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

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“[T]he financial condition of the city continues to be better for all it has expended and is expending on the Park, as is indicated by the successive valuation of real estate in the 3 wards adjoining the Park since 1856, and in the amount of taxes raised in these wards.” Second Annual Report of the Board of Commissioners of the Department of Public Parks for the Year Ending May, 1872, 7. In 1856, before the Park was begun, the assessed valuation of the real estate in the Twelfth, Nineteenth, and Twenty-Second wards amounted to $26 million. In 1872, after the Park had been completed, the valuation rose to $186 million – an increase of $160 million. Second Annual Report of the Board of Commissioners of the Department of Public Parks for the Year Ending May 1, 1872, 8-9.
Part 4 Enhancing real property values, attracting investment Among the most notable aspects of Central Park’s impact on New York City’s economy is its role in enhancing the value of real property surrounding the Park, and in attracting new investment. As the report cited on the preceding page suggests, within just 20 years of its completion the Park had already had a significant effect on property values in the surrounding area. The common-sense notion that proximity to parks enhances property values has been confirmed during the past thirty years by a wide range of studies, both in New York City and elsewhere. A recent survey of studies conducted in the U.S. and the U.K., for example, found that: The studies reviewed present strong evidence that open space has a statistically significant and positive impact on the sales price of neighboring residential properties…. From the studies reviewed, a property located on or close to an area of open space could expect to see a premium of between 5% and 20%, and higher in some exceptional cases (34% was noted in a U.K. context). 1 In New York City, a report by New Yorkers for Parks and Ernst and Young on the impact of park renovations on property values found that in Park Slope, the persquare-foot sale prices of single-family homes located within one to two blocks of Prospect Park were 32 to 153 percent higher than the prices of homes that were three to four blocks farther away. For multi-family residential buildings, per-square-foot 1 Neil Dunse, Michael White and Carolyn Dehring, Urban Parks, Open Space and Residential Property Values (RICS, September 2007),.p. 17. 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 14 and 15: Central Park: At A Glance • •
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 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

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

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