Amazon HQ

Performance Property Real Estate Question

What Amazon’s Cancelled NYC HQ Means For Local Real Estate

Q: How does Amazon’s decision not to build a headquarters in Long Island City affect real estate locally? for Kimberly, Queens, NY A: Amazon said last week that they are cancelling plans to build a corporate headquarters in Long Island City, Queens. Anticipation about the new Amazon HQ drove higher real estate demand in the area as soon as it was announced in November as real estate brokers were banking on the ‘Amazon Effect’ as they were seeing an influx of people buying apartments in Long Island City. Signed condo sales contracts since the Amazon announcement were nearly triple from the same period last year. Amazon’s pull out demonstrates the dangers of speculation laid bare. Economist John Kenneth Galbraith said […]

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