NYC-WTC_000187725

NYC 9/11 Public Portal Document

I-

70

‘I I Class Five; Office Building Commercial Where land is developed in detached office buildings, the unit price of land is expressed as;

RATLSP_A5 668.473620 - 5.311914(WDST) - 9.018072(POVERTY) (.0008) (.0064) -1.480943(ADW) + 0.003600(EMP) (.0096) (.0001) r2 = 0.1885 Among all land uses studied, the steepest gradient in land value is displayed by land in office development as distance from a transit station increases. At 200 meters, or one eighth of a mile walking distance, land value decreases by nearly $400 per square foot, all other factors remaining unchanged. Increasing l: rates of poverty and more distant access to water also negatively influence land value, while employment density is a positive factor. Crime rates and walking distance to parks were not significant explanatory factors.

Class Six: Retail Store Commercial Where land is developed in I retail stores, the unit price of land is expressed as:

RATLSP_A6 1.458751 - 0.215260(WDST) + 0.565176(EMP) ( .0001) (.0001) - 0.335735(ADW) - 0.651557(POVERTY) (.0001) (.0001) r2 = 0.2339

Land in retail store development decreases in value at roughly the same rate as vacant land with increasing distance from transit stations. However, its loss in value is somewhat greater. At 200 meters, the value of land is $42 less per square foot than at the station, while at 800 meters or one half mile, the value is $171 less per square foot of land area than at the station. As with vacant land, the surrounding employment density, access to water, and poverty similarly explain land value, while retail land value shows no significant relationship to access to the Manhattan CBD, access to park area, or crime rates.

Variation in Land Value by Transit Characteristics The variation in land value with access to transit stations can be decomposed with respect to various transit operating and policy characteristics by stratifying the land value model by

CITY_21MC100_006662301

NYC-WTC_000187801