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Amazon’s HQ2 Is Already Fueling a Condo Sales Boom in Long Island City

Amazon won’t start hiring for its New York headquarters until 2019, but investors are already throwing down major cash on real estate in its soon-to-be neighborhood, Long Island City.
The waterfront Queens locale was announced last month as one of two future Amazon headquarters sites, along with Crystal City, Va., drawing to a close a yearlong competition that saw cities around the U.S. and Canada vying to curry favor with the e-commerce giant.
Now, as many critics of the project predicted, it seems clear the company will bring rising housing costs with it. Numerous Long Island City-based brokerages have said that the announcement turned the neighborhood from a buyer’s market into a seller’s market virtually overnight. Brokerage Modern Spaces says it saw a 500 percent increase in condo sales traffic in the two weeks following the announcement. It also experienced a record week, selling 200 units for a total of around $190 million. Now, with the market as hot as it is, several developers the company works with have been able to hike their prices.
Many of the prospective owners are investors who are looking to get in on the market before Amazon brings 25,000 corporate jobs to the area, a move that

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Via:: https://footwearnews.com/2018/business/retail/amazon-hq2-long-island-city-home-prices-1202713462/