Pushing ahead quickly onto this very short piece.
It's all about atmosphere, and I'm not sure the writing fully works. There are clunky sections for me, and bits which seem to have strange phrasing. For example Lovecraft writes "strange oceans that are not in the world", whereas, rightly or wrongly, I'd rather expect his take on that to end "of this world". I know the meanings are different, but it was a slightly jarring moment for me on first reading.
I do like the idea of the terror of a moonlit landscape though, especially one that is transformed, not just in subtle ways, but also stretches without daytime limits. It reminds me of my terror as a child in the 1980s watching the BBC TV adaptation of the novel Moondial. A very scary experience, and this story captures a similar feeling.
I don't know if it's intentional, but the description of spires revealed among the sea water sounds like the story of English Dunwich. I'm presuming Lovecraft knew of Suffolk's Dunwich, and that was the source for his place name. But I'm also now wondering if its legends could have inspired the "dead, dripping city" here too.
The ending is a bit poor for me, but generally I rather enjoyed the story. Even with very arcane language throughout, even more so than Lovecraft often uses, it was successful in building an evocative atmosphere, and satisfyingly disturbing. And all done in a small amount of words. Good stuff.