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

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6 Fig. 13. Map of high-rent retail corridors, spring 2007 Retail corridor Average asking rent Madison Avenue $ 1,158 Fifth Avenue $ 932 57th Street $ 675 Upper East Side $ 155 Upper West Side $ 128 Manhattan $ 107 Table 9. High-rent retail corridors and average asking rents, 2007 average market value of $583 per lot square foot. By 2007, the same blocks along Central Park West had increased in value by 109 percent, while the blocks between Columbus and Amsterdam Avenues increased by 63 percent. The change in market value for the two sets of blocks is illustrated in Figure 10. There are several factors that could have contributed to the more rapid appreciation of property values close to Central Park. But it logical to infer that proximity to the Park has over time become more attractive at least in part because the Park itself has become more attractive. Rising values around the Park thus reflect the cumulative impact of 25 years of investment in Park facilities, infrastructure and landscapes – in improved maintenance and greater safety – and in more extensive programming and services for Park users. Anchoring New York City’s most valuable properties Just as New York’s leading hotels and museums are clustered near Central Park, so are many of its most prestigious corporate addresses, its most valuable residential properties and its highest-rent retail districts. Midtown Manhattan has the highest commercial office rents in the United States, with average asking rents in the summer of 2008 exceeding $85 per square foot, and rents in many buildings exceeding $100 per square foot. The office buildings with the highest rents are not evenly distributed throughout Midtown, however. With
unobstructed views and light – and easy access to the amenities Central Park and its environs provide – most of the highest-rent office space is located in buildings within a short walk of Central Park. Of the 48 buildings that had achieved base rents in excess of $100 per square foot as of July 2007 (as shown on Figure 11), half were located within five blocks of Central Park; and another quarter were just a few blocks farther from the Park. Data on the sale of residential properties shows the same clustering of high values around the Park. Of the 50 highest-value apartment and townhouse sales in Manhattan in 2007, 19 were directly across the street from the Park, and another 22 were located within six blocks of the Park. Sales prices of the 19 residences across the street from the Park ranged from $1,400 to $7,200 per square foot and averaged $4,200. The City’s highest-rent retail districts are also clustered near the Park. As Table 9 shows, the average asking rent for retail space in Manhattan in the spring of 2007 was $107 per square foot. Rents were generally higher on the Upper West Side and Upper East Side – $128 and $155 respectively. But in three prime retail corridors near Central Park, rents were much higher, reaching an average of $1,158 per square foot on Madison Avenue between 57th and 72nd Streets. Contributing to the revitalization of Harlem Among the most notable developments in New York City during the past fifteen years has been the continuing revitalization of Harlem – a process that has encompassed both commercial revitalization and a renewed recognition of Harlem as an attractive place to live. Central Park has played a part in that process, enhancing the value of the blocks north of the Park and helping to attract new investment to the area. $350/sf $300/sf $250/sf $200/sf $150/sf $100/sf $50/sf 1 2 3 4 5 6 North side of the Park average: $165/sf 7 8 9 10 Number of blocks from Central Park Fig. 14. Average market value per lot square foot, by number of blocks from Central Park, 2007 11 12
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 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 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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