The ferry dock at the LongIsland Terminal in New York.
NEW YORK CITY – Long Island City was marked the X on a treasuremap. Not only is it in a qualified Opportunity Zone, but almost ayear ago, e-commerce behemoth Amazon was set to develop aheadquarter hub in the submarket, and rent one million squarefeet at Savanna's One Court Square.
But then Amazon pulled out due to a public and privatepartnership feud, leaving the commercial real estate industry towonder what is next for LIC and the submarket's1.5-million-square-foot crown jewel, and the answer was bigcorporate backfill leases and an $880 millionrecapitalization at One Court Square almost a year-to-date. One ofthe largest deals in LIC's history.
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