Sandy-ravaged 4 New York Plaza reopens

New York /
Jan.January 29, 2013 10:30 AM

4 New York Plaza, a 1.07-million-square tower that is home to the New York Daily News, has reopened after being battered by Hurricane Sandy, the New York Post reported.

“We are reopening today,” Mark Keller, CEO of tower owner Edge Fund Advisors, told the Post yesterday. Keller praised a CBRE crisis-management team for their ability to quickly restore essential services such as heat and power. Long-term stormproofing measures–which include moving the chillers onto steel frames—are expected to be installed in October, and could cost Edge Fund $50 million. Last spring, Edge Fund, in partnership with an HSBC fund, shelled out $270 million to acquire the building.

Keller noted that tenants were still “apprehensive” about moving back in. In November, Mort Zuckerman, who owns the News, said that he was prepared to house the paper in temporary facilities for up to a year, given that its headquarters were “wiped out” by the storm.

4 New York Plaza’s annual premium in 2011 was about $625,898, but the storm has thrown normal insurance rates into complete disarray, as The Real Deal previously reported. [NYP] —Hiten Samtani


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