NYC-WTC_000187725

NYC 9/11 Public Portal Document

67 I I Class Two; One to Two-Familv Residential Where land is developed in single and two-family dwellings, the unit price of land is expressed as:

RATLSP_A2 15.062852 - 0.069574(WDST) - 0.053908(WDP) (.0001) (.0362) - 0.030651(ADW) - 0.059848(POVERTY) + 0.002587(EMP) (.0001) (.1874) (.0000) - 0.119595(MIDTMIN) - 0.174275(DNTMIN) (.0032) (.0001) r2 = 0.5680

Compared to vacant land, land developed in single and two- family residential uses declines less steeply in value with increasing distance from transit stations. At 200 meters, or one eighth of a mile walking distance, the underlying land value of low density housing is virtually the same as at the transit station, owing no doubt to the nuisance effects of residing near a station from traffic congestion and related disbenefits. At 800 meters or s one half mile from the station, the value of land in single and two-family dwellings is $40 less per square foot than land value at or within one eighth of a mile of the station. A slightly larger version of the model, incorporating the crime variable ’’assault", yields improved t-statistics for POVERTY and WDP, but little positive effect on the coefficient of determination, R^. it should be noted that transit minutes rather than miles are more important explanatory variables for single family housing.

Class Three; Walk-up Residential Where land is developed in four and five storey walk-up apartments, the unit price of land is expressed as:

RATLSP_A3 = 32.681549 - 0.116221(WDST) 0.023935 (CRIME^urglary) (.0031) (.0467) + 0.000709(EMP) - 0.038729(ADW) + 0.000003(PSGR87) (.0001) (.0008) (.0001) + 0.199282 (TONT87) - 0.184592 (MIDTMIN) -- 0.441920 (DNTMIN) X.0073) (.0670) (.0001) - 0.433566(POVERTY) + 1.960245(CONEDVAC) (.0003) (.0241) i r2 = 0.2383

Compared to land used for one and two-family dwellings, land in walk-up apartments commands a relatively greater value per unit

CITY_21MC100_006662298

NYC-WTC_000187798