« Home | When and why did women start shaving their legs? » | When were credit cards invented and first used? » | Who invented the remote control? » | Has there ever been a period of time without war? » | What did William Shatner do before "Star Trek"? » | Does blowing on hot soup really cool it down? » | What is the origin of the expression "shoestring b... » | Why does my nose run when I eat spicy food? » | How did David Copperfield make the Statue of Liber... » | How do competitive eaters fit all that food in the... » 

Wednesday, September 05, 2007 Bookmark Now! | Email to a friend  

What's the estimated land value of Central Park in New York?

In a Christmas-day cover story last year, "New York Magazine" cited one of the "Reasons to Love New York" as "Because We Wouldn't Trade a Patch of Grass for $528,783,552,000 ."

That's the estimated worth of all the land in Central Park. (Here are some numbers used in the estimate.) In case the sight of that figure fried your numerical recognition, that's nearly 529 billion dollars. That prices out to about $627 million an acre, or 26% more than the entire 2006 U.S. defense budget, or 7 million times the price of Boardwalk and Park Place together. Considering that New York "paid more than $5 million for undeveloped land from 59th Street to 106th Street" between 1853 and 1856, that's pretty good appreciation.

But even if the city needed the money, it might not want to sell off its giant patch-of-green-amidst-the-concrete. Real estate pundit Jonathan Miller writes "the net value of all of Manhattan would be less after Central Park was developed." And this article from the electronic journal "Planning & Markets" states: "...the city council keeps Manhattan's Central Park unbuilt not because Greens rule the Big Apple, but because property values overall are higher with the park than with luxury condos on the site."

Source: ask.yahoo.com

Add to: Oneview Add to: Folkd Add to: Yigg Add to: Linkarena Add to: Digg Add to: Del.icio.us Add to: Reddit Add to: Simpy Add to: StumbleUpon Add to: Slashdot Add to: Netscape Add to: Furl Add to: Yahoo Add to: Spurl Add to: Google Add to: Blinklist Add to: Blogmarks Add to: Technorati Add to: Newsvine Add to: Blinkbits Add to: Ma.Gnolia

Share on Facebook Read the whole Blog

Receive post updates by Email