Without Amazon, Expect Long Island City Housing Frenzy to Fizzle
- Asking prices and buyer interest jumped after November deal
- Reversal highlights risk of speculative investment in NYC
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Long Island City’s housing market should brace for some whiplash.
Prices and buyer interest jumped after Amazon.com Inc. announced in November that it planned to build a new office campus in the Queens neighborhood. Now that the tech giant has backed out, expect the frenzy to settle down.