On New York Business Disruption of Hurricane Sandy

As Hurricane Sandy disrupts business activity across the nation, professionals located in the heart of New York City are especially feeling the impact close to home and work.

New York—As Hurricane Sandy disrupts business activity across the nation, professionals located in the heart of New York City are especially feeling the impact close to home and work. In the wake of Hurricane Sandy, James Wacht, president of the New York City office of Lee & Associates, a broker-owned commercial real estate firm, has issued the following statement regarding the current and immediate impacts of Hurricane Sandy as well as the city’s buoyancy and economic resilience during natural disasters.

“New York City is experiencing a substantial disruption to business as a result of Hurricane Sandy. All of Lower Manhattan—from 39th Street south—is without power. A wide swath of 57th Street (Midtown) is closed because of a precariously dangling collapsed crane. Commuters from the outer boroughs and suburbs are unable to get into the City. All mass transportation has been shut down, including subways, buses, and trains, and all bridges and tunnels in and out of the City have been closed, with only a few now beginning to open. The City was an eerie ghost town by Sunday evening and all business stopped on Monday. Updates from Mayor Bloomberg and the MTA say it likely will be several days before subway and bus service resumes. Without train and subway service, hundreds of thousands of employees will be unable to get to work. Even those in Manhattan who can walk are advised to give it another day. But we New Yorkers are a hardy and undaunted lot. And our City is well-equipped to deal with natural and man-made disasters. We will get through this—as we have every other disaster—and be back in business soon. Already today, just a few hours after the storm has passed, more people are on the streets, more restaurants have re-opened, and the general feeling is that the worst is over. Even though many of my employees have been unable to get into the office for the past few days, they are conducting business from their homes and moving forward. New York is a great city and our people—at Lee and throughout the City—continue to prove it every day, especially when the going gets rough.”

 

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