NYC parks’ impact on property values
- Serj Markarian
- Mar 20, 2024
- 2 min read
If you happened across the New York Times last week, you may have seen the write-up on the Central Park sidewalk restoration currently underway. This ambitious and long overdue project, spearheaded by the Central Park Conservancy, spans approximately six miles — precisely 108 blocks — and is being implemented in a phased approach. The first phase, which has already seen the completion of 26 blocks with six currently in progress, is slated for completion by 2028. However, there is no estimated completion date for the entire perimeter.
While these improvements undoubtedly enhance both the park's walkability and aesthetic appeal, they also contribute to the desirability of the surrounding neighborhoods. Ultimately, they impact the home value of neighboring properties.
This prompted me to revisit a blog post I wrote two years ago, delving into how parks and green spaces in New York City contribute to the appreciation of property values in their surrounding areas.
Given that we're now entering the spring market, I believe it's particularly relevant for those considering purchasing a home this year. Citing findings from the Economic Benefits of Parks in NYC Report, it's revealed that the presence of more than 30,000 acres of NYC parks has led to a remarkable $15.2 billion increase in residential property values. However, this is just one of the many advantages associated with parks and green spaces, as I point out in this video that I created a couple of years ago.
In January, the NYC Parks Commissioner announced plans to renovate 20 parks across all five boroughs, investing over $100 million to enhance the quality of life for New Yorkers. NYC takes great pride in its parks, and homeowners are acutely aware of the remarkable return on investment (ROI) associated with living just steps away from one. Clearly, proximity to a park correlates with a significant increase in home value. This is often a key factor for prospective buyers when strategizing their purchases. Fortunately, NYC boasts vast expanses of green space throughout its neighborhoods, providing plentiful options for those prioritizing this aspect in their home search journey.