Bloomberg says the storm is going to hit Maryland or Delaware, not New Jersey or New York City as some storm models are still showing.
He also said the storm is not going to be either a hurricane or a tropical storm, so the surge will be slower than it would be if it were a hurricane.
He said there are no plans for any evacuations of any low-lying areas in the city, though the city will monitor the situation and that could change in the future.
The key takeaway from the press conference: "Monday will be a regular workday." City offices are opened, schools are opened, everybody should expect to go to work.
Bloomberg is seriously downplaying the threat here, which is odd because some of the models of the storm track are taking this thing right to Sandy Hook or elsewhere on the Jersey Shore.
If the storm hits there, the storm surge in New York Harbor is going to be very heavy.
Many areas up and down the coast have been evacuated or will be evacuated by tomorrow.
The Director of the National Hurricane Center told reporters on Saturday that there is no way to avoid a huge storm surge event over a large area.
Meteorologist Jeff Masters wrote at 5:30 PM today that the surge may flood New York City subways.
Masters also wrote that if the hurricane "hits near New York City, as the GFS model predicts, the storm surge will be capable of overtopping the flood walls in Manhattan, which are only five feet above mean sea level."
Bloomberg doesn't seem to be too worried about any of that as of tonight.
Bloomberg's fellow politicians around the area, including Governor Christie of New Jersey, have been ringing the alarm bells on this storm.
For some reason, Mayor Michael Bloomberg is not.
Can't say why this is - perhaps he really does think the storm will hit well south of the city and we'll ride this out fine.
But as I wrote earlier today, it's not as if he hasn't ho-hummed a storm before, so I'm not sure I totally trust his judgment on this.
Time will tell.
But if it turns out he needs to evacuate everybody tomorrow, he certainly hasn't laid much groundwork for that action tonight.
POSTSCRIPT: The Weather Channel hammered Bloomberg after his presser, saying they were shocked and baffled by the information he had given. Jim Cantore questioned Bloomberg's judgment on the storm, saying he thought the city shouldn't let its guard down given the hybrid nature of this storm.
Glad to see I'm not the only one questioning Bloomberg's judgment.
Yeah, I get not overreacting to this.
But the downplaying he's done with this storm, saying basically Monday is just another workday, just bring an umbrella - well, we'll see how this turns out.
The mayor had better hope to hell whatever information he is getting is correct.
UPDATE - 10:21 PM: Eric Holthaus, a Wall Street Journal writer who covers weather and climate for the newspaper, tweeted the following:
A NOAA analysis ranks
#Sandy's wave/surge destructiveness at 5.7 on a 6.0 scale. I have never seen a value that high. http://www.aoml.noaa.gov/hrd/Storm_pages/sandy2012/wind.html …
The "Hurricane/Tropical Storm" designation may not be around it by the time it gets here, but this is one powerful storm.