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Hurricane Sandy’s Impact on Real Estate Developers

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    Thor Equities President Joe Sitt on Hurricane Sandy’s impact on his properties.

  • Duration 4:01
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Analyst okay so that said we may have to interrupt this next interview but we need to get it to you look at these images like these in lower Manhattan back.

They are disturbing for just about anybody but imagine if you owned.

Lots of property in the area we've got somebody who does not to mention property in Coney Island and Brooklyn.

Joseph is the president of Thor equities with thousands and thousands of square footage of real estate in the hardest hit areas and by the way -- you just tried.

To get in on that the Brooklyn Bridge they tried to keep you from coming.

Because now this is kicking in folks and you heard this earlier and now it has started Mayor Bloomberg says no more cars with just one person -- about how to get across.

-- and -- visit fox business.

And the part of the Red -- happen all right we're glad you made it thank you very much but again that's something for you to know that the Brooklyn Bridge is now only allowing people cross with.

More than a couple people in the car.

Coney Island holdings you've got property there that's where the big -- -- -- the Red -- -- the IKEA -- there you got luxury residential towers and granite from Greenwich street.

What is happening what's the status of your properties.

All over the city.

There's pain but the pain is especially if concentrated in two areas one what do fund -- for example we've got properties long Red Hook.

Coney Island and of course the -- Manhattan on Greenwich.

460 unit development had to be vacated people have to find hotel rooms for 460.

Families.

-- quite challenging and then you've got still 50% of New York City off no email no lights no office space.

It's a bit of bedlam in the -- part of Manhattan and -- have you -- not toward your properties yes of visiting every single -- what's the worst -- that you -- and what does it look like describe it actually the worst -- we made -- -- the Garcia a development down on the Jersey Shore and I sort of literally wiped out along with.

Long branch which -- long -- -- action in Jersey that was.

Even worse than what we've seen here in New York I think -- to that is in the Wall Street area the amount of flooding.

On Coney Island was literally -- -- water and then last but not least wasn't -- but one of my fellow developers had according to -- on 57 street on the floor there.

On and he's effect that just hung up with about two minutes ago that they'll just call 157 wants -- -- the tallest residential you know our new Gary's got quite a challenge there they've got to figure out how to.

Get the boom down if they can and then of course get one to back up or what they might do was chop it into little pieces -- -- She's I don't know if you pictures of that Crane but the fact is that the -- is just -- in.

Midtown Manhattan and I I I know it's not your property but you haven't spoken to Gary who who is -- owner of that property.

I heard that they were gonna to build another Crane that's ninety stories high -- take down the other one.

That's if they go well it depends on when they do the easier or tougher -- One the other alternatives is cutting into pieces and pulling in structures inside Gary an excellent to be what I think is one of the best developers and New York City.

So if anybody can handle it it's Gary Barnett.

What -- that I mean if you were were.

Building the building -- -- -- -- future king were coming would you have taken -- -- is that is that not logistically possible not logistically it would have literally taken over a month.

I'll do it they had engineers visit the site they did the wise thing which is -- in the flex positioned to allow the play.

On similar what they did at the World Trade Center site but even -- -- spite of the -- here the the Crane.

Literally the metal snapped on the building you seem remarkably calm despite the fact that you at least on the Jersey Shore have one property as I understand -- that's destroyed.

What's going on her mind right now that's more than there it's lower Manhattan and it's Coney Island.

You know -- -- how does that work.

If -- panic.

I think that then Mike -- panic.

We actually up corporate office on thirty ninth street we have no power so -- -- real literally relocating hundreds of people throughout Manhattan.

And still believe there's got to stay calm the biggest thing is dealing with the challenges how to get generated its knowingly shipping in -- from Florida and.

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