As if Long Island City wasn’t on the HOT list already, news broke it mid-November 2018 that Amazon is locating their HQ2 in Queens, NY. It has been less than a month, and realtors are reporting significant numbers already. As search inquiries in the area surged, sales trended upwards as well.
Long Island City continues to be a prime investment property. Many REIT companies have invested in properties in the area, and the benefits are soaring now more than ever. One broker reported working all week, creating “tours” for prospective investors. The broker rented minivans and took the prospects to different properties in the area. Brokerages in the area have indicated that the Amazon HQ2 news turned the buyer’s market into a seller’s market overnight. Brokerage Modern Spaces claims to see a 500% increase in condo sales traffic. Amazon does not have plans on hiring until 2019, but investors are already signing contracts in the area.
Companies such as StreetEasy claims to have seen a 283% increase in searches in the LIC area before the news was official, and a 500% increase after news broke out from Amazon. One buyer feared missing out and closed on a unit he viewed the same day for $800,000. 29 contracts have been signed, doubling the summer’s number of 16 (August 2018). All of these trends are expected to grow as well, with the 802-unit Skyline Tower, a projected $1 billion sellout building in Queens, NY.
With a lot of news unfolding from Queens in the real estate industry, it is a rather hot topic for residents of the entire NYC. Long Island City seemed to be developing skylines of its own as well as new tourist attractions, but with HQ2 planted here, all eyes are on the neighborhood. Whether you are a fan of the announcement or not, it will definitely be an interesting development, one that may change the borough of Queens forever as the years go by.