Real Estate hits bottom as Industry City abandons plan

Industry City has been surrendered in Brooklyn after a year of Amazon’s incredible loss in Queens. The possessors of almost 35 acres Sunset Park School pull back the papers of assigning land with restrictions to a new category. It is because of the political dispute in City Council. This decision made it clear that Amazon’s turn over one year ago from a billion dollars plan and idea from Long Island City project was not a mistake.

For many years, the promise of giving new opportunities and jobs increased the chances of project grant approval by political authorities. Amazon announced that its headquarter II would occupy around 25 thousand to 40 thousand workers and employees in 2018 with a budget of approximately 150 thousand dollars annually.

Unfortunately, many journalists and political individuals criticized it as a threat rather than an opportunity. The CEO of Amazon Jeff ceased down the plan after seeing the rejection and criticism forever in 2019.

Many other problems lead to the shut down of Amazon’s idea of that project. But the primary issue which became reason was that the employment was thought negative by some officials and political persons.

Jobs at that time meant improvement and transmutation. This call sign was so strong that when pandemic came and unemployment was on peak and also made the wealthiest of several cities down, believers of that project held on to their positions. Industry City made the jobs and employment its main argument for approval of more resources and retails yet it abandoned.

Real Estate hits bottom as Industry City abandons plan

It had calculated that the assigning of land for development would lead them to finance another one billion dollars and twice the number of jobs at the project. It is pretty clear that presently the political conditions and situation along with deficiency of leadership are stopping the proposal of assigning land for the development of Industry City.

Moreover, the City Planning Commission granted permission for the development of assigned land but only three of the members voted and it needed around 26 of the votes for final approval.

The talks about development in New York City were once attached and gathered on promises of employment because of the decline in the number of jobs from 1 million to around 80 thousand. The political leaders who lived through that time welcome the Amazon now for the betterment and development of Industry City.