Opportunity Zones and the Impact of Amazon’s Arrival in LIC

Adam R. Sanders, member of the real estate law firm Estis & Rosenberg, P.C.

NEW YORK CITY—Amazon is coming! After months of national jockeying and speculation, Amazon announced on November 13, 2018, that Long Island City, NY will be one half of its planned HQ2. While opposing sides debate the cost versus value to the taxpaying residents of LIC, New York City and New York State, the fact remains that most of the land planned for the LIC HQ2 is in an Opportunity Zone.

As a result of the location selection and a December 12, 2018 executive order requiring 13 federal agencies to focus on promoting and facilitating the Opportunity Zone program, there will be great interest in utilizing the program for the construction of Amazon’s LIC headquarters. In addition, developers in the surrounding neighborhoods of Queens, Brooklyn and the Bronx will be interested in using the program for building projects that cater to the influx of additional Amazon employees and for related businesses.