This joint study by Ernst & Young and NY4P links well maintained parks to the real estate value of surrounding propertie

Ernst & Young and NY4P study on the economic impact of parks on real estate values

 “It is not size or borough of the park, nor zoning or income of the neighborhood. Residential and commercial neighborhoods of varying income levels in all boroughs can achieve profitable park investment if they have the basic ingredients for success.”

In 2003, New Yorkers for Parks engaged Ernst & Young to conduct an analysis of the impact of parks on real estate values in New York City. Great parks make for great neighborhoods – this is something we all know intuitively, but this report set out to quantify that relationship.

What did the study explore?

The study looked historically at factors such as real estate values, tax assessments and turnover in neighborhoods surrounding six parks: Bryant Park (Manhattan), Prospect Park (Brooklyn), Clove Lakes Park (Staten Island), St. Albans Park (Queens), Crotona Park and P.O. Serrano Park (both in the Bronx). Ernst & Young researched the history of capital investments in these parks, and used 30 additional neighborhood parks for an aggregate citywide analysis.

What were the results of the study?

Though the study did not definitively correlate capital investments in a park and economic benefits to the surrounding community in every instance, it did illustrate that this can happen when the right mix of conditions exist.
Stated differently, investments in parks, when properly managed and maintained, positively impact the economic development of surrounding properties.

What now?

Park investments must be maintained and adequately integrated into a strategic management plan or the capital investment will not serve as an economic development tool.  Factors that influence this include effective planning and administration, the local business environment and community involvement. Strategic re-investments in parks, as a part of overall community planning, can effectively enhance local property values.

Download a copy of the Executive Summary

Download Document 

To request a copy of the full 350-page analysis for $40 email