After Sandy, buildings flood city’s most vulnerable neighborhoods

12K new apartments are in most serious flood zones

New York /
Jul.July 06, 2018 10:01 AM

New York City flood zones illustration (Credit: Google Maps and Pixabay)

Despite the lessons of Hurricane Sandy, developers continue to build in the city’s most flood-prone areas.

About 12,350 of new apartments under construction or planned as of January are located within the city’s most serious flood zones, according to Localize.city. A majority of these projects — 45 — are located in southern Brooklyn in Coney Island, Brighton Beach and Gravesend, the New York Times reported. Hunters Point in Queens, which is located in a high-risk zone, increased its population 90 percent from 2010 to 2016, jumping from 3,979 households to 7,553.

The worst flood zone is known as the 100-year flood plain, which means it has a 1 percent chance of flooding any given year. In the life of a 30-year mortgage, that translates to a 26 percent chance of at least one flood.

While individual buildings have incorporated flood protection measures — like moving mechanical equipment to a higher floor — it’s not clear whether the surrounding neighborhoods will be able to weather such storms.

“I think we have short-term memory,” said Patrick W. Smith, an agent with Stribling & Associates, who lives and works in Long Island City. “Home buyers still ask about the flood zone, but it hasn’t stopped anyone from buying.”

Older homes in flood-risk zones could face a significant spike in insurance rates once the new FEMA map is approved. Rates for some homeowners could jump from $400 to $4,000, said Zachary Paganini, a student at the Graduate Center of the City University of New York.

The Real Deal previously dove into the dangers of building in neighborhoods most vulnerable to rising sea levels and Sandy-caliber storms. [NYT] — Kathryn Brenzel


Related Articles

arrow_forward_ios
(Illustration by The Real Deal with Getty)
TRD Pro: Is homebuilding really down?
TRD Pro: Is homebuilding really down?
2801 Riverton Road in Cinnaminson, NJ (Redfin, Getty)
Mansion listed for $25M sets South Jersey record
Mansion listed for $25M sets South Jersey record
The Blue Man group and Astor Place Theater (Getty, Google Maps)
New Yorkers increasingly living above where they work
New Yorkers increasingly living above where they work
Connecticut Governor Ned Lamont (Registered Citizen, Getty)
Half of Section 8 vouchers have gone unused in Connecticut
Half of Section 8 vouchers have gone unused in Connecticut
Clint Eastwood and The Ranch at Fisher Creek (Getty, Engel & Völkers Vancouver/Sona Visual)
“Unforgiven” ranch listed for $19.2M
“Unforgiven” ranch listed for $19.2M
Denny Hamlin, Dale Earnhardt Jr., and Ricky Stenhouse with 355 Pelham Lane (Getty, Corcoran HM Properties)
The NASCAR effect: How racers turned Lake Norman into trophy home heaven
The NASCAR effect: How racers turned Lake Norman into trophy home heaven
From left: Fannie Mae's Hugh Frater and Freddie Mac's Michael DeVito
Government to back home loans over $1M
Government to back home loans over $1M
(Getty/Illustration by The Real Deal)
TRD Pro: 7% mortgage rates are not so bad
TRD Pro: 7% mortgage rates are not so bad
arrow_forward_ios

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

Loading...