After Amazon’s breakup with Long Island City, a life sciences center may be the rebound the neighborhood needs to get back on its feet.
With a void where Amazon was to build its more than four million s/f HQ2 campus with 25,000 jobs and $30 billion in tax revenue, the industry is wondering what Long Island City’s future will be.
According to James Sullivan, managing director and REIT analyst at BTIG, there’s a lot of possibility for a life sciences center.
“Long Island City clearly has an interesting future, assuming Amazon doesn’t renegotiate to go back in,” Sullivan said. “Long Island City will do fine over time as a center for life sciences.”
Sullivan pointed to a recent $75 million deal that Alexandria Real Estate Equities, a California-based REIT focused on the life sciences sector, closed at The Bindery building at 30-02 48th Avenue in Long Island City.
Read the full story in Real Estate Weekly