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New Empire Corp. has acquired 24-01 Queens Plaza North in Long Island City, with plans to develop a luxury condominium project

LIC Residential Shifts to Seller’s Market with Amazon HQ2 News

Well, that didn’t take long. Housing prices in northwestern Queens saw an immediate shift with Amazon’s announcement that Long Island City would be one of two HQ2 locations, Stribling & Associates said Thursday.

“Long Island City shifted from a buyer’s market to a seller’s market in the blink of an eye,” said Patrick W. Smith, Stribling’s LIC specialist. “The Amazon effect was immediate, and has boosted interest in the area exponentially. Sellers no longer feel like they have to sell at a discount.”

Before the announcement, there were concerns over whether demand would keep pace with thousands of new condominium and co-op units coming to market. However, once Amazon made the official announcement, those concerns faded quickly, said Stribling.

That was the case even as Queens, along with Manhattan and Brooklyn, saw a decline in the number of sales as the number of active listings increased in the fourth quarter.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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