22 Mar New York City Condo Prices Rise When Near Parks
EB-5 Investors whose funds went to New York City establishments Bryant Park and The Charles have even more exciting news to look forward to, on top of the swift progression of the project and its already-impending success. A recent real estate report found that apartments located near flourishing parks demanded higher prices than their architectural counterparts located farther from an outdoor establishment.
One case in particular, the High Line, a re-developed rail freight line that traverses one mile of Manhattan’s beloved West Side and offers a landscaped and well-maintained urban oasis, offers more than perks of the outdoors. Residential property values grew 103% between 2003 and 2011, according to the New York Times. The year 2003 marked a citywide push to redevelop the High Line, whereupon architecture firms, horticulture experts, engineers, maintenance providers and public arts practitioners joined forces to turn it into what it is today. Around 29 developments have been, or are in the process of being, built along the High Line – which has inspired similar outdoor parks in other metropolitan cities in Germany, Israel, Mexico and Singapore.
Manhattan rents in general are ramping up, after four consecutive months of slower rental growth. According to a report by Douglas Elliman, and compiled by Miller Samuel, the average monthly rent for a Manhattan apartment in February was $3,956, a 4.3% increase from January and a 4.9% increase from February 2012.
Sales-wise, inventory continues to decrease. Many brokers report stories of heated bidding wars on some of the city’s best apartments. As inventory continues to fall and buyers begin to feel the heat, prices will only rise.