NYC-WTC_000187725

NYC 9/11 Public Portal Document r

65

Variation in Land Value by Building Class

The variation in land value explained by NYSTA is stratified by building class, comparing model results for vacant, residential, and commercial land.

Class One; Vacant Land Where land is undeveloped or purchased for redevelopment after demolition of existing structures, the unit price of land is expressed as;^^

RATLSP_Ai = 5.733800 - 0.150111(WDST) - 0.124265(ADW) (.0001) (.0001) - 0.061355(WDP) - 0.775502(POVERTY) (.0570) (.0001) + 0.253251(EMP) - 0.470774(MIDTM) (.0001) (.0001) - 0.277505(DNTM) - 0.082246(CRIME rape) h (.0001) (.0301) r2 = 0.1411^5

As Figure 3.1 shows, at 2 00 meters or roughly one eighth of a mile walking distance from a transit station, the value of land is $24 less per square foot than at the station, while at 800 meters or one half mile, the value is $114 less per square foot of land area than at the station. If the mean value of all 6,600 parcels in the vacant land sample was assumed, or $148 per square foot, then one third of a parcel's value would be lost if located one quarter mile away from a transit station measured by the shortest path walking distance. Factors with greater explanatory power in altering land value, than WDST, are poverty and distance from Manhattan. For purposes of stratifying the vacant land model by transit access variables, other than WDST, it is desireable that these factors are not parameters estimated by the model. A subsequent discussion in this section of the report presents the variation in land value by transit access characteristics.

Estimated Probability values (Prob > jT|), which are the probability that a type I error will occur, are shown in parentheses below the coefficients.

With cross-sectional data pertaining to transit access characteristics, the value of the is far less significant than the t-statistics.

CITY_21MC100_006662296

NYC-WTC_000187796