Please call 718-208-1999 or complete the form below to request the Amazon LIC Report
As reported by The Wall Street Journal, Amazon has selected Long Island City for its highly sought-after headquarters. Even before the news was officially announced, we had already experienced a significant increase in real estate activity in Long Island City, as defined by a large increase in the number of showings, offers, signed contracts, property inquiries and online listing views. The market is rapidly evolving and we strongly recommend that you read the FAQs below and then contact our team to discuss the best approach to achieving your real estate goals in Long island City.
Amazon is the market leader or near the top in several industries including E-commerce, web services, voice assistance (Alexa), grocery (Whole Foods) and streaming (Prime). Amazon seems poised to grow these divisions even further, to take over more sectors of our economy (pharmacies) and to create new industries (space travel). There is no question that HQ2 will be a game changer for Long Island City and the Tri-state area.
“We are here to help you separate fact from fiction regarding Amazon's possible move to Long Island City and to help you navigate what has suddenly become a highly competitive market.”
Patrick W. Smith, Team Lead
What are Amazon’s plans for Long Island City?
When fully built, HQ2 will consist of up to 8 million square feet of office space and up to 50,000 employees (distributed between Long Island City and Crystal City). These employees are expected to earn average annual compensation exceeding $100,000 and the median age of an Amazon tech worker is 31. These statistics closely correspond to the median income and median age of existing Long Island City residents, making Amazon and Long Island City a perfect match.
Was LIC a desirable location for investment prior to the HQ2 news?
Yes. Long Island City was rezoned from an industrial area to a live, work, play community more than a decade ago. The neighborhood has wonderful waterfront parks, Michelin-Starred restaurants, beautiful views of Manhattan, excellent public safety, a wonderful school, one stop subway access to Manhattan and so much more. Since 2008, the median price and median price per square foot in Long Island City increased by 60% and 68%, respectively.
What effect did Amazon have on Seattle’s real estate market?
Amazon started moving into its new Seattle headquarters in 2010. According to published reports, rents across the region soared 59 percent since 2011 and median home values doubled in 5 years.
What is the current stock of condominium developments in Long Island City and what is the pipeline supply?
Most of the construction in Long Island City has been luxury rental buildings as compared to luxury condominium developments. There are only 2,570 completed condominium units in Long Island City. A rule of thumb is that approximately 5% of existing inventory is resold each year, so that’s only 129 units annually. There are roughly 2,000 units in the pipeline (and many of those apartments are already under contract).Condo supply in LIC has always been somewhat constrained and the influx of Amazon workers could exacerbate this trend.
I am interested in learning more about Long Island City. Who should I contact?
Please call Melissa at 718.208.1999 or fill out the contact form below and a member of our team will promptly respond to your inquiry. Although sales momentum seems to be rapidly increasing for Long Island City real estate, we will intelligently guide you through the process so that you can secure a great property without overpaying.
Do I pay for your services?
We take great pride in our craft, in providing our buyers with undivided loyalty, and in exceeding every buyer’s expectations. We look forward to hearing from you.