East River Ferry Boosts Prices in Queens
According to a study by the Economic Development Corporation, the East River Ferry is the cause of soaring property values in both Queens and Brooklyn neighborhoods along the waterfront route. The New York Post reports the details of the study, saying that since 2011 the ferry “increased total property value by $500 million for all…
According to a study by the Economic Development Corporation, the East River Ferry is the cause of soaring property values in both Queens and Brooklyn neighborhoods along the waterfront route. The New York Post reports the details of the study, saying that since 2011 the ferry “increased total property value by $500 million for all homes within a mile of its stops.” The ferry is also cause of more than a half million square feet of new homes and businesses.
Since the city just announced in December that ferry service will extend to 2019, the EDC is now looking at more potential routes. One possible route would start up in Astoria, travel to Roosevelt Island and Long Island City, head to East 34th Street and then Wall Street’s Pier 11. And another begins in LIC, stops at East 23rd and Grand streets, and ends at Wall Street. The city’s even considering ferry service to LaGuardia Airport with potential connections at Wall, East 34th and East 90th Streets and Brooklyn Bridge Park.
East River Ferry Sends Property Values Soaring [NY Post]
Photo by mcmillianfurlow
This seems more like a correlation than a causation. I think it would be hard to truly prove that a ferry service lifted property values for thousands properties within a mile of the stops.