How Is Amazon Heating Long Island City’s Housing Market? - Baltimore Post-ExaminerBaltimore Post-Examiner

How Is Amazon Heating Long Island City’s Housing Market?

Real estate business in Queens has been thriving over the past decade. Long Island City has added more than 12,000 apartments to their neighborhood during this period. However, the recent announcement from Amazon has made a surge in interest for LIC’s housing market.

Located directly across the East River from Manhattan, Long Island City is a desirable spot for people who can’t afford Manhattan and Brooklyn. Hence, the decision has been controversial locally and made growing resentments over the subsidies provided by the city and state.

The Announcement

Amazon has decided to build a split-up version of headquarters in two different locations: Long Island City in Queens, and Crystal City in Arlington. There’s a right amount of office space spread around LIC, including the 1.2 million-square-foot tower on Jackson Avenue. Though, Amazon plans to build their own campus that would go anywhere from 4 to 8 million-square-foot.

Current Scenario

The real estate market in Long Island City compares the current scenario to a madhouse. Not to mention, Amazon has only made the announcement. The decision has had a tremendous impact on the housing market with requests for showing offers piling up for the past few weeks.

According to the agents in LIC, they were all caught off guard as this happened. The hesitant buyers who contacted them earlier this year reached back to get a deal at the earliest. LIC’s current residents are already searching for opportunities that’d serve the needs of thousands of new people.

Amazon’s arrival will have a significant impact on the LIC neighborhood and others nearby. Though, the current residents also share their concern as Amazon taking up their residence in Long Island.

Expectation

As part of the agreement, Amazon will lease 1 million square feet at One square in LIC. In return, they have promised to build a school and make investments in park improvements and infrastructure. Furthermore, they are also bringing 25,000 jobs to Queens that would greatly benefit the residents.

With 25,000 thousand people coming into the neighborhood, it creates opportunities for new businesses as well.

How Will This Affect Housing Market?

LIC is already the priciest spot in Queens, with Amazon coming in, all signs lead to a possible price hike in real estate. Take Seattle; Amazon has made them the most significant company town in America. They are the driving force behind the city’s rapid growth in population.

The same will happen to Long Island City; the billion-dollar company will pay millions in taxes that can improve the city’s operations. In other words, the housing market is going to flourish with the introduction of Amazon.

Conclusion

As we have told “An overflow of good converts to bad.” The controversies have raised a few concerns over this decision. Though, if an announcement can cause this much of an impact in the housing market, it surely is going to bring in more. Amazon’s introduction will bring tremendous changes to Long Island City’s economy.


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