Real Estate Brokers Despair Over Amazon’s Abrupt NYC Reversal

February 14, 2019
Published in Bloomberg
Bloomberg is reporting that Amazon has pulled out of its deal to bring a new headquarters to Long Island City in exchange for $3 billion in incentives, despite support for the plan from many New York City politicians and developers. The deal met with local opposition, and although realtors like Eric Benaim are disappointed, they know that the demand for condos in LIC, a bedroom community, will remain strong. Benaim’s firm, Modern Spaces, has operated in Long Island City and Astoria for over a decade, and while the Amazon deal would have vaulted the neighborhood into a new level of development, Benaim’s longtime commitment to the area shows his confidence in the market’s underlying strength.
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