Are investments in parks and open space worth the price? A report just released by Friends of Hudson River Park, “The Impact of Hudson River Park on Property Values”, demonstrated how about twenty percent of the value of properties in the two blocks adjoining the Hudson in Greenwich Village can be attributed to the Hudson River Park.
Spread across all the properties in the study area, including those that did not change hands, the value attributable to the park is about $200 Million. The cost of building this section of Park: $75 million. Regional Plan Association conducted the data analysis in the report and was a member of the steering committee that directed the Report’s conclusions. Friends are now assessing if a “Park Improvement District” might be used to assess the property owners to help pay for the Park’s upkeep.
Acknowledgements
Authored by
Nicolas Ronderos
Former Director, Community and Economic Development
