1 Matching Annotations
- Apr 2020
-
provocations.darkmatterlabs.org provocations.darkmatterlabs.org
-
To understand the High Line’s effect on surrounding property prices, we analysed publicly available valuation data from NYC’s Department of Finance, and cross-referenced it with property sales data for blocks and individual plots (a detailed methodology is available 👉 here). This meant we could track how the values of surrounding properties have changed since the High Line’s arrival.What’s interesting is that if we group the properties in bands roughly one kilometre wide from the High Line you start to see that between 2007 (when construction started) and 2018 (when the data ends), properties closer to the High Line experienced a greater value increase on average than those further away. So the mean property value uplift for houses within 1km of the High Line was actually 92% more than the Manhattan mean. Or to put it another way — if you owned an apartment in that 1km, you earned on average about $67,000 a year from the uplift alone. 🤑
-