New York City’s more than 30,000 acres of parklands boost the value of Big Apple residential properties by an estimated $15.2 billion, according to a report speak Trust for Public Landsa pro-park non-profit organization.

Using property tax assessment data from the New York City Department of Financethe nonprofit estimated that a residential home’s proximity to a park increases its value and increases the amount of property tax paid by about $101 million.

“New Yorkers, they need to get out – in part to make the city livable” Carter StricklandNew York State director for the trust, said in a declaration. “There is no big city without big parks. We put a number on it, but it’s really that feeling that’s important. People love their parks.

The nonprofit reviewed about 400,000 homes that had enough property tax data to assess, Stricklan said. He estimated that about 5% of the value of these homes came from being within 500 feet of a local park – which Strickland says is a conservative figure, as his previous research found increases of even 20%. The total market value of these properties was around $303 billion, according to the report.

central parkin particular, has historically driven up property values New York Economic Development Corporation found in 2014 as condominium units with views of Central Park sold 20 to 70% more than the city view units. But since not all parks are Central Park, Strickland said the trust used a lower estimate of the percentage of a property’s value that comes from its proximity to a park.

The city’s parks are visited approximately 527 million times a year and also provide recreational activities, boost tourism, reduce health care costs and absorb stormwater, limiting the cost of repairing the city’s drainage system. , according to the study.

“Our extensive and diverse park system is one of the most valuable public assets New Yorkers have access to – it’s where they connect with the community, stay fit and explore the wonders of nature” , New York City Department of Parks and Recreation Commissioner Sue Donoghue said in a statement.

The outdoor space has been increasingly valued by New York residents during the pandemic, which forced many residents to stay inside their homes for fear of catching the deadly virus early in the pandemic. Outdoor terraces in office buildings gained popularity and helped buoy rental in office campuses that have it, such as city ​​of industry in Sunset Park, Brooklyn.

But the city’s green spaces are not evenly distributed among its inhabitants. The study found that communities of color have over 33% less park space within a 10-minute walk per person compared to white neighborhoods. It also found that the same discrepancy was true for low-income areas, which have over 21% less park space per person within 10 minutes’ walk.

And new parks – like the high line — can increase property values ​​enough to make neighborhoods unaffordable for current residents, the study found. This can be avoided if the area creates an affordable housing component before a new park is built, Strickland said.

Celia Young can be contacted at cyoung@commercialobserver.com.