#19 The Economic Impact of Parks
How much is a park worth to a City resident? NYCEDC’s Chief Economist Francesco Brindisi and his team explored this issue for our August 2011 Economic Snapshot. They analyzed property values around three of the City’s parks: Central Park (Manhattan), Prospect Park (Brooklyn) and the recently opened High Line Park (Manhattan) and drew the following conclusions:
- Land values of residential properties increase the closer they are to a park.
- The increase in land values over time for lower-priced properties is also correlated with proximity to the park.
- On the east side of Central Park, median values for properties between a five- and ten-minute walk were 11% lower than those within five minutes from the park.
- A similar trend was observed on the west and south sides of Central Park, Prospect Park, and the High Line.
- From 2003 to 2011, property values closest to the parks escalated over time at a faster rate in lower priced areas (relative to their neighborhoods bordering the park), such as Flatbush, Central Park West, and Hudson Yards.
- Before the construction of the High Line Park in 2003, surrounding residential properties were valued 8% below the overall median for Manhattan, but had appreciated beyond borough-wide values by 2011.
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