Hurricane Irene has now been downgraded to a tropical storm, as maximum sustained winds have fallen to 65 MPH and below. Even so, reports of flooding, downed trees, and power outages are still increasing—242,703 people across NYC are currently without power—and officials warn to stay off of the streets while the storm subsists. But as the eye of the storm passes over Times Square right now, officials are cautiously optimistic that the worst may be over.

Hurricane Irene made landfall in Coney Island, N.Y. at 8:45 a.m. In lower Manhattan, the Hudson River overflowed, sending water spilling over Battery Park City, jogging paths and pouring into at least one nearby apartment building; massive amounts of flooding (and down trees) have been reported around Brooklyn. The Port Authority has closed the north tube of the Holland Tunnel due to flooding as well.

According to NY1, Battery Park, the Rockaways, Coney Island and South Beach could still be threatened by a new surge of flood waters that may accompany high tide in those regions at about 11 a.m. National Hurricane Center spokesman Dennis Feltgen warned people: "Everything is still in effect. The last thing people should do is go outside. They need to get inside and stay in a safe place until this thing is over."

Below, you can watch a live stream of Times Square:

Watch live streaming video from breakinglivenow at livestream.com