Post-Tropical Storm Sandy
One New York Plaza is officially open again – as of this past Saturday – following a shutdown due to tropical storm Sandy. Building owner, Brookfield Office Properties, said that the company has property, casualty and flood insurance and anticipates full coverage of losses. “The storm will have no material financial impact on the company,” the firm said as part of a release.
Hurricane Sandy caused a surge that increased ocean water levels and flooded numerous coastal areas of New York City, including the southern tip of Manhattan where One New York Plaza is located.
“Brookfield’s property operations and maintenance personnel removed all water, restored services and prepared the building for the safe return of tenants,” a Brookfield spokesperson said.
With some of the largest commercial real estate deals happening right here in our own back yard, it’s no surprise that New York is home to a bevy of law firms with real estate departments vying for a piece of that action.
Leases, sales, land use and loans are all the beginning for many of these firms, whose New York offices can be the nerve center for a lot of their worldwide real estate practices.
The Commercial Observer touched base with some of them to get an idea of how real estate fits in to the overall picture in terms of metrics. Though some weren’t included because they didn’t respond in time, the numbers for those that did show some firms surviving on New York real estate alone while others—large and small—devote a big percentage of their firm-wide workforce to the area.