Morgan Stanley, AIG Face Weeks Without Lower NYC Offices

Morgan Stanley HQ

In any kind of 'normal' flood, water would never reach 80 Pine St., a 39-story tower two blocks inland from the lower Manhattan waterfront, landlord William Rudin said.

Bloomberg reports that Wednesday night, his Rudin Management Co. was pumping out the basement, and he was grateful the building manager and engineer weren’t seriously hurt when water poured in as they were shutting down steam lines and checking equipment.

'They were in a very precarious position on Monday night', Rudin said in a telephone interview. 'They’re lucky they’re alive. Quick thinking by a couple of their associates saved their lives. So we’re very thankful'.

Now owners such as Rudin are dealing with the aftermath of the Atlantic storm Sandy, which triggered flooding on October 29th that was anything but normal in lower Manhattan and may have put some buildings home to Wall Street firms out of commission for weeks. Landlords are draining basements and determining what it will take to get vital systems for electricity and steam back inservice. Among the companies facing possible delays returning to their offices are Morgan Stanley and American International Group Inc. (AIG)

The tower at 80 Pine is one of two of Rudin’s buildings that flooded, he said. The other is 110 Wall St. Tenants at 80 Pine include law firm Cahill Gordon & Reindel LLP, and Tullett Prebon Americas Corp., a unit of the London-based inter-broker dealer, according to data from CoStar Group Inc. (CSGP), a Washington-based firm that tracks commercial-property leasing.

Hit the link below to access the complete Bloomberg article:

Morgan Stanley, AIG Face Weeks Without Lower NYC Offices

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