U.S. Markets closed

Shark Tank's Corcoran on Amazon-NYC deal: 'I’m so upset over this'

Aarthi Swaminathan
Finance Writer

Some people in Queens may be cheering over Amazon’s escape from New York City, but real estate queen and Shark Tank investor Barbara Corcoran definitely isn’t.

When it first came out, it was “the best news I heard in the 40 years I've been the real estate business,” Corcoran told Yahoo Finance’s On The Move. “I saw it as the beginning of a phenomenal wave that was going to reinvent the city and make everybody say wow they've got their game going. They won the bid.”

But after Amazon (AMZNcalled off the plans to build its second headquarters, she was stunned — and worried: “The fallout is that other large companies thinking of following their heels, thinking that New York was the ‘it’ place to be, the place where you really want to plunk down a ton of money and create a lot of jobs. [Now] they're pausing and thinking about it.”

The loss of 25,000 jobs — among other benefits — was unthinkable to Corcoran.

“You know it's it's a shame,” Corcoran continued. “I'm so upset over this, I have to say. Because I really believed that New York was going to go through a new renaissance.”

A woman passes by an electronic billboard in Times Square displaying, "Thanks For Nothing, AOC!", referencing U.S. Rep. Alexandria Ocasio-Cortez (D-NY) and the pullout of Amazon's HQ 2 in New York City, U.S., February 21, 2019. (Photo: REUTERS/Brendan McDermid)

‘Think of yourself: You’re Jeff Bezos and you've got all the money‘

Amazon’s departure came after intense pressure from local politicians and lobby groups in New York City who staunchly opposed the company’s encroachment into the Long Island City neighborhood.

Rep. Alexandria Ocasio-Cortez, who represents both the Bronx and Queens districts, tweeted the following after the news broke:

“Think of yourself: You’re Jeff Bezos and you've got all the money,” asked Corcoran. “Why would you put up with that aggravation? Why would you even want to debate anything? You just move on. Everybody wants you, why would you stay here?

What should have happened is it should have been a spirit of camaraderie like we're all in New York together.”

Aarthi is a writer for Yahoo Finance. Follow her on Twitter @aarthiswami.

Read more:

The housing market is peaking

The most and least affordable U.S. metro areas to buy a house

The 35-day government shutdown created long-term affordable housing concerns

Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, LinkedIn, YouTube, and reddit.