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November 16, 2018
Amazon-mania hits NYC like
a bat out of hell!
I've never seen anything quite like this. It's hard to believe it could even happen, given that there were so many obstacles that had to be overcome. I know the title of this week's post gives away the main subject, but there is no way any title could give you the whole point of how nuts everyone is going over this. At least within a 30 mile radius of Long Island City.
People outside of NYC could certainly be forgiven for not realizing that Long Island City isn't even on Long Island. In fact, the two boroughs called Brooklyn and Queens aren't considered part of Long Island, even though they actually make up the Western most part of the actual Island. Nassau and Suffolk counties are the real Long Island. The Bronx is the only part of NYC that is actually attached to the mainland, just to take our "know your NYC geography" one step further. Long Island City is a small neighborhood that is home to 68,000 residents. It has a waterfront that overlooks Manhattan. It used to be mainly industrial property, but over the last 20 years, it's been in a constant state of transformation, gentrification as some like to say. All of the new office and residential towers that have reshaped its skyline is all the evidence you need to see that it has become the Williamsburg of Queens; complete with trendy restaurants, cool bars, galleries, good public schools, a ferry to Manhattan, a subway that'll put you in Grand Central Station in 5 minutes, and young professionals who are highly educated.
It's not my intention to come off like I'm writing a press release or anything like that. The thing that's so fascinating about Amazon's new NYC HQ is how there's something in it for everyone, including those both for and against it. It involves politics, social causes, protesters, climate change (LIC lies in a flood plain), education, infrastructure spending, rising real estate prices, etc. It'll be fun to watch the whole shebang develop in real time.
I was asked in a media appearance about the impact that Amazon will have on the region, particularly for Long Island. My points were that it is a huge win in terms of the economy and how it will stop the brain-drain here; when our youth graduate college and move to a less expensive part of the country. I also included how this helps replace jobs lost from big box store closures by Sears, Macy's, and others. But the only part that was included was the brain-drain part, which is fine by me. The Silicon Valley tech mecca has attracted our best and brightest for far too long. I think this goes for the entire USA. I hope more of these tech giants open new HQ's in other parts of the country. I also hope the Amazon of NYC will be a safe, hospitable place for all of its employees. Seattle had to learn a lot of lessons the hard way from hosting Amazon's HQ and I can only hope that those lessons save a lot of heartache both in NYC and in Virginia.
Anyway, here's the clip to my media appearance, followed by a video from the NY Times that I think is informative.
News12:
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| Big news! Amazon to open new HQ in NYC. My interview w/ News 12. |
New York Times:
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| Mitchell O. Goldberg, AIF®, AAMS President | Investment Professional OSJ Manager ClientFirst Strategy, Inc. 290 Broadhollow Road, Suite 200 E, Melville, NY 11747 (D) 631-920-6622 (F) 631-920-6624 (C) 516-818-0338 [email protected] | www.clientfirststrategy.com MissionStatement: To financially empower our clients so that they can achieve their most important goals and to confidently plan for the future that they envision. Securities & Investment Advisory Services Offered through NEXT Financial Group, Inc., member FINRA/SIPC. ClientFirst Strategy, Inc. is not an affiliate of NEXT Financial Group, Inc. |
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