October 25, 2013 — On the anniversary of the devastating (and costly) hurricane, we’re still learning of the superstorm's lasting impact on the communities left in its wake. Here are the striking recovery stories of three New York City-based entrepreneurs whose companies were devastated by Sandy:
One year after Hurricane Sandy ravaged the Northeast, countless homes and businesses are still recovering.
After several days — and for some, several months — without power, heat and water, many business owners needed to face yet another hurdle: dealing with insurance companies to get their operations back up and running. And though some have fared better than others, their pain and losses are no less diminished.
On the anniversary of the devastating (and costly) hurricane, we’re still learning of the superstorm's lasting impact on the communities left in its wake. Here are the striking recovery stories of three New York City-based entrepreneurs whose companies were devastated by Sandy:
The Lobster Place
Ian MacGregor is the CEO of The Lobster Place, a seafood supply company with a storefront in Manhattan's tony Chelsea Market. The operation is the largest seafood market in the northeast, with a wholesale operation in the Bronx that caters to hundreds of fine restaurants, hotels and caterers in the metropolitan area. Sandy hit both operations in different ways.
Its retail storefront in Chelsea Market didn’t have storm-related damage to the structure itself, but was closed for about 10 days thanks it its location, which was effectively on lock down while the power and transit systems went down after the storm. Without electricity, MacGregor says about $100,000 worth of perishable inventory spoiled. Plus, people weren't shopping.
And while The Lobster Place's warehouse uptown also didn't suffer a direct hit from the storm, it might as well have been shut down, as it couldn't supply many of its clients, area restaurants and hotels shuttered by the storm. In total, The Lobster Place’s losses mounted to about $250,000. The insurance company paid out only a fraction of this loss, forcing MacGregor to reevaluate the future of his businesses.