The Big City Slowly Recovering After Superstorm Sandy

The Big City, Slowly Recovering After The Devastating Sandy

Few had thought it would take quite so long to fully restore and recover the dimmed lights of the famed skyline of New York City's Financial District.

When Sandy hit, Water Street was more water than street. Nearly three weeks later, many of the flooded office towers that line the street as it skirts the East River toward the harbor at Manhattan's southernmost tip remain closed.

Yellow caution tape still decks the doors to darkened, filthy lobbies. Replaced by a handful of clean-up workers and security officers, the usual crowds of suited office workers have vanished from the sidewalks.

"It's definitely a hiccup in our revenue and a disruption of our ongoing business operations," said Lou Colasuonno, a senior managing director of FTI Strategic Communications, a PR firm specializing in crisis management.

He and about 90 other employees who usually work in a building near Water Street have had to leave to another office owned by the firm in Midtown Manhattan. Many displaced firms have improvised in similar ways, by dispersing employees to other premises, renting temporary office space and encouraging employees to work remotely with their laptops and cellphones.

Despite the squeeze, Colasuonno said he was making the most of seeing colleagues he might normally only on email. Echoing others, he also pointed out that the Financial District weathered a far graver disaster in the 2001 World Trade Center attacks.

"It's going to take more than a couple of feet of water to chase New Yorkers out of Manhattan," Colasuonno said of the record-breaking surges caused by Sandy.

A number of Wall Street institutions, including the New York Stock Exchange and some major banking firms, were able to resume business as soon as power was restored after the October 29 storm.

But many buildings in low-lying areas suffered longer-lasting damage to electrical and heating infrastructure. A report earlier this week from commercial real estate firm Jones Lang LaSalles howed about 30 percent of the area's rentable office space still was closed because of the storm.

Posted by James Fried on Tuesday November 20 2012, 3:44 AM EST. Ref: CNN. All trademarks acknowledged. Filed under Featured News, World. Comments and Trackbacks closed. Follow responses: RSS 2.0