Valuing Central Park's Contributions to New York City's ... - Appleseed

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Central Park: At A Glance • • • • Central Park is comprised of 843 acres, including 150 acres of water, 250 acres of lawn and 136 acres of woodland. There are more than 26,000 trees, 9,000 benches, 36 bridges and arches, 30 tennis courts, 26 ball fields, and 21 playgrounds in Central Park. There were 25 million visits to Central Park in 2006 – more than the number of visits to Chicago’s Lincoln Park (20 million) or San Francisco’s Golden Gate Park (13 million). Since 1908, more than 240 feature films have been filmed in the Park, including two winners of the Oscar for Best Picture.
Introduction New York City’s Central Park is one of the world’s best-known urban parks – a favorite place for recreation, culture, entertainment and social activity for generations of New Yorkers, and a magnet for visitors from all over the world. Less familiar, however – and not as readily visible – is the role that Central Park has played in the evolution of New York City’s economy, and its ongoing contribution to the City’s economic vitality. The Park is a significant enterprise in its own right – a magnet for visitors to the City and for talent of all types – an invaluable resource for its neighbors and other New Yorkers – a source of added value to New York’s greatest concentration of real estate – and a generator of tax revenues for the City. In order to understand more fully the Park’s impact, the Central Park Conservancy – a nonprofit organization that manages the Park under contract with the City of New York – asked Appleseed, a New York City-based consulting firm, to assess Central Park’s value to New York City’s economy. This report presents the results of Appleseed’s analysis. Part One of the report assesses the impact of the Conservancy itself and the other businesses and organizations that operate in the Park. Part Two explores the Park’s role as a venue for major events and a magnet for visitors – its related role as a focal point of the City’s hospitality and industry and cultural institutions – and its role as a place for film, TV production and photography. Part Three of the report discusses the Park’s value as a community resource, and why this is important to the City’s economy. Part Four explores several dimensions of the Park’s impact on real property values in the area 1
Page 1: Valuing Central Park’s Contributi
Page 4 and 5: economic impact analyses) to estima
Page 6 and 7: “The primary purpose of the Park
Page 8 and 9: Notable events in Central Park’s
Page 10 and 11: 10 • • • • economic output.
Page 12 and 13: 12 a venue for fund-raising events
Page 16 and 17: 16 around the Park. Part Five brief
Page 18 and 19: “Looked at from a commercial stan
Page 20 and 21: 20 Outside New York State 22 employ
Page 22 and 23: 22 Project Cost The Lake restoratio
Page 24 and 25: Drawing visitors for 150 years Cent
Page 26 and 27: 26 The world’s largest marathon -
Page 28 and 29: 28 Lights, camera, Central Park! Th
Page 30 and 31: 30 Fig. 6. Museums by attendance wi
Page 32 and 33: “It is the one great purpose of t
Page 34 and 35: 3 Making History: Ice Skating in Ce
Page 36 and 37: 36 Helping to improve historic park
Page 38 and 39: 38 The Angel of the Waters Among th
Page 40 and 41: “[T]he financial condition of the
Page 42 and 43: 2 Rest of New York City $456 billio
Page 44 and 45: Block groups Lot square feet Premiu
Page 46 and 47: 6 Fig. 13. Map of high-rent retail
Page 48 and 49: 8 120% 100% 80% 60% 40% 20% 0 Block
Page 50 and 51: “The Park... has had a very marke
Page 52 and 53: 2 Direct Indirect/ induced Total NY
Page 54 and 55: “The Park is so potent a force in
Page 56 and 57: 6 is not something that is fully ca
Page 58 and 59: 8 About Appleseed Appleseed is a Ne

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