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Amazon’s Planned HQ2 is Heating Up LIC Real Estate

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Amazon’s announcement that it plans to build part of its second headquarters in Long Island City has only further spurred the real estate market that’s already been hot, which is leaving some possible condo purchasers nervous about supply running out quickly. Photo Credit: Shutterstock

New buildings and high rises were already starting to change the look and skyline of Long Island City, the growing Queens neighborhood right across the river from Manhattan. Amazon’s announcement that it plans to build part of its second headquarters in Long Island City has only further spurred the real estate market that’s already been hot, which is leaving some possible condo purchasers nervous about supply running out quickly, according to The New York Post.

The New York Post explains that “though the East River-front campus at Anable Basin won’t be completed until 2022, the e-commerce giant will lease 1 million square feet at One Court Square, also known as the Citigroup building, in the interim,” which the paper said is already affecting real estate markets.

Because sales slowed down in the neighborhood while construction continued thriving, potential stakeholders were excited at the potential opportunities, but Amazon’s HQ2 could change everything.

“There was still obviously [buyer] interest, but there was no sense of urgency,” Corcoran broker Lauren Renee Bennett said in an interview.

Now residents and businesspeople like Bennett must weather the Amazon storm if they still want a piece of the Long Island City real estate market. The opportunities spurred by Amazon could leave some much better off than others.

Bennett saw interest in the neighborhood take off after a slow start to the year.

“It changed overnight,” she said while also describing a bidding war she just witnessed as a result of increased real estate interest after the Amazon announcement.

“You started hearing rumblings that [LIC] was a finalist for HQ2, and it seemed to be kind of close to a sure thing,” Andrew Panico said, who owns a condo.

The Jewish Voice has reported about Amazon’s decision to open a second headquarters. It sparked controversy from the beginning, angering people who felt the online retail behemoth could afford to open a new headquarters without forcing a town to fork over business and tax incentives.

After all of the competing towns went through the dog-and-pony show of trying to persuade Amazon to come to their town, Amazon decided to split its second headquarters and move to New York and the Washington metropolitan area., which further angered opponents of corporate welfare.

Some Amazon detractors got fed up and took an artsy but illegal approach at making their voices heard. Long Island City, where the new headquarters will be located, was sprayed in graffiti with anti-Amazon messages, according to The New York Post.

The administration is in the process of creating what is recognized as a general project plan to rezone a 20-acre site near the Anable Basin on the Long Island City waterfront territory to facilitate the development of a sprawling office and mixed-use campus.

Bert Dweck- President of the Young Journalists Initiative 

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