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

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6 is not something that is fully captured by a snapshot of a single year’s activity. Central Park as it exists today is the product of 150 years’ investment in the creation, preservation and continuing improvement of the Park. Similarly, the area around the Park – the most valuable concentration of residential, office, retail, hotel and cultural real estate in the U.S. – is the product of 150 years of investment by property-owners, developers and institutions that recognized the value of proximity to the Park. This is not to say that the Park alone determines the value of these properties, or the location of households, businesses and institutions that occupy them. It means rather that the creation of Central Park started a process of development and a continuing series of investment decisions that made the surrounding area what it is today. Each decision built on those that came before it. The concentration of so much high-value, high-quality housing makes the Central Park area one of the country’s most desirable corporate office locations; the concentration of homes and offices, and the presence of so many cultural institutions make it an especially attractive location for high-end hotels; and all of these things together help make the Central Park area one of the world’s premier shopping districts. But it is likely that none of this would be there today, had it not been for the creation of the Park 150 years ago. Without the Park, there would be no concentration of high-priced residential real estate along Fifth Avenue – no Museum Mile – no concentration of luxury hotels along Central Park South. This connection between Central Park and the amazing economic ecosystem that surrounds it is not just a historical artifact. The evidence clearly suggests that the Park continues to enhance the attractiveness of the surrounding area as a place for living, working, doing business, visiting, shopping, recreation and cultural activity.
The evidence further suggests that the ongoing process of renovating, revitalizing and improving Central Park that started in 1980 with the creation of the Conservancy has played a central role in the growth of property values in the Central Park area, in attracting new investment to the area – and in making the Park itself a more valuable resource for New Yorkers and a more powerful magnet for visitors. Central Park’s value to New York’s economy thus reflects not only the foresight of the New Yorkers who created it 150 years ago, but also the cumulative impact of the Conservancy’s and the City’s investments since 1980 in the renovation, revitalization, improvement, maintenance and management of the Park. Few investments in New York City, public or private, have in the past 25 years produced comparable results for the City, its economy and its people. Tax or fee Revenue ($ millions) Central Park Conservancy direct/indirect $ 0.7 Concessions direct/indirect $ 5.6 Visitor spending direct/indirect $ 3.8 Special event and concession permit fees $ 9.8 Property tax premium $ 535.4 Real property transfer tax premium $ 34.0 Commercial rent tax premium $ 31.0 Mortgage recording tax premium $ 35.8 TOTAL Summary of Central Park tax and fee revenues $ 656 Direct, indirect and induced Output ($ millions) Jobs (FTE) Conservancy as an enterprise $ 43.5 480 Concessions operations $ 135.5 1,679 Visitor spending $ 80.7 1,005 Film, television and photography $ 135.6 616 TOTAL Summary of economic impact $ 395.3 3,780
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Valuing Central Park’s Contributi
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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 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 58 and 59: 8 About Appleseed Appleseed is a Ne
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