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High winds caused the crane to fail some 90 stories up on a condo under construction on 57th Street between Sixth and Seventh Avenues.

Emergency crews evacuated more than 15 surrounding buildings.

Several blocks remain off limits and the city shut down utilities underneath the road in case the dangling boom breaks, though experts say they believe it's stable.

"Our hope is that tomorrow, they'll find a way to pull it in, and then you cable it to the building so it's not going to fall down, and then you can take your time," Bloomberg said. "The builder will have to build a new crane up on the roof that reaches over and pulls things back, and then fix the existing crane there."

The companies involved, Extell Construction and Lendlease, issued a statement saying they took all necessary measures to position the crane in anticipation of a hurricane. This was inspected and approved by the New York City Department of Buildings.

The New York City Fire Department, Office of Emergency Management and Department of Buildings are among the city agencies that are helping to plan a way to secure the crane. FDNY officials will have to approve that plan before the crane can be secured.

In its statement, Extell apologizes for any resulting inconveniences and shares thanks that there are no resulting injuries so far.

The affected building, which is called "One57," will be the city's tallest residential tower when it is completed, at 90 stories.