Building requirements for better flood protections have presented owners and managers of more than 1,500 buildings with 90,000 units of public, subsidized or rent-stabilized housing with a dilemma: either pay high insurance premiums or pay high costs to lower them, according to a report called “The Price of Resilience: Can Multifamily Afford to Adapt?” released Wednesday by the NYU Furman Center.
The real estate and planning policy research organization collaborated with industry leaders, nonprofit organizations and government officials to explore the complex obligations that can leave many owners with no way to pay the bills besides switching to market-rate as they grapple with requirements crafted for single-family homes.
It could be up to a year before the New York Daily News and U.S. News & World Report are allowed back into their 4 New York Plaza headquarters, which were “wiped out” by Hurricane Sandy, Mortimer B. Zuckerman said today.
Like many companies in Lower Manhattan, both publications were forced to relocate after 11-foot tidal surges caused flooding and electrical outages in the area.
“We have just leased some other space for nine months to a year just to make sure that we can keep the magazine and the newspaper going,” the chairman of Boston Properties said at the Observer Media Group‘s Masters of Real Estate conference. “We suffered dramatically on the publishing side because the U.S. News and the Daily News offices were at the southernmost part of Manhattan and their offices were just destroyed.”