вЂњAmazon would have supercharged the Long Island City real estate market,вЂќ says Smith. вЂњ leaving isnвЂ™t going to make housing more affordable in the boroughs.вЂќД«ut itвЂ™s unlikely that the status quo will be too greatly affected. вЂњThe affordability challenge that was a lot of the outcry isnвЂ™t going to get better,вЂќ he notes. Although prices may not skyrocket as quickly as they would have, Miller cautions against too much optimism that theyвЂ™ll drop dramatically. That speculative investment, and the possibly higher real estate prices it may have brought to Queens, fueled opponents to the deal, who believed it would make the neighborhood-already one of QueensвЂ™s priciest-even more unaffordable. вЂњWhile the city has enjoyed swift economic growth, turning a quick profit remains difficult, particularly in areas dense with new development.вЂќ вЂњThe Amazon reversal highlights the risk inherent in speculative investment in real estate in the city,вЂќ Wu said in a statement. While the firm has a similar outlook as other experts-things will go back to вЂњnormalвЂќ for LIC-they do see this as a cautionary tale for overeager developers and real estate speculators. There will likely be вЂњa bit of whiplashвЂќ in the market, according to Nancy Wu, an economist with StreetEasy. вЂњDevelopers are going to feel disappointed, but developers will always look at the silver lining,вЂќ Smith says. But he believes the attention Amazon garnered for the neighborhood was ultimately a вЂњnet benefit.вЂќ

вЂњIf Amazon came it wouldвЂ™ve been a boon for the real estate industry, thereвЂ™s no question about that,вЂќ he says. And Patrick Smith, a broker with Stribling whoвЂ™s been tracking Long Island City development since 2006, doesnвЂ™t foresee the demand for those apartments lessening. A 2017 study found that the neighborhood has welcomed more new apartments (many of those market-rate rentals and condos) since 2010 than any other neighborhood in the county by 2020, at least 6,400 more housing units will debut. Indeed, Long Island City real estate was doing fine-better than fine, from an industry perspective-before Amazon selected it for HQ2. We were perfectly fine three months ago, and weвЂ™ll be perfectly fine going forward.вЂќ But, he continues, вЂњI donвЂ™t think itвЂ™s going to affect real estate. вЂњThis is really sad for the people of New York and Queens,вЂќ he says, referring to the loss of jobs and tax revenue-and the boost to local businesses-that Amazon could have brought to the neighborhood. вЂњThe impact was overhyped, so consequently, the exit will be overhyped.вЂќД®ric Benaim, the CEO of Modern Spaces, a brokerage that he says has 70 percent of the market share when it comes to Long Island City listings, concurs. Now, with AmazonвЂ™s decision to abandon its HQ2 plans in NYC, the mood in the real estate world is (unsurprisingly) more morose one developer reportedly called the companyвЂ™s withdrawal from New York City вЂњthe worst day for NYC since 9/11.вЂќД«ut will it be a disaster for Long Island CityвЂ™s real estate? вЂњThe broad answer: No,вЂќ says real estate appraiser Jonathan Miller. Interest in the neighborhoodвЂ™s real estate spiked-there was a huge jump in the number of signed contracts from when Amazon made the announcement to the beginning of February, according to data from Stribling-and sellers raised prices in response to the growing demand. When Amazon announced in November that it would bring half of its second North American headquarters, colloquially referred to as HQ2, to New York City, developers and brokers gleefully rubbed their hands together, imagining the prospect of thousands of workers-with a reported average salary of $150,000, no less-moving into Long Island City and the surrounding neighborhoods.

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