Amazon’s jilting of New York has little effect on retail properties
Sam Musovic invested in residential properties in Long Island City following Amazon’s decision to build a headquarters there. Now the Queens landlord is organizing a boycott of the online seller.
Little protest was heard from the retail real estate community, however, which was waiting to see what developed before making big plans.
“It was crazy that this happened. This was going to generate $27 billion in revenue for the city,” said Scott Plasky, a VP in the Manhattan office of Marcus & Millichap. “A lot of people took a big hit, but all the value there is in residential and commercial. There would have been a need for local services, but people in Long Island City can go easily go into Manhattan to shop and eat.”
Plasky allowed that a project the size of Amazon’s might have altered that dynamic, however.
“We started to get quite a few calls from people kicking the tires on doing something retail-oriented there. It was great seeing that kind of activity, but now it’s died,” Plasky said.
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Little protest was heard from the retail real estate community, however, which was waiting to see what developed before making big plans.
“It was crazy that this happened. This was going to generate $27 billion in revenue for the city,” said Scott Plasky, a VP in the Manhattan office of Marcus & Millichap. “A lot of people took a big hit, but all the value there is in residential and commercial. There would have been a need for local services, but people in Long Island City can go easily go into Manhattan to shop and eat.”
Plasky allowed that a project the size of Amazon’s might have altered that dynamic, however.
“We started to get quite a few calls from people kicking the tires on doing something retail-oriented there. It was great seeing that kind of activity, but now it’s died,” Plasky said.
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