It has long been said that buying a home near a park in Manhattan can cost a pretty penny. But is that always the case when it comes to real estate in the borough? Not according to a new report released this week by PropertyShark.
Experts at the real-estate data provider analyzed home prices in Manhattan. They set out to see how much homes cost next to the borough’s major parks — including Central Park — compared to properties in the same neighborhoods located away from the green spaces. What they found was not necessarily what house hunters would expect.
The report revealed that some Manhattan neighborhoods feature homes with ‘park frontage’ that are actually cheaper than the area’s median sale prices.
“Of the 15 Manhattan parks that met our criteria, eight parks commanded higher prices in the first row of buildings next to the park, five had lower prices and one, Tompkins Square Park, had no noticeable differences,” PropertyShark’s Eliza Theiss wrote in the report. “Manhattan’s largest green space, Central Park, stood out with somewhat mixed trends as prices were higher in buildings overlooking it in eight of its border neighborhoods, yet lower in one surprising area, Central Park South.”
Real estate in Manhattan: Cheaper properties near parks
Here’s a closer look at some of the parks offering cheaper park-side properties:
Central Park
Central Park South is often bustling with loud noise and lots of crowds, but here’s some surprising news: Front-row real estate prices are not as high as the areas surrounding the park. Near Central Park South, some units in the first row of buildings on the park side are actually $1 million cheaper than the area’s average sale price, a significant finding for the world-famous park known for surrounded by expensive luxury apartments.
Isham Park
Of all the parks analyzed, Isham Park in Inwood has the most affordable park frontage in Manhattan, with a median price of $389,000, according to the report.
Of course, it is not always about parks when it comes to real estate in NYC. While Isham Park might have the cheapest park-side properties, the local economy is something to consider. The neighborhoods surrounding the park, Washington Heights and Inwood, have an unemployment rate of 12%, higher than than the citywide average of 9% as of 2018, according to NYC data.
In Washington Heights and Inwood, levels of the most harmful air pollutant, fine particulate matter (PM2.5), are 7.8 micrograms per cubic meter, higher than the city’s at 7.5, according to city data.
Jackie Robinson Park
Units right next to this Harlem park average $150,000 less than the rest of the neighborhood. According to Property Shark, “…while the median sale price for a Harlem condo or co-op unit was $575,000, the first row of buildings bordering Jackie Robinson Park sold for a median $425,000 — 26% cheaper.”
Harlem is known for having a close-knit community, according to residents, but it is also important to note that as of 2018, the neighborhood had a higher rate of assault-related hospitalizations than the rest of the city, according to city data. Also, only 37% of homes in Harlem are clear of maintenance defects, such as water leaks, pests and cracks and holes, compared to 48% of the borough as a whole.
John V. Lindsay Park
Sports fans looking for reasonably priced park-side property might want to check out John V. Lindsay East River Park, on the Lower East Side, with its sprawling sports facilities and fields that accommodate tennis, baseball, basketball and soccer. Park-side units here, according to the report, sell for 32% less than the overall neighborhood. The first row of buildings next to the park sold for a median of $677,000.
Currently, the section of the park south of Stanton Street is closed due to construction. The good news is that it’s part of the East Side Coastal Resiliency Project, which will aim to protect residents and waterfront parks from coastal storms and sea level rise.
Riverside Park
Riverside Park offers ever-so-slightly cheaper park-front real estate, according to the report. Units sold for a median of $999,000, only $1,000 below the neighborhood average.
Many factors come into the price of real estate in Manhattan, but ultimately it comes down to buyer’s preference.
