Amazon's Long Island City Base Will Increase Residential Property Prices Dramatically According to PropertyShark

Amazon has finally decided on a new headquarters for their operations.  Instead on just deciding on just one location, they have decided on dividing it up with one location in Arlington, Virginia and another right here in Long Island City.  There have been numerous prognosticators discussing the implications on the move.  Some have not been positive.  What has been a consensus is that the interest in Long Island City and surrounding areas will be heightened.  A new article by PropertyShark shares their insight on what they are expecting for the future of the area surrounding the Amazon HQ.

There has been an increase in interest in Long Island City, Astoria and Sunnyside.  Point2Homes indicated that there was 198% increase in page view in Long Island City.  Residential neighborhoods around Amazon's headquarters will boom at a high pace but also neighborhoods around the subway 7 line will see increase in residential home prices as well.  Matthew Haines, real estate investor and founder of PropertyShark states “Prices along various subway lines are going to rise by 25-40%. Neighborhoods that have been stable for generations are going to get gentrified and existing residents pushed out.” 

Long Island City itself has seen a 35% increase in home prices in the last 5 years reaching a peak of $435,000 in 2017.  PropertyShark expects prices to increase at a more accelerated pace with a higher demand.  Hunter's Point they believe will see average prices hit $1 million in the near future.
Another result of Amazon's move and increased property prices will be gentrification of areas that have remained the same for many decades.  Matthew Haines explains “Until now the 7 train and the communities surrounding its stations haven’t really seen the gentrification and increase in price that other lines like the N, E and F serving Queens or any of the lines serving Brooklyn, even if commutes into Manhattan were significantly longer on those lines.  Suddenly the 7 train is going to be discovered.  Prices are going to swing in the other direction, from relatively affordable (for NYC) to very high.".  Neighborhoods that were pointed out with being impacted are Jackson Heights, Elmhurst, Corona Downtown Flushing.  Further out, Richmond Hill, Forest Hills and Rego Park will be affected.

Blue Harbour Property Management is a full service NYC property management company servicing the boroughs of Queens, Brooklyn, Manhattan and the Bronx.  Whether it be a 1 bedroom condo or multi-family building we are able to assist our clients maximize their investments.

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