Irene barely affects NYC commercial real estate industry

TRD New York /
Aug.August 29, 2011 04:46 PM

Now that Hurricane Irene has come and gone, commercial real estate firms across the city have been assessing the damage to their portfolio, and according to Crain’s, most have come away relatively unscathed.

For example, the city’s largest commercial landlord, SL Green, said there were only minor leaks across some of its 36 buildings. “We had nothing that even rises to the level of an insurance claim,” said Elizabeth Majkowski, senior vice president of operations at the firm.

At the city’s highest profile construction site, the World Trade Center, there was no damage to any of the 225 trees surrounding the memorial, and limited flooding in the basement of One World Trade Center, where construction has already resumed. Ultimately, New York City took all necessary precautions before the hurricane, which helped limit damage, according to Crain’s. As The Real Deal reported before the storm hit, experts felt the city’s skyskrapers were unlikely to be endangered by the wind and rain, although at least one architect consultant was concerned how flying debris might have affected the glass facade of newly built towers. [Crain’s]


Related Articles

arrow_forward_ios
The Daily News Building at 220 East 42nd Street and SL Green CEO Marc Holliday (Credit: Getty Images)

SL Green puts Daily News building up for sale

SL Green puts Daily News building up for sale
SL Green snags private-equity firm at One Vanderbilt

SL Green snags private-equity firm at
One Vanderbilt

SL Green snags private-equity firm at
One Vanderbilt
SL Green’s locks in big bank lease at Hudson Yards redevelopment site

SL Green’s locks in big bank lease at
Hudson Yards redevelopment site

SL Green’s locks in big bank lease at
Hudson Yards redevelopment site
One Vanderbilt with Steven Durels and Robert Schiffer (SL Green)

Inside SL Green’s One Vanderbilt, a test case for Midtown East

Inside SL Green’s One Vanderbilt, a test case for Midtown East
Restaurant owner Daniel Humm and Eleven Madison Park (Getty, Google Maps, City Foodsters via Wikipedia)

Eleven Madison Park works out deal with landlord to reopen

Eleven Madison Park works out deal with landlord to reopen
410 Tenth Avenue with SL Green’s Andrew Mathias and Marc Holliday (Google Maps; SL Green)

SL Green gets $600M construction loan for 410 Tenth Avenue

SL Green gets $600M construction loan for 410 Tenth Avenue
From left: Parking garages at 81 Fleet Place, 240 Riverside Boulevard and 1515 Broadway (Google Maps, iStock)

Landlords claim parking garages owe $7.5M

Landlords claim parking garages owe $7.5M
SL Green CEO Marc Holliday, 590 Fifth Avenue and Thor Equities CEO Joseph Sitt (Holliday via Grant Lamos IV/Getty Images; Google Maps)

SL Green moves to foreclose on Thor’s 590 Fifth Ave

SL Green moves to foreclose on Thor’s 590 Fifth Ave
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...