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Simon says Sandy caused minimal damage to shopping centers

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Simon Property Group Inc., the largest mall owner in the U.S., and competitor Brookfield Office Properties Inc. said Atlantic superstorm Sandy appears to have caused minimal damage to their properties.

Damage was minor at Simon’s malls and outlet centers in New York and other areas hit by the storm, said Les Morris, a spokesman for the Indianapolis-based company.

Brookfield’s World Financial Center and One Liberty Plaza in lower Manhattan “fared well” in the storm and the buildings’ power is on, said Andy Willis, a spokesman for Toronto-based Brookfield Asset Management Inc., Brookfield Office’s largest shareholder.

Sandy churned across Pennsylvania Tuesday after blacking out much of southern Manhattan and leaving a trail of flooding, death and destruction along the East Coast. Economic damages from the storm may total as much as $20 billion, with $5 billion to $10 billion of that insured, according to Eqecat Inc., an Oakland, Calif.-based provider of catastrophic risk models.

In lower Manhattan along the East River in the Water Street area, most of the buildings have “water infiltration in lower levels,” said Jim Rosenbluth, managing director for crisis management at Cushman & Wakefield Inc., the New York-based commercial property broker and manager.

“The real issue it appears was historic flood levels in the New York harbor area,” Rosenbluth said in a telephone interview from Tysons Corner, Va. It’s too early to tell which properties in the area were affected, he said. “We are assessing the buildings in lower Manhattan at this time.”

Properties in areas with less damage are starting to operate again. Simon Property’s Roosevelt Field mall in Garden City, N.Y., and Rockaway Townsquare in Rockaway, N.J., were scheduled to be open Tuesday, Morris said. The company’s Woodbury Common Premium Outlets center in Orange County, N.Y., north of Manhattan was be closed Tuesday, he said.

Malls owned by Taubman Centers Inc. suffered minimal damage, such as fallen trees and wrecked signs, said Karen MacDonald, a spokeswoman for the Bloomfield Hills, Mich.-based company. Taubman malls in Stamford, Conn., and Short Hills, N.J., are closed, and the center in Short Hills is without power, she said.

Properties owned by Washington Real Estate Investment Trust, a Rockville, Md.-based owner of office buildings, shopping centers and apartments in the Washington area, didn’t have any major damage, Chief Financial Officer William Camp said in an e-mail. Buildings owned by First Potomac Realty Trust, an office and industrial landlord with properties in Washington, Maryland and Virginia, also escaped significant damage, said Vikki Kayne, a spokeswoman for the Bethesda, Md.-based company.

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  • Well thank goodness the Simon Malls are safe
    Is this really important news to report when there is so much tragedy involved in this storm. Who really cares about Simon and his malls????? Do they think anyone in the Atlantic regions is going to Macy's today??

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  1. I had read earlier this spring that Noodles & Co was going to open in the Fishers Marketplace (which is SR 37 and 131st St, not 141st St, just FYI). Any word on that? Also, do you happen to know what is being built in Carmel at Pennsylvania and Old Meridian? May just be an office building but I'm not sure.

  2. I'm sorry, but you are flat out wrong. There are few tracks in the world with the history of IMS and probably NO OTHER as widely known and recognized. I don't care what you think about the stat of Indy Car racing, these are pretty hard things to dispute.

  3. Also wondering if there is an update on the Brockway Pub-Danny Boy restaurant/taproom that was planned for the village as well?

  4. Why does the majority get to trample on the rights of the minority? You do realize that banning gay marriage does not rid the world of gay people, right? They are still going to be around and they are still going to continue to exist. The best way to get it all out of the spotlight? LEGALIZE IT! If gay marriage is legal, they will get to stop trying to push for it and you will get to stop seeing it all over the news. Why do Christians get to decide what is moral?? Why do you get to push your religion on others? How would legalizing gay marriage expose their lifestyle to your children? By the way, their lifestyle is going to continue whether gay marriage is legalized or not. It's been legal in Canada for quite a while now and they seem to be doing just fine. What about actual rules handed down by God? What about not working on Sundays? What about obeying your parents? What about adultery? These are in the 10 Commandments, the most important of God's rules. Yet they are all perfectly legal. What about divorce? Only God is allowed to dissolve a marriage so why don't you work hard to get divorce banned? Why do you get to pick and choose the parts of the Bible you care about?

  5. Look at the bright side. With the new Lowe's call center, that means 1000 jobs at $10 bucks an hour. IMS has to be drooling over all that disposable income. If those employees can save all their extra money after bills, in five years they can go to the race LIVE. Can you say attendance boost?

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