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Since tides are at their highest levels of the month this weekend due to the new moon, storm surge flooding will be at a maximum during the high tidal cycles that will occur at 8 pm Saturday night and 8 am Sunday morning. Wherever Irene happens to be at those times, the storm surge damage potential will be maximized. I continue to give a 20% chance that a 3 - 4 foot storm surge high enough to over-top the Manhattan flood walls and swamp the New York City subway system will occur on Sunday. The latest 11 am probabilistic storm surge map from NHC shows a 20 - 30% chance of a storm surge in excess of 3 feet in New York Harbor (Figure 4.) Keep in mind that these maps are calculated for normal tide level, and this weekend's high tides will be nearly 1 foot above normal.
Even though Irene continues to weaken, it's still a huge storm with a lot of water. Bloomberg's doing the right thing.
Cheers,
Scott.