Nearly two weeks after superstorm Sandy slammed into the New
York region, about a third of the city's financial district remains crippled, with
no quick fixes in sight, the WSJ reports..
As life in much of the rest of Manhattan returns to normal, dozens of
downtown office and apartment buildings remain dark, stores and restaurants are
empty and the few signs of life on the streets are repair workers and the hum
of generators and water pumps.
About 40 buildings, with about one-third of the district's
100 million square feet of office space, were closed as of Friday, according to
Jones Lang LaSalle, a real-estate brokerage. The businesses that
have had to relocate operations reads like a who's-who list in the world of
Wall Street, including law firm Sullivan & Cromwell LLP, brokerage firm Morgan
Stanley and insurance giant American International Group. Some experts estimate that the cost to property owners of
repairing damaged office buildings will be $5 million to $30 million each.
Landlords of office buildings, retailers, restaurateurs and other small businesses
also are suffering tens of millions of dollars in lost business and rent…..
More? Check out the
coverage at http://online.wsj.com/article/SB10001424127887324073504578109284069357780.html?mod=WSJ_business_whatsNews
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