Financial District Office Space Update

In the days after Hurricane Sandy, business came to a halt in Lower Manhattan due to flooded subway lines and power outages from Chelsea down to the piers. Utility crews, transportation workers and city staff have worked around the clock to restore power and subway service to most of Manhattan, although lingering problems still exist. For example, the PATH service connecting Jersey City, Newark, Hoboken, and the World Trade Center reminds under repair due to water damage. The MTA has restored service to many of it’s lines, but several lines remain inaccessible  including the R train between Cortlandt St. and Jay St – Metrotech in Brooklyn. A full map of the current subway operations is available from the MTA as of November 6th, and will be continuous updated as service is restored.

According to the New York Post, approximately 10% of office space in the financial district is currently closed due to flood damage and electrical issues. Peter Riguardi, CEO of Jones Lang LaSalle, estimated between 10 and 15 million square feet of office space is currently not available for use. One notable property is 55 Water St., with over 3.8 million square feet of office space, the city’s largest office tower, which sustained substantial water damage. 400 tradespeople are working around the clock to get the building operational once more, pumping out between 32 and 52 million gallons of ocean water from the first three levels of the building.

However, a week following the hurricane, it is notable that progress is being made. Subway service is being progressively restored, more buildings have power, and more people are getting back to work in an area that looked like a ghost town after the hurricane’s landfall.

We are fortunate to say that our location at 22 Cortlandt St. is operating and excited to welcome our tenants back. And while the hurricane has proven disruptive, the Financial District recovered from a much greater tragedy and came back stronger then before. We hope all our clients are safe after this historic storm, and are thankful to be part of such a resilient city.

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