Articles tagged with Financial District

A parking garage in lower Manhattan locked its doors without warning just before Hurricane Sandy hit, preventing customers from retrieving their cars and fleeing. A class action lawsuit for unspecified damages is now underway against the garage.

Hurricane Sandy, the most devastating storm in history to hit Manhattan, and the largest Atlantic hurricane in diameter on record caused flooding, destruction, burned homes and deaths in New York. We received incredible pictures, taken a few hours after the storm hit New York. The pictures show floating cars, flooded construction sites, the dangling One57 crane, chaotic scenes around Con Edison, flooded tunnels, crushed cars hit by trees and flooded buildings.

Robert De Niro was all ready to move into the Park Imperial, until he discovered that “There was an issue with misrepresentation of the apartment and they managed to get out of the lease”. So, the apartment on the 64th-floor went back on the market and Robert remains without a new place in his native city.

In 2008, the collapse of Lehman Brothers caused a world wide financial crisis. It filed for bankruptcy protection, yet the investment bank controls more than $10 billion of real estate assets, the New York Times reported. Since 2008 Lehman has been working on improving its buildings, finding new tenants and selling its stakes. For instance, 200 Fifth Avenue had an occupancy rate of merely 45% in 2008 and increased to 80% in 2010 after some improvements and restructuring of its debt. Once the building became more attractive, Lehman sold its stake in the building to J.P. Morgan.