The cost of tragedy: How construction accidents are changing the real estate industry

Insurance premiums, legal costs and new regulations make building in NYC riskier than ever

Worth Street following the Feb. 5 crane accident
Worth Street following the Feb. 5 crane accident

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From the October Issue: On a blustery morning in February, the members of a crane crew at a Tribeca construction site could feel the enemy at their backs. By around 8 a.m., wind gusts had picked up to 20 miles per hour. Workers decided it would be wise to lower the crane’s boom, whose red steel neck stretched a towering 565 feet above Worth Street. Sitting at the controls was a 56-year-old union crane operator with nearly 20 years of experience. But what was intended as a slow and careful descent suddenly spiraled out of control. The 330-ton crane toppled onto the street, crashing into a parked car. One pedestrian was instantly killed, while three others were injured. [more]

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