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Amazon employees buy apartments in New York City

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Amazon employee
Amazon employees are
already buying apartments in New York City.

Mark Makela/Getty Images

  • Amazon
    employees are already buying apartments in New York City, local
    brokers told The Wall Street Journal. 
  • In the week since Amazon announced plans to open headquarters

    in Long Island City,
    a neighborhood in Queens, New York,
    brokers say they’ve seen a spike in interest from employees at
    the e-commerce giant. 
  • Interest in Long Island City real estate is
    skyrocketing more generally,
    sparking concerns that rents
    are going to increase. 

Amazon employees are apparently eager to get a head start on the
New York City real estate game. 

Condo sales in Long Island City are soaring following the
announcement that the Queens, New York neighborhood would host
part of Amazon’s HQ2,
The Wall Street Journal reports.
According to The Journal,
one brokerage firm sold 150 units in four days last week — 15
times it usual volume — after Amazon announced plans to open a
headquarters in Long Island City.

Amazon employees are among the buyers, brokers told The Journal.
And, that includes employees who started shopping before Amazon’s
official announcement last Tuesday. 

“My cellphone rang, and the area code was Seattle,” Patrick W.
Smith, a Long Island City-based broker, told The Journal.
According to Smith, five Amazon employees had already reached out
to him. 


The Journal previously reported
that searches for
Long Island City on the real-estate listing site StreetEasy
surged 295% the week Amazon announced plans to open HQ2 in the
neighborhood. The biggest spike occurred in the first few days
after the news broke, with search volume jumping more than
400%. 



Read more:

Brokers in one of Amazon’s chosen HQ2 locations are reportedly
already selling condos sight-unseen — and development hasn’t even
begun



The sudden interest in Long Island City has sparked fears
amongst New Yorkers regarding the potential for rent
hikes. 

Seattle — home to Amazon’s current headquarters — has seen
rents skyrocket in recent years, something that many have
attributed to the e-commerce company. In 2017, rents in downtown
Seattle
reached an average of $42.08 per square foot,
according to
commercial real estate firm CBRE. That’s a significant
increase from even 2015, when rents averaged $39.79, and $31.38
in 2009. 

If you’re an Amazon employee planning to move to New York
City or a Long Island City broker, we want to hear your
perspective. Email us at [email protected] 

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