In any kind of “normal” flood, water would never reach 80 PineSt., a 39-story tower two blocks inland from the lower Manhattanwaterfront, landlord William Rudin said.

Last night, his Rudin Management Co. was pumping out thebasement, and he was grateful the building manager and engineerweren't seriously hurt when water poured in as they were shuttingdown steam lines and checking equipment.

“They were in a very precarious position on Monday night,” Rudinsaid in a telephone interview. “They're lucky they're alive. Quickthinking by a couple of their associates saved their lives. Sowe're very thankful.”

Now owners such as Rudin are dealing with the aftermath of theAtlantic storm Sandy, which triggered flooding on Oct. 29 that wasanything but normal in lower Manhattan and may have put somebuildings home to Wall Street firms out of commission for weeks.Landlords are draining basements and determining what it will taketo get vital systems for electricity and steam back in service.Among the companies facing possible delays returning to theiroffices are Morgan Stanley and American International GroupInc.

The tower at 80 Pine is one of two of Rudin's buildings thatflooded, he said. The other is 110 Wall St. Tenants at 80 Pineinclude law firm Cahill Gordon & Reindel LLP, and TullettPrebon Americas Corp., a unit of the London-based inter-brokerdealer, according to data from CoStar Group Inc., a Washington-based firm that tracks commercial-property leasing.

Tenants at 110 Wall include First Investors Management Co.,which offers mutual funds and other financial products, and M.R.Beal & Co., an investment bank.

“Depending on the systems affected, we're talking weeks, notdays,” said Jim Rosenbluth, managing director for crisis managementat Cushman & Wakefield Inc., which manages about 15 millionsquare feet (1.4 million square meters) of properties in downtownManhattan. “My assessment is those buildings can't be used, becauseyou have to have all the basic building services up and running tomake the building habitable.”

Buildings along or near Water Street, which runs from BatteryPark on the lower end of the island past Wall Street to FultonStreet, bore the brunt of the record 14-foot (4.3-meter) surge thatinundated lower Manhattan in Monday's storm, Rosenbluth said. Manylarge financial firms have offices in that area.

The building at 180 Maiden Lane, which houses AIG'sheadquarters, suffered “heavy flooding,” co-landlord SL GreenRealty Corp. said yesterday in a statement. Engineers and otherworkers are removing water and seeking to restore operating systemsas soon as they can, the company said.

Necessary Assessments

That 1.1 million-square-foot building is just across the FDRDrive from the East River, a block east of 80 Pine.

Rick Matthews, a spokesman for New York-based SL Green, wouldn'tcomment beyond the statement. Jim Ankner, an AIG spokesman, saidthe company had initiated “business continuity plans” so it canserve customers.

The water must be pumped out before the damage to buildingequipment can be assessed, Rosenbluth said, speaking in general.Cushman doesn't service 180 Maiden.

“Once that is done, and a visual assessment can be made,obviously everything has to be washed down to get the salt off, andthen those spaces have to be dried out,” he said. “And then acomprehensive assessment of the electric and mechanical systems inthose buildings has to be done.”

The city Department of Buildings will determine when thebuildings can reopen, Rosenbluth said. Calls and e-mails to TonySclafani, a department spokesman, weren't returned.

The department will be inspecting all structures throughout thecity that lie in “Zone A,” its designation for the areas mostvulnerable to flood, Mayor Michael Bloomberg said at a pressconference yesterday. Safe buildings will get a green tag, thosethat are partially safe will be assigned a yellow tag andstructures not ready for occupancy will get a red tag. Largebuilding owners can self-certify if city engineers approve, themayor said.

The mayor is founder and majority owner of Bloomberg LP, theparent of Bloomberg News.

Workers at Morgan Stanley's offices at 1 New York Plaza arewaiting to hear when they can return, a person with knowledge ofthe situation said. The company may face an extended absence therebecause salt water got into the basement where operating systemsare located, said the person, who asked to be identified becausethe information was private.

Matt Burkhard, a Morgan Stanley spokesman, declined tocomment.

Brookfield Office Properties, which owns the 2.6million-square-foot skyscraper near the foot of Manhattan, said ina statement that flooding took place in the building'ssublevels.

“Water removal “is substantially under way, and Brookfield istaking all necessary steps to bring 1 New York Plaza online asquickly as possible,” the company said in a statement e- mailed byAndrew Willis, a spokesman for Brookfield's parent company,Toronto-based Brookfield Asset Management Inc.

Silverstein Building

Brookfield is lower Manhattan's largest office landlord.

The 8 million-square-foot World Financial Center, the company'slargest New York property, suffered only “limited collateraldamage,” according to the statement. Power has already beenrestored at the four-building complex, the company said.

At the World Trade Center site, water got into the lowestsub-basement of 4 World Trade Center, said a person with knowledgeof that property, which is under construction by SilversteinProperties Inc. The building's mechanical equipment wasn't damagedbecause they are on a level above the sub-basement, which is 80feet below the street, said the person, who declined to beidentified because the information is private.

Removal of the water is “well under way,” Silverstein Propertiessaid in a statement e-mailed by spokesman Bud Perrone. Four WorldTrade remains on track for completion next year, the companysaid.

In a city where 6,300 people remained in shelters as ofyesterday and the subway service to lower Manhattan remainssuspended, getting downtown's towers back in service is a prioritycompeting with others, said Thomas Scarangello, chief executiveofficer of Thornton Tomasetti, an engineering firm which is helpinglandlords and insurers assess the damage.

“Everyone understands the enormity and the basic challenges,” hesaid. “Till the water's gone and you see the issues that have to beaddressed, it's hard to put a timeline on any of it.”

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