The drone of generators fills the silence of lower Manhattan on a weekday afternoon. A newsstand is open at the corner of Wall and Water streets, its main customers now cleanup crews rather than bankers, lawyers and other financial district office workers.
Such is the scene downtown, where damage from Hurricane Sandy is keeping properties empty more than a week after the storm struck. There are 445 office and residential properties in the area that the city determined may be uninhabitable even while they may have no structural damage. Almost 33 percent of the 101 million square feet (9.4 million square meters) of lower Manhattan office space was out of operation as of Nov. 7, according to brokerage Jones Lang LaSalle Inc.
The New York Daily News is preparing to be out of its offices at 4 New York Plaza for between six months and a year, Bill Holiber, the newspaper’s president and chief executive officer, said in an interview. The newsroom has been relocated to its printing plant in Jersey City, New Jersey.
Credits will also be issued at the W New York Downtown Hotel and Residences at 123 Washington Street, where point guard Jeremy Lin rented an apartment during his time with the National Basketball Association’s New York Knicks, according to Moinian.
Sandy’s surges filled the basement and rose upward into the Hale and Hearty, partially submerging the refrigerated storage case where bowls of salad are usually displayed.
The storm’s effects are temporary and are unlikely to hurt real estate values downtown, said Jones Lang’s Wheeler.