The Real Deal New York

Category: Hurricane Sandy

  • south-street-seaport

    Rendering of South Street Seaport

    One year after Hurricane Sandy ravaged the East Coast, residents, landlords, businesses and the government are still picking up the pieces. While some remain homeless, others see hope, as commercial leasing rebounds in Lower Manhattan and Howard Hughes Corp. breaks ground on the redevelopment of the South Street Seaport’s Pier 17. On Sandy’s anniversary, The Real Deal took a look at issues still plaguing the industry, from faltering infrastructure, to dune restoration, to spiking flood insurance to the notorious crane that dangled from Extell Development’s One57 skyscraper. [more]

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  • Hurricane Sandy makes landfall

    When Hurricane Sandy hit New York City, real estate watchers could hardly discern what kind of lasting impact it would have on the residential market. A year later, it’s clear that waterfront Manhattan sales and rentals bounced back quickly, while parts of the outer boroughs are still suffering from sluggish trades, according to a new report by real estate listings database StreetEasy. [more]

  • Rockaways properties in the immediate aftermath of Hurricane Sandy

    Rockaways properties in the immediate aftermath of Hurricane Sandy

    Homeowners in Sandy-affected areas, already plagued by a host of problems, may soon be adding foreclosure to their long list of woes. [more]

  • Lower Manhattan

    Lower Manhattan

    One year after Hurricane Sandy ravaged Lower Manhattan, the area has mostly recovered, or so claims a new report from local advocacy group the Downtown Alliance. All sectors of the real estate market – office, residential and retail – have been steadily improving over the year, and have shown impressive gains in the last quarter, the report says. [more]

  • Senator Charles Schumer

    Senator Charles Schumer

    About $6.3 billion in Hurricane Sandy-related federal aid will be directed to New York State in 2014, Senator Charles Schumer said Sunday, with $1.4 billion of the money going directly to homeowners hit by the storm.

    “The spigot is open and money is beginning to flow,” Schumer said at a press conference in Battery Park. “Homeowners will feel much better.” [more]

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  • Bishops Avenue in London, also known as Billionaires Row

    Bishops Avenue in London, also known as Billionaires Row

    9/11 responders help rebuild Sandy-ravaged homes. London’s Billionaires Row development site hits market after bank seizure. Google builds floating office in San Francisco without proper permits.

  • Storm damage in the Rockaways

    Storm damage in the Rockaways

    Contractor fraud has been rampant in the wake of Hurricane Sandy, with the city’s Department of Consumer Affairs having received 600 complaints about contractors since the storm struck.

    In some home-repair cases, licensed contractors were making inflated estimates, getting paid and then abandoning the projects before completion, according to lawyers and advocates working with storm victims. In others, unlicensed contractors would accept a payment for a project and then flee. As a result, many storm victims are living in partially repaired homes or have uninhabitable homes, a full year after the storm. [more]

  • The streets of Red Hook, Brooklyn, flooded after Hurricane Sandy

    The streets of Red Hook, Brooklyn, flooded after Hurricane Sandy

    On the first anniversary of Hurricane Sandy more than 200 people displaced by the storm are still living in shelters, in temporary housing or with friends. Most are waiting for the Bloomberg administration to approve a two-year housing voucher that would assist them with rent. [more]

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  • Eric Schneiderman and Hurricane Sandy flooding

    Eric Schneiderman and Hurricane Sandy flooding

    New York State Attorney General Eric Schneiderman said Thursday that his office would be vigilant in ensuring that about $575 million in Hurricane Sandy aid would reach victims and be spent appropriately.

    “We have been dogged about making sure that when they raise money and tell the world they are going to spend it on Sandy recovery, they in fact spend it on Sandy recovery,” Schneiderman said, speaking at a shuttered Long Island home. [more]

  • Holiday Inn Express at 625 Union Street

    Holiday Inn Express at 625 Union Street

    A Holiday Inn Express hotel in Gowanus, Brooklyn that exploited guests who were displaced during Hurricane Sandy by more than doubling room rates during the storm was fined $25,000 for price-gouging.

    Though rates at the hotel at 625 Union Street  range from $155 to $177 per night, the Holiday Inn charged guests over $400 a night immediately following the storm, which left thousands of New Yorkers homeless or stranded, according to New York Attorney General Eric Schneiderman. [more]

  • 55 Water Street

    55 Water Street (center)

    Supply chain management company GT Nexus is the latest tenant to ink a deal at 55 Water Street in Lower Manhattan, scoring a 35,000-square-foot spread on the building’s 31st floor. [more]

  • Aerial view of Sandy-damaged Breezy Point

    Aerial view of Sandy-damaged Breezy Point

    Of the $648 million promised to New York City by the federal government for Hurricane Sandy-related repairs and prevention, only one person has actually received aid thus far. [more]

  • A storm-damaged home in the Rockaways

    Hurricane Sandy’s devastation has created an uptick in demand for many day laborers — a largely immigrant work force, the New York Times reported. Their work, which can range from carrying damaged items from flooded basements to installing new flooring in storm-battered homes, has been a boon in a time when demolition and construction services have been slow. [more]

  • City defends its Rapid Repairs program

    December 27, 2012 11:00AM

    From left: Marc La Vorgna, Mayor Bloomberg and a storm-battered home in Queens

    Amid unprecedented demand for repair services and a shortage of electricians, Mayor Michael Bloomberg’s press secretary, Marc La Vorgna, defended the city’s efforts in its Rapid Repairs program, NY1 reported. Dubbed NYC Rapid Repairs, the program was established in the wake of Hurricane Sandy to provide free emergency repairs, including fixes to heat, power, hot water and other services, to affected property owners. [more]

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  • The Battery Park City turf (credit: DNAinfo)

    A plot of artificial turf ball field located in Battery Park City, which sustained serious flooding during Hurricane Sandy, will have to be replaced entirely, the Broadsheet Daily reported. As of yet, there is no estimate available regarding funding or the time needed to reconstruct the area, located on the West Side Highway between Murray and Warren streets. [more]

  • The City Council has proposed anti-flooding legislation that affects requirements for new and renovated buildings, in an effort to buttress New York’s ability to weather future “superstorms” such as Hurricane Sandy, Crain’s reported. [more]

  • Lower Manhattan

    Showing steady signs of progress, 12.4 percent of office space below Canal Street remains closed six weeks after Hurricane Sandy made landfall, according to Jones Lang LaSalle tallies.

    Out of 183 Class A and B properties, 15 are still shuttered — accounting for some 12.6 million square feet. The total inventory in the neighborhood ticks in at 101.2 million square feet. [more]

  • The One57 crane and Mayor Bloomberg

    Mayor Michael Bloomberg appears to have changed his mind about skyscraper damage resulting from wind-related incidents, the New York Observer reported. Last month’s infamous One57’s dangling crane reminded the Observer of when April 2004’s freakish wind storms dislodged constructions material from the then-unfinished Time Warner Center.

    Back in 2004, Bloomberg ordered work to be stopped immediately at Time Warner Center and reportedly chastised the developer. As previously reported, after the One57 crane collapsed, Bloomberg defended the Extell project and its developer, Gary Barnett. [more]

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  • From left: Mayor Bloomberg and storm damage in the Rockaways

    During a major speech today about Hurricane Sandy’s aftermath, Mayor Michael Bloomberg reiterated his commitment to waterfront development, but said that the parts of the city most vulnerable to storm damage must undergo a “climate risk assessment” before new development takes place.

    “We are not going to leave the Rockaways or Coney Island or Staten Island’s South Shore,” Bloomberg said. But we can’t just rebuild what was there and hope for the best. We have to build smarter and stronger and more sustainably.” [more]

  • From left: Storm-damaged homes and Ron Moelis of L+M

    A new deal between private landlords and city officials gives Sandy victims priority placement for roughly 2,500 vacant units across the city, the Wall Street Journal reported. This deal comes in an effort to alleviate a housing crisis that the storm, which made landfall in late October, created.

    Negotiations for the deal — details on the length of leases and what would make tenants qualify — lasted nearly a month. Some city landlords have agreed to let tenants break their leases without penalty. [more]