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

Conclusion
As this report has documented, Central Park contributes to the strength of New York
City’s economy through its role as a cluster of businesses enterprises – as a venue
for major events and a magnet for visitors from around the world, and a location
for film and television production and commercial photography – as a resource for
the communities the Park serves – by enhancing the value of real estate in the area
surrounding the Park – and by generating hundreds of millions of dollars each year in
revenues for the City.
The economic impact of the Park as an enterprise, as a magnet for visitors, as a venue
for film, TV and photography and as a generator of tax revenues can all be defined in
current-year terms. Based on our analysis, we estimate that:
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Spending by Central Park enterprises and visitors to the Park directly and
indirectly accounted for $395 million in economic activity in New York City in
2007; and that
This economic activity, along with the increase in real property values attributable
to proximity to the Park, generated $656 million in tax revenues for the City in
2007.
Yet if there is an overriding conclusion to be drawn from this report, it is that the
real value of Central Park to the people of New York City and to the City’s economy