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. New York’s real estate market is currently active, with the Charles flat and Bryant Park projects progressing smoothly. EB-5 investors who subscribed to these projects can expect their success. According to a recent report, apartment projects in a booming market and near parks have far better prospects and higher prices than similar projects in more distant suburban markets.

A prime example is New York’s High Line Park. As a redevelopment area, the High Line boasts excellent rail transport, traversing Manhattan’s renowned western end. With its expansive views and scarce green spaces, it’s a veritable oasis in the metropolis. These characteristics give it a significant advantage over properties in the suburbs or elsewhere. According to the New York Times, local home prices increased by 103% between 2003 and 2011. In 2003, a redevelopment plan for the High Line was launched, with architectural firms, horticultural experts, engineers, maintenance suppliers, and artists all contributing their ideas. Within just a few years, the area underwent a dramatic transformation. Currently, a wave of park redevelopment is sweeping the globe. Countries and major cities such as Germany, Israel, Mexico, and Singapore are also experiencing a surge in outdoor park redevelopment.

After four consecutive months of slow rent increases, Manhattan rental prices are generally recovering. According to a report by Elliman Realty, the average monthly rent for a Manhattan apartment reached $3,956 in February, a 4.3% increase from January and a 4.9% increase compared to February 2012.

Apartment sales are also booming. Apartment inventory continues to decline. Many real estate agents say that competition among buyers is particularly fierce for some of the best apartments. As New York apartment inventory decreases further, buyers are beginning to feel the real estate boom, and prices will only rise further.