Amazon announced in November that, after a year-long competition among more than 230 locations, it would split its second headquarters between Long Island City and Crystal City in Northern Virginia.
Mayor Bill de Blasio and Governor Andrew Cuomo helped broker the plan to build a 4- to 8-million-square-foot facility along the Long Island City riverfront.
Amazon will occupy up to 500,000 square feet at 1 Court Square in 2019, and will work to construct more than 4 million square feet of commercial space on the Long Island City waterfront over the next 10 years.
The deal includes a capital project budget of $3.7 billion and will include property tax incentives and below-market leases.
The project is expected to bring in 25,000 jobs for the New York City community, with the potential for 40,000 in 15 years.
Amazon will receive $3 billion in taxpayer subsidies, but officials claim the investment will pay for itself nine times over thanks to $27.5 billion in estimated city and state tax revenue.
Some City Council members, advocates and local residents oppose the plan over fears of the impact the headquarters will have on infrastructure, as well as questions about Amazon's subsidies.
There are also concerns about how the transit system will hold up from the added strain, and some transit advocates want the megacorporation to chip in on subway improvements.