November 14, 2019
A year after Amazon announced plans for a headquarters facility in Long Island City (LIC), and nine months after the e-tailing giant scrapped those plans, the Queens neighborhood’s real estate is doing fine. Although prices receded from the artificially high levels they achieved after the November 2018 announcement, they’ve since normalized and continue to grow.
Citing data from StreetEasy, Crain’s New York Business reported that that the median asking price for homes in LIC during the third quarter was $1.1 million, up 7.5% from a year ago. Q3 asking rents were also up from last year, climbing 6% to a median of $3,300.
“People used to mistake Long Island City for Long Island. Now people across the country know it,” Corcoran’s Patrick W. Smith told Crain’s. “Obviously we were not ultimately successful in landing Amazon, but there is something to be said for the PR value of the process.”
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