The Real Deal New York

Cuomo offers financial aid to those picking up after Chelsea bombing

Gov. plans to give grants to cover gaps in insurance
September 27, 2016 09:37AM

131 West 23rd Street and Andrew Cuomo

131 West 23rd Street and Andrew Cuomo

The governor’s office plans to step in and help residents and business owners affected by the explosion on 23rd Street in Chelsea where their insurance falls short.

Staffers from the state Department of Financial Services worked out of a van last week helping locals file insurance claims and apply for state grants, Crain’s reported.

It’s unlikely, however, that the state will have to pay for property damage, as federal law requires property insurance to cover claims for damages related to terrorism up to $5 million. That, and damage from the Sept. 17 pressure cooker bomb blast outside 131 West 23rd Street wasn’t extensive, as The Real Deal previously reported.

Still, the move by Gov. Andrew Cuomo could set a precedent.

E.J. McMahon of the good-government group Empire Center said the promise of grants appeared “impulsive.”

“I just don’t know, if you ever had to, God forbid, deal with something on a much bigger scale – how you could possibly afford it?” he said.

The state had previously lent a hand to retailers after September 11, 2001 and storms Lee and Irene. [Crain’s]Rich Bockmann