The National Hurricane Center has just issued a map that brings Hurricane Sandy just south of New York City or right over it.  That at the moment is at the center of the 'cone' that the Center releases on probable paths for the storm.  If that is the case, we could be facing a billion dollar storm.  

Dr. Steve Masters of WeatherUnderground.com says:  

Landfall Monday along the mid-Atlantic coast on Monday, as predicted by the ECMWF and NOGAPS models, would likely be a billion-dollar disaster. In this scenario, Sandy would be able to bring sustained winds near hurricane force over a wide stretch of heavily populated coast, causing massive power outages, as trees still in leaf fall and take out power lines. Sandy is expected to have tropical storm-force winds that extend out more than 300 miles from the center, which will drive a much larger storm surge than its winds would ordinarily suggest. The full moon is on Monday, which means astronomical tides will be at their peak for the month, increasing potential storm surge flooding. Fresh water flooding from heavy rains would also be a huge concern.

Below is a discussion on the storm from the Weather Channel.  They conducted a roundtable with their hurricane experts.  The storm is massive in size and winds and storm surges will hit the Northeast long before the center of Sandy.