Amazon’s Potential New York Home Set for Investing Tax Break

Long Island City was bracing for its breakneck development boom to pick up speed even before Amazon.com Inc. moves in.

Earlier this year, much of the neighborhood was designated as an “opportunity zone,” a classification that comes with a suite of generous tax benefits for real estate developers. If Amazon selects the neighborhood for a major new North American campus it would bring thousands of new, highly paid employees to the area and create a unique and irresistible combination for New York City builders.

“We’ve been seeing so much activity in Long Island City,” said Jessica Millett, co-chair ...