Valuing Central Park's Contributions to New York City, May 2009

In May, the Central Park Conservancy released a report on Central Park's impact on the economy of New York City. The report, which was prepared by Appleseed, highlights the multiple ways in which the Park contributes to the City's economic vitality – as a major enterprise in itself; as a magnet for visitors, a location for film and TV production and a venue for major events; as a resource for New York City residents; and through its impact on property values and City tax revenues.

Most of the research and analysis presented in the report was completed in 2008, before New York City began to feel the full impact of the current recession. Some of the details of our analysis would of course be different if we had been using 2009 data. Retail and office rents in the area around the Park have declined, for example, and a sharp slowdown in the sale of apartments and commercial properties has meant less revenue from real property transfer taxes.

On the other hand, because changes on taxable assessed values always lag behind changes in real market values (both on the way up and on the way down), the real property tax revenues that the City derives from properties near the Park (and in effect, from the Park itself) are actually higher in 2009 than they were in 2007.

In other ways as well, Central Park's contribution to the City's economy is probably even more important today than it was at the height of the boom.