As we continue to see new parks being developed throughout New York City, one can’t help but wonder if and by how much will residential property values increase in the nearby area. Naturally, this question is top of mind for local residents in the vicinity, however buyers interested in a good ROI are more than likely taking this into account too as they map out their buying strategy.
According to the Economic Benefits of Parks in New York City Report by Trust for Public Land, the 30,000+ acres of parks in our city have increased NYC residential property values by over $15.2 billion. For example, a report by the NY Economic Development Corporation found in 2014 that condominiums with Central Park views sold for 20-70% more than those with city views. The High Line is another good case study where the 2020 Landscape and Urban Planning report on eco-gentrification found that residential properties closest to the High Line experienced a 35.3% increase in home value.
As you’re most likely aware, there have been a number of new parks in NYC that have gone up or are in the process of being developed since the pandemic. New Yorkers have a greater appreciation for outdoor space in this new era, and developers are listening by accommodating their needs with new or updated residential developments and surrounding parks.
The West Village, which is already one of Manhattan’s more expensive neighborhoods, could very well see another bump in home values when the new and magnificent 5.5-acre Gansevoort Peninsula Park on the Hudson River waterfront is completed at the end of 2023.
Clearly there are many benefits to having a park nearby your home, but it’s important to note that home value increases attributed to the park will vary based on the distance between your home and the park and, of course, the park itself. Central Park without question will garner nearby residents higher property values than most others, but thankfully NYC has a plethora of neighborhoods and neighboring parks to choose from.
Does proximity or accessibility to outdoor space weigh high as a priority in your decision-making process when buying a home?