A new article in the New York Times talks about New York developers heedlessly building large developments in designated flood zones.
Rather than retreating from flood-prone neighborhoods after Hurricane Sandy, some developers are wading deeper into waterfront markets
The development at Garvies Point is a prime example. Many “luxury” condo buyers do not even know that much of the land at Garvies Point is also a designated flood zone, as we’ve mentioned before on this blog! Prospects who visit the new “Garvies Point Welcome Center” are promised all the amenities (which the developer in an unethical about-face has made residents pay for via a shaky bond), such as kayakers happily rowing about in clean waters, mothers happily pushing strollers, and so on.
No one is warned about the high potential of the land and its residences flooding. RXR obfuscates this important point (as they do with toxic runoff, vapor barriers, traffic & congestion, the shaky Glen Cove bond and so much more) all in the name of profit for themselves and their billionaire Chinese investors.
Will Garvies Point condo owners be able to secure flood insurance at a reasonable cost after the first flood? Highly doubtful.
So go ahead and invest in a Garvies Point condo – but don’t say you weren’t warned!
Garvies Point after Hurricane Donna
