Crain's New York - November 5, 2012 - (Page 1)
CRAIN’S
NEW YORK BUSINESS
®
VOL. XXVIII, NO. 45 WWW.CRAINSNEWYORK.COM
HUNDREDS OF WARHOLS ON THE BLOCK Inside Christie’s auction action P. 25
NOVEMBER 5-11, 2012 PRICE: $3.00
ECONOMY
Sandy’s impact
Storm erodes idea that the waterfront is NYC’s great path to future growth
BY ANNIE KARNI AND AARON ELSTEIN
After 9/11, the Partnership for New York City, a business group made up of the city’s largest private-sector employers, commissioned seven consulting firms to calculate the disaster’s economic impact. Altogether, the loss of life, property, economic activity and revenue, as well as the public cost to the government for cleanup, tallied $83 billion, according to the Partnership’s study. Today, the city is recovering from a very different disaster, but one that could ultimately exact an even greater toll. “The impact of the storm is going to be longer and measured over a period of time, but it could be more significant in terms of the overall economic impact,” said Partnership Chief Executive Kathy Wylde. “In the short term, the impact will be less than 9/11, but the mid- to long term could be greater.” Beyond the immediate impact of property damage, lost business and tax revenue, Hurricane Sandy raises questions about investment in the city’s most promising development site: its 520 miles of waterfront. A major future cost to the city, according to political and business leaders, will be making sure the waterfront still becomes New York’s economic-development engine—a place where people in every borough want to live and work and invest, and which insurers want to insure. See SANDY’S IMPACT on Page 23
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Displaced companies scramble for space p.3 Infrastructure: Let the debate begin p.3 In the heart of darkness p.3 Come hell and high waters: How one firm delivered p. 21 Sandy survival guide p. 22
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Table of Contents for the Digital Edition of Crain's New York - November 5, 2012
IN THE BOROUGHS
IN THE MARKETS
THE INSIDER
BUSINESS PEOPLE
EDITORIAL
GREG DAVID
REAL ESTATE DEALS
REPORT: EDUCATION
CLASSIFIEDS
FOR THE RECORD
DIGITAL NEW YORK
SMALL BUSINESS
NEW YORK, NEW YORK
SOURCE LUNCH
OUT AND ABOUT
SNAPS
Crain's New York - November 5, 2012
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