NYC-WTC_000187725

NYC 9/11 Public Portal Document

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of land area. Within several city blocks of a transit station, the land value rises but falls more steeply thereafter, to losses equal to that of single family housing at one quarter mile distance (down $14 per square foot), and to losses exceeding that of single family development at one third of a mile or more from transit stations. If moderate density housing has a steeper land rent gradient than single family housing, as Figure 3.1 shows, it has a more shallow gradient than vacant land. Unlike vacant land, other factors enter into the explanatory relationship, including the prevalence of vacant housing in the neighborhood and transit performance as signified by trains on time and passenger volumes. The positive sign for housing vacancies is contrary to expectations.

Class_Fouri_Eleyatpr__AEartmerits_Residentl^ Where land is developed in elevator apartment structures, the unit price of land is expressed as:

RATLSP_A4 = 159.297136 + 0.063490 (WDST) + 0.181794 (CRIMEjj^ j^ ) (.0087) (.0001) + 0.001315(EMP) - 0.246635(ADW) + 0.000003(PSGR87) (.0001) (.0001) (.0129) + 0.990579(TONT87) - 1.914420(MIDTMIN) (.0077) (.0001) - 1.265499(DNTMIN) - 4.713289(POVERTY) (.0008) (.0001) + 6.507916(CONEDVAC) (.0388) r2 = 0.4179 I Compared to land used for low and moderate density residential development, land used for high density apartment development is more expensively priced and reflects a stable to moderate increase in land value with increasing distance from transit stations. It declines with increasing distance from the Manhattan CBD, and with increasing poverty, and rises with employment density and transit I performance measures. Again, a questionable positive relationship I with housing vacancy is noted. The relationship of high density ! I residential land is shown with vacant land and land in office development in Figure 3.2.

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NYC-WTC_000187799