Today, in the spirit of Earth Day (I know I’m a day late), I’ve included both the lovely guest post by Suzie Wilson in SF (WE ARE NOW BI-COSTAL) and this seller’s month post about how being close to Manhattan’s biggest, greenest space increases your property value. Just another reason Donald Trump is bad both at real estate and at being president: if you hate the environment so much why are so many of your buildings on the park?
First, I came across this very cool thing that talks about Central Park’s effect on NYC’s economy. Hint: it makes the city more livable, increases property values nearby, brings tourism (but the good kind), and even increases tax revenue. I haven’t read the whole thing, but I plan to, and you can find it here.
Second, if you look at the record-setting deals that make headlines for real estate prices, they are nearly all along Central Park. While new development and other luxury projects have struggled around the city, those park-adjacent immediately come with a clout and distinction you won’t get elsewhere. Plus, the names are great: Central Park South, Central Park West (well, and then 110th St and 5th Ave). But seriously, a penthouse on the park sold for $238 million earlier this year, in what many consider(ed) a down/buyer’s market.
Third, even in less fancy sales and rentals, “a view of the park,” even if you need to press your face against a window and look sideways, will increase the price of a sale or rental. I almost signed a lease for a place that DID NOT MAKE ANY SENSE for me and my roommate based on the fact we could sort of see the park through one window. It has an undeniable appeal. It feels so special, so wonderful, like you have greenery in your life and don’t live in a concrete jungle. Here, someone who knows more about this than I do was quoted about it:
"Central Park is the biggest, most powerful draw in New York City," says Barbara Fox, founder of Fox Residential Group, who for 20 years has sold apartments in the area and has a listing at 834 Fifth Ave., overlooking the park, for $29.5 million. "More than any other request, people say, 'I want to live or be close to the park.' In some cases, if they can't be on the park, they absolutely will not buy."
I honestly LOVE the impact and history of Central Park and would love to write a whole thing about it, but I’m slammed with work, have been having a full on glow-up breakdown (success is scary, guys), and my allergies are…aggressive. Thanks to Central Park! It all comes full circle!
But here are some fun facts:
843 acres (THIS IS SO MUCH BIGGER THAN MY FARM!)
estimated 37-38 million visitors annually
one of the most filmed places on earth
first approved in 1853, completed in 1876
was always meant to be a common space for all, regardless of income
the Central Park Conservancy was formed in 1980 to refurbish much of the park
includes skating rink, zoo, lake, running track, sports fields, and theater (Shakespeare in the Park, anyone?)
For those of you as obsessed with the NYC green spaces as I am, I highly recommend reading about its history and development.
And I’m sure I’ll be back to talk about it more soon.