'You gotta be kidding me!' Amazon's threat to back out shocks NYC real estate
Bill Montana was schmoozing with real estate brokers Thursday at an industry event in New York, talking about the biggest deal in years: Amazon.com's decision to build a major campus in Queens.
By the next morning the euphoria had evaporated. Reports the tech giant was reconsidering its plans amid a fierce public backlash sent a jolt through the real estate community that was pinning their hopes on a significant pickup in activity.
“You gotta be kidding me!” Montana, a senior managing director at brokerage Savills Studley, said when reached by phone Friday. “Amazon would be exceedingly foolish to actually pull out of this deal.”
After a highly publicized search for a second headquarters, Amazon in November announced it was splitting the expansion between the New York neighborhood of Long Island City and Northern Virginia’s Crystal City. The company touted upwards of 50,000 jobs that the deal would create, while the real estate industry salivated over prospects for massive office developments.
https://www.msn.com/en-us/money/realestate/you-gotta-be-kidding-me-amazons-threat-to-back-out-shocks-nyc-real-estate/ar-BBTlJ6D?li=BBnb7Kz