Sizing up South Street Seaport

The burgeoning neighborhood was slammed by Hurricane Sandy, but brokers say the damage is impacting retail more than residential
By Melissa Dehncke-McGill | January 29, 2013 10:00AM

From the January issue: The South Street Seaport had to forgo its usual stream of shopping bag–toting tourists this holiday season as it continued to recover from the devastation it suffered during Hurricane Sandy. Indeed, while the Pier 17 mall, which juts out onto the East River, has reopened, some of the businesses (along with a bunch of others in the neighborhood) remain shuttered. “For the first time, I think the South Street Seaport may really sink,” Faith Hope Consolo, chairman of Douglas Elliman’s retail group, told the Wall Street Journal in late November. This month, The Real Deal checked in with residential brokers who work in the burgeoning area — which has seen a burst of New Residential Development Since The Fulton Street Fish Market relocated to the Bronx in 2005 — to see how sales and rentals are holding up. [more]