The majority of the hotel's facilities are located on the third floor, the hotel is taking reservations so it must be fine. But take a look at this video, this is the light rail station located a block S/E of the hotel at Hudson and Montgomery, the PATH Station must have been filled with water.
I would avoid staying here if your travels include Manhattan
IF THE PATH IS NOT RUNNING, If Grove and Exchange Place Stations are closed your travels into the city will take forever, the lines to the ferries will be very long and travel into the city via car will be a nightmare.
http://www.youtube.com/watch?v=0CsZ1dZIo10