Mack-Cali Realty Corporation (NYSE: CLI) today reported that it suffered minimal damage to its portfolio of office properties, as well as its multi-family residential communities, as a result of Hurricane Sandy, with the exception of 125 Broad Street in Downtown Manhattan.
Mitchell E. Hersh, president and chief executive office of Mack-Cali, commented, “First and foremost we would like to express concern for the entire region impacted by this unprecedented storm. Our property management teams, all of whom continue to work tirelessly, teamed up with the utility companies, local officials, and emergency responders, to maintain our properties and support our tenants and residents during this challenging time.”
While numerous Mack-Cali properties suffered effects from the storm, primarily to landscaping and grounds and the loss of power, all of our properties are now fully operational, with the exception of 125 Broad Street. The Company believes all of its storm-related losses are substantially covered by its comprehensive property, casualty, and flood insurance, subject to standard deductibles.
125 Broad Street, in which Mack-Cali owns condominium interests in approximately 525,000 square feet in the 1.2 million-square-foot office building, experienced heavy flooding and related damage. The building remains closed as engineers and other professionals perform necessary repairs on the building’s operating systems.