On Fox news they are predicting landfall around 5:00PM just North of Cape May. Here is the latest update from the NWS.
HURRICANE SANDY TROPICAL CYCLONE UPDATE
NWS NATIONAL HURRICANE CENTER MIAMI FL AL182012
400 PM EDT MON OCT 29 2012
...CENTER OF SANDY MOVING TOWARD CAPE MAY NEW JERSEY...
...LANDFALL EXPECTED BY EARLY THIS EVENING...
SUMMARY OF 400 PM EDT...2000 UTC...INFORMATION
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LOCATION...38.6N 74.0W
ABOUT 55 MI...90 KM ESE OF CAPE MAY NEW JERSEY
ABOUT 65 MI...105 KM SE OF ATLANTIC CITY NEW JERSEY
MAXIMUM SUSTAINED WINDS...90 MPH...150 KM/H
PRESENT MOVEMENT...WNW OR 300 DEGREES AT 28 MPH...44 KM/H
MINIMUM CENTRAL PRESSURE...940 MB...27.76 INCHES
LATEST REPORTS FROM AN AIR FORCE RESERVE RECONNAISSANCE AIRCRAFT...
AS WELL AS NOAA DOPPLER RADAR OBSERVATIONS...INDICATE THAT SANDY
IS NOW MOVING TOWARD THE WEST-NORTHWEST. ON THIS TRACK...THE
CENTER OF SANDY IS EXPECTED TO REACH THE COAST OF EXTREME SOUTHERN
NEW JERSEY OR CENTRAL DELAWARE WITHIN THE NEXT 3 TO 5 HOURS.