Lower Manhattan homes in demand — even after Sandy’s landfall

I think this story is a bit optimistic. If severe weather is going to become a pattern in lower manhattan and other waterfront communities in the boroughs; there may be some negative affects on properties in those locations.
Developers may seek out higher ground for new projects.
Time and the weather forecast will tell.

Lower Manhattan homes in demand — even after Sandy’s landfall

 

From left: Jonathan Miller, Gary Malin and Michelle Bourgeois

Hurricane Sandy hasn’t lessened the demand for Lower Manhattan residential properties, the New York Observer reported. Though it’s early to say what effect the storm will have on the Manhattan market as a whole and a slew of Lower Manhattan properties are still pumping out flood water from two weeks ago, showings and closings have not slowed down since Sandy passed through.
Even the day of the storm, as winds howled, Town salesperson Michelle Bourgeois helped close a deal on a Tribeca apartment — located in Zone B — for two clients. She even got both attorneys and found an open bank to finalize the deal.
“With the lack of inventory downtown, there’s a huge demand for properties of that size in great condition,” Bourgeois told the Observer. “When you get one that you love, well, you don’t want to risk losing it.”
According to Hall Willkie, a broker at Brown Harris Stevens, the storm will not have a general impact on overall downtown property values. “It may affect specific homes within buildings or locations which were severely damaged by the storm but not on the long term market as a whole,” he told the paper in an email.
Appraiser Jonathan Miller said the waterfront remains a strong selling point. But he said he expects a change for lending — with tight credit, a mortgage for an apartment located in a flood zone could sink the deal. [NYO] — Zachary Kussin

Tags: hall willkie, Hurricane Sandy, jonathan miller, lower manhattan, michelle bourgeois

 

http://therealdeal.com/blog/2012/11/13/lower-manhattan-homes-in-demand-even-after-storm/

Landlords, brokers reach out to storm victims

 

Stuy-Town will not charge rent in the days its buildings were without basic services. Stonehenge Partners is offering short-term leases, and some brokers are waiving their fees

Read more: http://www.crainsnewyork.com/article/20121108/REAL_ESTATE/121109901#ixzz2BkTDsfbw

Sandy's Aftermath

First and foremost, my heart goes out to all the people of New York City, New Jersey and the rest of the Eastern seaboard affected by Sandy.
I was fortunate to get through it unscathed. I've looked at my block and don't see any downed trees or damage. A tree is down in my neighbors back yard and is leaning on the cable TV wires. I hope I don't loose my Internet, although I don't think I will get much work done anyway! Despite that yesterday evening, during the height of the storm, I received an email from someone inquiring about an appointment! Very insensitive in my opinion; however this person needs to move immediately! *Blank stare at my computer screen*
There is no public transportation at all. Half of the City is without power. Schools are closed. Airports are closed. The New York Stock Exchange is closed and most of lower Manhattan and parts of Brooklyn, including Red Hook, Gowanus, and Dumbo were submerged in water.
You can help out by texting the word REDCROSS to 90999 to make a $10 donation.

Links: http://www.brownstoner.com/blog/2012/10/brooklyn-floods-loses-power-in-hurricane-sandy/

http://www.youtube.com/watch?v=7nype_jd_ZA&feature=youtu.be

http://www.nytimes.com/interactive/2012/10/30/nyregion/hurricane-sandys-aftermath.html

http://www.thedailybeast.com/articles/2012/10/30/hurricane-sandy-brings-havoc-to-alphabet-city.html

Post 9/11 - Financial District thriving 10 years later

Looking at Lower Manhattan ten years after Sept. 11 attacks

August 11, 2011 10:00AM

Ariel view of Lower Manhattan

Lower Manhattan is one of the fastest-growing neighborhoods in the city, the Wall Street Journal reported. Once considered a purely commercial district, abandoned come closing time, some 56,000 people now live south of Chambers Street, double the number of residents than in 2001.

"After Sept. 11, downtown became a residential community," said Tom Goodkind, a 22-year resident of Battery Park City. "It was odd."
READ FULL STORY HERE:  http://therealdeal.com/newyork/articles/lower-manhattan-went-residential-after-sept-11-according-to-report-from-the-alliance-for-downtown-new-york