The storm will almost certainly weaken- but it is indeed forecast to stay a hurricane as it starts up the New England coast.
Just because it may a category one when it brushes the NY area doesn't make it just a really bad thunderstorm. It will still pack devastating winds and massive rainfall. Because of all the rain we've been receiving lately, the ground is very saturated, making inland, not just coastal, flooding a major concern.
Because this is rather unprecedented, exercising caution is extremely wise. In the case of hurricanes, it's better to be the fool who overreacted and was proven wrong.
"...everyone finally shut up, and the audience could enjoy the beginning of the Anatevka Pogram in peace."