"Worst day for NYC since 9/11." [View all]
Eat the rich.
https://therealdeal.com/2019/02/15/lichtenstein-on-amazon-pullout-worst-day-for-nyc-since-9-11/
Lightstone Groups David Lichtenstein said Friday that Amazons about-face on its New York megacomplex was the worst day for NYC since 9-11.
Except this time, the terrorists were elected, the developer added in an email to The Real Deal, in a dig to the politicians who fiercely criticized the tech giants deal with the city for the nearly $3 billion in tax breaks and government incentives it came with. On Thursday, Amazon cited pressure from the local politicians as its reason to abandon the deal for the Long Island City campus, which was to bring 25,000 new jobs to New York and would create, by some expectations, $27 billion in tax revenue over a decade.
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Lightstone is a major developer with a $3 billion portfolio across New York, Miami and Los Angeles. In Long Island City, Lightstone owns a 428-unit rental building less than two miles from where Amazons campus was set to rise.
Lichtenstein is among several industry figures whove addressed losing out on the Amazon campus, which the real-estate industry felt would be a major boost to both the residential and commercial markets. The future of the neighborhood is still going to happen, said Robert Whalen, Halsteads director of leasing in Long Island City, but Amazon couldve accelerated the process. Dave Maundrell, of Citi Habitats, said that without Amazon, were back to where we were six months ago. The markets gonna go back down.