Valuing Central Park's Contributions to New York City's ... - Appleseed
Valuing Central Park's Contributions to New York City's ... - Appleseed
Valuing Central Park's Contributions to New York City's ... - Appleseed
Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
Highlights<br />
Since its creation 150 years ago, <strong>Central</strong> Park has been among <strong>New</strong> <strong>York</strong> City’s most valuable assets. The Park’s value <strong>to</strong> the<br />
City’s economy can be viewed from several perspectives. <strong>Central</strong> Park is:<br />
•<br />
•<br />
•<br />
•<br />
•<br />
A cluster of enterprises, events and activities connected <strong>to</strong> the Park that <strong>to</strong>gether generated $395 million in economic<br />
activity in 2007, and 3,780 full-time-equivalent jobs;<br />
A public space around which the many of <strong>New</strong> <strong>York</strong>’s leading hotels, cultural institutions and corporate headquarters are<br />
concentrated;<br />
A source of added value <strong>to</strong> the City’s most valuable real estate; we estimate that in 2007 the “<strong>Central</strong> Park effect” added<br />
$17.7 billion <strong>to</strong> the market value of properties near the Park – a premium equivalent <strong>to</strong> approximately 8 percent of the<br />
<strong>to</strong>tal value of all Manhattan real estate;<br />
A recreational, educational and cultural resource for the surrounding communities and for all <strong>New</strong> <strong>York</strong>ers; and<br />
A genera<strong>to</strong>r of tax revenues for City government; we estimate that City tax revenues related <strong>to</strong> Park operations, visi<strong>to</strong>r<br />
spending and increased real estate values <strong>to</strong>taled more than $656 million in 2007 – an amount roughly equal <strong>to</strong> the <strong>to</strong>tal<br />
annual cost of the entire Parks Department.<br />
<strong>Central</strong> Park as a cluster of enterprises, events and activities<br />
•<br />
Through its spending on payroll, purchasing and construction, the <strong>Central</strong> Park Conservancy in 2007 directly and<br />
indirectly accounted for approximately 480 full-time-equivalent jobs in <strong>New</strong> <strong>York</strong> City, and $43.5 million in overall