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New Study: Manhattan Park Residence Costs Revealed


Manhattan Skyline - Serj Markarian Associate Real Estate Broker Advisor in NYC
Central Park in Spring with Cherry Blossoms - Serj Markarian Associate Real Estate Broker Advisor in NYC

Last month, I explored the impact New York City parks have on property values, a topic I had covered a couple of years ago. The last write-up was prompted by the restoration currently underway on Central Park sidewalks, as part of a multi-phase project, with Phase 1 due to be completed in 2028. The takeaway between both write-ups in general should have been a broad understanding of how parks and green spaces bolster property values in their immediate vicinity.

 

Interestingly, a new study published in PropertyShark examines the costs of buying a home near Manhattan’s 15 largest parks—10 acres or more in size being the criteria. While results of their findings aligned with expectations, there were some that were noteworthy. More than half of the parks, eight to be exact, commanded higher property prices for residences situated in the first row of buildings next to the park. Of the remaining seven, five parks showed lower prices, one had no noticeable difference, and the largest of them all, Central Park, presented a nuanced picture given its expansive footprint. 


The study's examination of Central Park revealed intriguing patterns across its nine bordering neighborhoods. With only one exception, all reported higher property prices for buildings overlooking the park. Surprisingly, Central Park South stood out, reporting a median price of $1.4 million—47 percent lower than the neighborhood median of $2.62 million, which includes the opulent residences along Billionaires Row. East Harlem topped the list with a staggering 281 percent price difference, followed closely by Central Midtown and Lincoln Square, both exceeding the 200 percent mark.


Transitioning to Hudson River Park, Chelsea emerged as the frontrunner, commanding a notable $3.12 million surcharge—221 percent above the neighborhood median, the highest premium throughout Manhattan. The West Village followed suit with a 155 percent spike, while Tribeca trailed slightly behind at 44 percent above its area median.


In terms of the lowest percentage drop from the neighborhood median after Central Park South’s reported 47 percent, the Lower East Side along East River Park and Harlem neighboring Jackie Robinson Park appeared to be the outliers, with median prices of $677,000 and $425,000, respectively—32 and 26 percent below their neighborhood medians.


These findings offer valuable insights for those contemplating a move closer to a park. Contrary to conventional wisdom, the study reveals that proximity to parks does not always equate to higher property costs. Rather, it underscores the importance of thorough research and strategic decision-making when seeking a residence with convenient access to green spaces.




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