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“Great time to have a listing on the market in…”

December 20th, 2018 | Posted in Real Estate News

Dear Friends, 

Below is our latest newsletter on real estate and happenings in NYC. Hope you enjoy. Always great hearing from you, so please let me know if you have any thoughts or questions. 

It is a great time to have a listing on the market in Long Island City – with the buzz surrounding Amazon’s decision to split their new headquarters between Long Island City, NY and Crystal City, VA attendance at open houses has shot up and investors are focused on these new hot neighborhoods. While homebuyers have often sought out more square footage for a smaller price tag in the outer boroughs there was a palpable spike in interest just after the Amazon announcement.

With the wealth of tech talent coming out of schools like Cornell Tech on Roosevelt Island, New York City is an obvious choice for a growing tech company. Not only that, the raw space available offers Amazon the chance to develop a state-of-the-art campus to rival Apple and Google headquarters. Property values in the surrounding neighborhoods are likely to see growth as the area becomes more developed.

The announcement was not met with cheers all around however. Many are concerned about what will happen when the sudden influx of high-salaried Amazon employees enters a neighborhood that’s also home to the largest public housing developments in North America. The deputy mayor’s countered that the city has always been notorious for high rental and real estate costs. Further, the prospect of roughly 67,000 indirect new jobsin support industries will contribute to economic growth along with the 25,000-40,000 jobs Amazon plans to directly bring.

While the prospect of added congestion on the already overcrowded subway system is not appealing, keep in mind that Amazon plans to ramp up HQ2 over the next 15 years withonly 3,000 jobs in Long Island City by 2020. If it wasn’t all playing out so publicly we might not have even noticed, like the slow expansion of Google in Chelsea.

As the development progresses you can count on us to keep you informed, and of course if you are looking for an investment in Brooklyn or Queens we can help with that too.

Keep reading for the latest in industry news, interior design, and more!

Sincerely,

Steven Cohen

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