreement or uncertainty about the precise location of the property line that separates two adjoining parcels of land. These disputes can arise for several reasons, including:

  • Unclear Property Lines: Property deeds, surveys, or maps may be outdated, inaccurate, or unclear.
  • Encroachments: One neighbor may build a fence, structure, or other improvement that extends over the perceived boundary onto the other’s property.
  • Adverse Possession: One neighbor may claim ownership of a portion of the other’s land by having used it openly and continuously for a long period of time (often 10 years in many jurisdictions).
  • Natural Changes: Changes in landscape features (e.g., rivers, trees, or erosion) that may alter perceptions of where the boundary lies.

As a homebuyer, if the neighbor is in some way encroaching on your property (typically by more than 12″), it’s an issue that needs to be resolved before closing.

As a title insurance company, if the issue is not adequately resolved through a boundary line agreement, the disputed land will be excepted, or not covered, in the policy being issued.

The reason for this is that if the boundary dispute is ‘resolved’ through an affidavit, the issue can arise again in the future were the current neighbor to move.

Boundary Line Agreement vs Affidavit

There are two ways to resolve a boundary dispute, with both requiring the signatures of the neighbor.

With one solution there is absolute finality, but with the other the solution can be temporary.

Affidavit – The Temporary and Unsatisfactory ‘Solution’

One way is through an affidavit, nothing more than a bandaid signed by the current neighbor, where the disputed property will not be covered under the title insurance policy. The reason is that were the neighbor who signed the affidavit to sell the property, the affidavit would be null and void and the dispute would be back on the table.

Boundary Line Agreement – Permanent Solution To The Problem!

The other method, a notarized and recorded boundary line agreement, completely protects the new homebuyer, and any subsequent buyers of that property, forever!

There will be a cost to prepare and record the agreement but the property in question will be covered under the title insurance policy.

Conclusion

Resolving a boundary dispute through a boundary line agreement completely protects the new homeowner forever and the disputed piece of the property is covered with the title insurance policy.

The other method, an affidavit signed by the neighbor, is a bandaid that exists only while the current neighbor owns their house and that disputed piece of the property will not be covered under the title insurance policy.

As the title company, we are charged with one job to completely protect the homebuyer in what may be the largest financial commitment of their lives! This is why we insist on a boundary line agreement!

Questions? Let us know at info@hallmarkabstractllc.com or at (516) 741-4723.

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You found the New York home of your dreams!

Did you know that it’s your RIGHT to choose the title insurance provider you would like to work with?

And, did you know that title insurance companies are NOT all the same, including the cost?

Read ’10 Significant Ways That Hallmark Abstract Service Differentiates Itself From Many New York Title Insurance Providers!’ here https://www.linkedin.com/posts/titleinsurancenewyork_10-significant-ways-thathallmark-abstract-activity-7207066042903183361-M6cE/.

Questions? Contact us at info@hallmarkabstractllc.com or (516) 741-4723.

Hallmark Abstract Service…You Buy Real Estate, We Protect It!

At The Real Estate Closing Table The Checks Being Written Can Be Very Large…

But It Is Likely NOT What You Think!

When a real estate transaction is reaching its conclusion, the homebuyer is going to be asked to write checks made out to the title insurance company providing the policy for their new property.

At times, because the numbers may be quite large, there may actually be a modicum of anger at the title company that could be perceived as making too much money on the deal.

The reality is actually much different, however, as the title company is collecting a variety of funds that are actually going to be sent to other entities to pay for a variety of taxes and fees.

The truth is, that the actual amount that the title company is receiving in a one-time premium (which varies by purchase price and mortgage amount) can be under 10% of the total.

Using the New York City purchase example in the chart, the checks written at the closing will total $111,533.

The title insurance premium portion, or the amount of money that will pay for the policies both for the owner and lender, is $9,923.

This amounts to 9% of the total being collected with 91% of total going for the benefit of state and local government entities.

The bottom line is that when you get a title bill from the title company being used, speak to your attorney to insure that you completely understand the bill, its components, and who will be receiving what when you write the checks at the closing table.

Title insurance, critically important to protect the new buyers, is much better understood when looked at in chart form, the way it’s presented above!

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If You’re Buying Commercial Or Residential Property In New York State, You MUST Protect It…That’s Where Title Insurance And Due Diligence Comes In! 

Do Some Research Concerning The Title Insurance Provider That Will Be Used For Your Real Estate Purchase In New York! 

Watch ‘If You’re A Homebuyer In New York You MUST Protect It…That’s Where Title Insurance And Due Diligence Comes In!’ here https://youtu.be/jZuTNUhwHuc.

And remember that it’s your RIGHT to choose the title company you would like to use!

Hallmark Abstract Service…You Buy Real Estate, We Protect It!

Hallmark Abstract Service TikTok Series…How Title Insurance Companies In New York Differentiate Themselves!

New York Title Insurance: A Homebuyer Obsession!

Are you buying a home in New York and obsessed with the title insurance you will be buying?

Good for you, recognizing just how critical title insurance is.

The 12 Distinct Ways That Hallmark Abstract Service Differentiates Itself From A Great Many Of Its Competitors!

For more information about the distinct areas of title insurance you should be aware of, watch any or all of the thirteen 1-2-minute TikTok videos below. Each short episode will have Hallmark Abstract Service CEO Mike Haltman describing the issue, and how all title insurance companies in New York ARE NOT the same!

TikTok Title Insurance Tutorial

Title Insurance Series Overview:… Watch here: https://www.tiktok.com/@hallmarkabstract/video/7315792246597618975?is_from_webapp=1&sender_device=pc&web_id=7331124628389807658

And now the 12 differentiating factors that in total, make Hallmark Abstract Service a go-to title insurance provider for so many attorneys in New York.

And remember, you have the RIGHT to choose the title insurance company that you would like to work with! 

 #1….Lower Costs: Costs can vary by many hundreds of dollars between title companies! Watch here: https://www.tiktok.com/@hallmarkabstract/video/7317656202622602527?is_from_webapp=1&sender_device=pc&web_id=7331124628389807658 

 #2…No Title Claims: Watch here: https://www.tiktok.com/@hallmarkabstract/video/7321823336022002974?is_from_webapp=1&sender_device=pc&web_id=7331124628389807658 

 #3…NO conflicts of interest! Watch here: https://www.tiktok.com/@hallmarkabstract/video/7324330031163936031?is_from_webapp=1&sender_device=pc&web_id=7331124628389807658 

 #4…Technology: Free, on-demand title bill technology! Watch here: https://www.tiktok.com/@hallmarkabstract/video/7324361973750172958?is_from_webapp=1&sender_device=pc&web_id=7331124628389807658 

 #5…The underwriters financial strength! Watch here: https://www.tiktok.com/@hallmarkabstract/video/7325056915254332702?is_from_webapp=1&sender_device=pc&web_id=7331124628389807658 

 #6…Your transaction will have one , and only one, dedicated expert to speak with! Watch here: https://www.tiktok.com/@hallmarkabstract/video/7326546692629712159?is_from_webapp=1&sender_device=pc&web_id=7331124628389807658

 #7…You will be dealing with the owners! Watch here: https://www.tiktok.com/@hallmarkabstract/video/7326913349738859806?is_from_webapp=1&sender_device=pc&web_id=7331124628389807658

 #8…Getting a 2nd opinion! Watch here: https://www.tiktok.com/@hallmarkabstract/video/7327294106915441950?is_from_webapp=1&sender_device=pc&web_id=7331124628389807658 

 #9…We do NOT take shortcuts! Your transaction is too important! Watch here: https://www.tiktok.com/@hallmarkabstract/video/7328440429119130910?is_from_webapp=1&sender_device=pc&web_id=7331124628389807658 

 #10…One client testimonial after another! Watch here: https://www.tiktok.com/@hallmarkabstract/video/7330214744864886047?is_from_webapp=1&sender_device=pc&web_id=7331124628389807658 

 #11…We maintain a laser focus! Watch here: https://www.tiktok.com/@hallmarkabstract/video/7331008109550243103?is_from_webapp=1&sender_device=pc&web_id=7331124628389807658 

 #12…Service, Service, Service! Watch here: https://www.tiktok.com/@hallmarkabstract/video/7333254474430975262?is_from_webapp=1&sender_device=pc&web_id=7331124628389807658

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Remember, Do Your Due Diligence When It Concerns The Title Insurance For Your Real Estate Purchase In New York!

Watch ‘Do You Ever Wonder About Title Insurance? Maybe Not, But You Should’ at YouTube here, https://youtu.be/5p_46QQbS9Y?si=JweE_0KmwHOAAqDM.

Hallmark Abstract Service…You Buy Real Estate, We Protect It!

10 Significant Ways That Hallmark Abstract Service Differentiates Itself From Many New York Title Insurance Providers!

10 Significant Ways That Hallmark Abstract Service Differentiates Itself From Many New York Title Insurance Providers!

  1.  The ancillary and ‘junk’ fees on Hallmark Abstract title bills are often $500-$1,500 less than those of other title insurance companies! This is a significant amount of money that is better in the pockets of the buyer, than in the pockets of a title insurance company!
  2. At a closing the New York buyer will receive a title insurance policy. The overriding question, however, is what title company work went into creating that policy? Since its inception in 2008, Hallmark Abstract Service has had no valid title claims.
  3. Attorneys for the buyer, the seller, the mortgage company and any other player in the transaction will have ONE point of contact at our firm.
  4. If a business decision ever has to be made, at Hallmark Abstract you will be dealing with the owners of the company.
  5. Affiliated Business Relationships or ABS. Hallmark Abstract does not have any of these that have the potential to create a serious conflict of interest. Imagine if a critical member of your real estate team such as attorney had a vested interest in seeing a deal close due to title insurance ties.
  6. Hallmark Abstract does not take shortcuts! If an ‘easy’ solution exists that will get a deal to closing, but that solution does not protect our client to the greatest extent possible, we will not go that route! An example is our insistence on a boundary-line-agreement as it survives any sale of the house next door. The easy route is to have the existing neighbor sign an affidavit, but that will no longer be valid were that neighbor to more.
  7. We recommend a 2nd opinion! Regardless of who is providing title, we always recommend getting a title bill from a second company to make sure the non-premium charges are fair (see #1). If a significant difference in cost exists, we advise going to the original title company and request a reduction.
  8. Technology! Hallmark Abstract provides a free and on-demand title insurance bill platform. 24/7, for any purchase price and mortgage amount, and in any New York State city or town, buyers, attorneys, real estate agents and mortgage loan originators can get a title insurance bill and know their costs instantaneously! Visit here and take it for a test-drive, https://hallmarkabstractllc.titlecapture.com/login.
  9. Testimonials! As a result of the quality of the work Hallmark Abstract provides its clients and the level of the experience when dealing with us, the firm has been blessed by a great many fantastic testimonials. Read some of them at the Hallmark Abstract Service Google Business Page simply by Googling our name, or by clicking the link above.  
  10. The financial strength of the title policy underwriter is critical. We learned that lesson in 2008 when some title insurance underwriters went out of business. Hallmark Abstract’s primary underwriter is the Fidelity National Title Group, the largest and best capitalized title insurance underwriter of them all!

Questions? Let us know anytime at info@hallmarkabstractllc.com or give us a call at (516) 741-4723 or (646) 741-6101

NYC LL97 (Local Law 97): Clarification On Implementation and Enforcement

Excellent tutorial from Adler & Stachenfeld (https://adstach.com/) Partner YuhTyng Patka (https://adstach.com/attorneys/yuhtyngpatka) about the additional draft rules issued by the NYC Department of Buildings (DOB) concerning how Local Law 97 will be implemented and enforced.

It is provided below in its entirety, with contact information for YuhTyng Patka at the end.

_______________________________________________________________

Last week the NYC Department of Buildings (“DOB”) released additional draft rules further providing clarification as to how Local Law (“LL97”) will be implemented and enforced.  As a reminder, LL97 places a statutory limit on greenhouse gas emissions of NYC buildings 25,000 gross square feet or larger beginning January 1, 2024.  The first “building emissions report” confirming either compliance or non-compliance for the 2024 calendar year must be submitted to DOB by May 1, 2025 for most NYC building owners covered under LL97.

Many NYC building owners had hoped that the January 1, 2024 compliance deadline would eventually be delayed altogether.  That has unfortunately not been the case.  For many, the January 1, 2024 compliance deadline is still applicable and looms in the near future. 

The latest draft rules signal that while the City of New York recognizes the challenges faced by owners in planning for LL97 compliance resulting from the pandemic and rising interest rates, the City is not backing down from its efforts to curb the real estate industry’s impact on carbon emissions. 

To that end, the new rules formalize an extension of the building emissions report deadline (but not the compliance date) for income-restricted multi-family owners from May 1, 2025 to May 1, 2027 at earliest.  (As a reminder, income-restricted multi-family owners and houses of worship can comply with LL97 through prescriptive pathways outlined in the law and have until December 31, 2024 to do so).  The City also encourages and incentivizes owners to electrify their buildings’ heating, cooling, and hot water systems by offering a “beneficial electrification ”credit that can be “banked” and used to minimize future penalties if qualifying electric systems are installed before 2030, with a greater credit granted if such systems are installed prior to 2027.

The new rules also provide a framework for how NYC building owners can mitigate civil penalties associated with noncompliance with LL97.  Penalties will be calculated as the difference between the building emissions limit established for a particular calendar year and the actual emissions reported for such calendar year, multiplied by $268.

If an owner seeks to mitigate a penalty, they must demonstrate DOB’s criteria for mitigating factors with the filed building emissions report.  One mitigating factor DOB will consider is an “unexpected or unforeseeable event” such as a hurricane, flood, or fire. Successful demonstration of an unexpected or unforeseeable event may result in a $0 penalty. 

The other mitigating factor considered by DOB is a showing that “good faith efforts” have been made by the building owner to comply.  The new rules outline what DOB constitutes as “good faith efforts”. 

The owner must demonstrate all of the following:

  • Filed a LL97 building emissions report for the previous calendar year
  • Uploaded benchmarking information (LL84) for the previous calendar year
  • Completed lighting system upgrades and sub-metering requirements (LL88)

Additionally, the owner must demonstrate at least one of the following:

  • Submit a decarbonization plan by May 1, 2025 (discussed further below)
  • Provide evidence of DOB approval for the work necessary to comply
  • Provide evidence that the building is undergoing electrification work
  • Submitted a building emissions report during the 2024-2029 compliance period showing the building was under the limit for such calendar year
  • An owner of a critical facility (e.g. a hospital, dialysis clinic, vaccine manufacturing facility, or other operation critical to human life or safety) shows how payment of the penalty would negative impact the facility’s operations
  • The owner has applied for or been granted an adjustment to the building’s emissions limit

If an owner chooses to mitigate penalties by submission of a decarbonization plan by May 1, 2025, such plan must include:

  • An energy audit
  • An inventory of all heating, cooling, hot water, and electric equipment
  • Description of any work completed since January1, 2013 that resulted in at least 10% emissions reduction as compared to the year prior to work completion
  • A list of proposed alterations and changes to operations and maintenance that will result in net zero carbon emissions by2050 (the removal of a tenant is not a permitted strategy).  The list must include timeline, capital source(s), and estimated emission reductions resulting from the changes.

The decarbonization plan route requires that the work contemplated in the plan be completed within 2 years of submission.  So, if owners are seeking to mitigate penalties for reporting year 2024 which report must be submitted by May 1, 2025, then the decarbonization plan must be implemented and completed by May 1, 2027 and provide compliance for 2024’s emission limit.  Additionally, such decarbonization plan must also show compliance with a building’s 2030 emissions limit by May 1, 2028 and an owner cannot purchase any renewable energy credits (RECs) to comply in 2024-2029. 

Moral of the story:  As we have continuously been advising our audience in the past 4 years, owners need to act swiftly with regards to their LL97 compliance efforts.  The “good faith efforts” outlined by DOB in its latest draft rules confirm such need to move quickly, as most of the criteria require the owner to have begun compliance efforts well in advance of the January 1, 2024 compliance deadline.

If you have any questions regarding any of these new laws and proposals, please contact:

YuhTyng (Tyng) Patka (NYC Tax & Incentives Chair) – 212.692.5532 / ypatka@adstach.com

A Great Business Development/Military Veteran Charity Opportunity! Here’s The Math…

A foursome at Sebonack Country Club in Southampton will be auctioned at the 13th Annual Heroes To Heroes Foundation Golf & Tennis Classic on July 17th (early bidding is available).

This Presents A Huge Business Development Tool And Opportunity For A Business Or Law Firm…

For those unfamiliar, ‘Sebonack Country Club is one of the most exclusive in the world and so, the cost of playing a round is high. Even the initiation fee is very high at $500,000. It’s a private club so if you have the money, you can apply. However, membership is limited and has a long waiting period.’

The course was designed by Jack Nicklaus and Tom Doak, and is currently #38 on the list of Golf Digest’s 100 Greatest Courses!

The minimum bid for this Sebonack foursome that includes lunch and cart (not caddy), and that is fully tax-deductible, is $7,500 ($5,475 effective cost in the combined 27% NYS and Federal combined tax bracket)(some date restrictions exist).

Not an insignificant amount of money, but the reality is that for one of your clients or prospects who is also a golfer, the idea of ever playing Sebonack is more of a bucket list item than one that has the potential of ever becoming a reality!

And, what’s better than spending 4 or 5 hours on a golf course with a (potential) business partner?

Have questions? Like to put in a bid prior to the event on July 17th?

Just let Mike Haltman know at mhaltman@hallmartkabstractllc.com.

Who Is The Heroes To Heroes Foundation?

The Heroes To Heroes Foundation (https://heroestoheroes.org/) is a nondenominational combat veteran 501(c)(3) with a mission of saving vets who return home suffering moral injury, and live at serious risk of death by suicide.

The 18-month program utilizes peer support, spiritual awakening, and reconnection to faith, helping these American heroes to finally open up and begin the process of healing. The end result is that they are ultimately able to live their best lives!

Between program years 1 and 2, Teams go on 10-day journeys to Israel where they visit some of the worlds holiest sites including the Wailing Wall, Stations of the Cross, Yad Vashem and much more.

Evenings are spent as a group in discussion sessions.

Hallmark Abstract Service CEO Michael Haltman has the honor and privilege of serving as the Heroes To Heroes Foundation Board Chair.

The details of the Golf Classic can be found here: https://heroestoheroes.networkforgood.com/events/51238-heroes-to-heroes-14th-annual-golf-outing