There’s more evidence of parks positive affect on property values from New York City. A new report issued today by the Friends of Hudson River Park found that the $75 million the public invested in a section of the park in Greenwich Village sprouted into an additional $200 million in property values in a two-block area from 2002 to 2005 According to he New York Times City Room:
The study found that about a fifth of the value of properties within two blocks of the Greenwich Village section of the park can be attributed to the park, and that real estate prices near the park began to rise only when its construction began in 1997. And the park had a significant effect on nearby condo sales, as their prices increased by 80 percent once the Greenwich Village section of the park was completed in 2003.
The study was conducted by the Regional Plan Association. The findings offer more real numbers that park development is economic development.