Homebuying Activity In LIC, Astoria Doubled After The HQ2 Announcement
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Long Island City’s residential market really did feel the glow from Amazon HQ2 in the scant three months the tech giant was actually coming to the city.
Between Nov. 13 and Feb. 13 — the time between Amazon announcing and canceling its plans for a 25,000-job headquarters in the city — there were 157 contracts signed on homes in Long Island City and Astoria. That marked a 99% increase on contracts signed in the two months leading up to the big announcement on Nov. 12 last year, the New York Post reports, citing building and listing information portal Online Residential.
Total volume went up from $77M between September and November to $161M between November and mid-February, according to the Post, a 110% increase.
Specifically, the Corte condo building at 21-30 44th Drive had 39 contracts signed after Amazon announced its plans. The Bond, at 46-20 11th St. locked down 14 contracts in that time period.
Supporters of Amazon HQ2, which was officially canceled two weeks ago, said it would be an enormous benefit for the commercial and residential real estate markets. With Amazon having pulled out, brokers said the euphoria surrounding the area is now gone, and warned that some commercial deals will fall apart as a result.