NYC-WTC_000187725

NYC 9/11 Public Portal Document

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of decreasing value for all transit service irrespective of type. The land value gradient for local type service is expressed as:

RATLSP_Ai,l = 5.623145 - 0.072126(WDST) - 0.105354(ADW) (.0627) (.0024) - 0.063287(WDP) - 0.665849(POVERTY) (.0872) (.0001) + 0.195299(EMP) - 0.450128 (MIDTM) (.0002) (.0001) - 0.317349(DNTM) - 0.105310(CRIME ) (.0001) (.0132)

r2 = 0.1072

As Figure 3.4 shows, at 400 meters or one quarter mile from a transit station, the value of express/transfer/terminal service accessible land is $211 less per square foot than at the station, while the value of local service accessible land is $23 less per square foot of land than at the station. Year Station Opened Where transit access is provided by subway stations that vary in age, and correspondingly in condition (for the period under study), the land value gradient measured by walking distance from the station declines more steeply for newer stations, built between the two world wars, than for older stations built prior to the 1920s. For the newest transit stations, or those built between 1946 and 1956, the estimated coefficients of all independent variables were statistically insignificant. For stations opened between 1920 and 1941, the land value , gradient is best expressed as;

RATLSP_ A 2^ 1932 5.631298 - 0.302748(WDST) - 0.155254(ADW) (.0001) (.0030) + 0.123343(WDP) - 0.606747(POVERTY) (.0309) (.0001) + 0.268801(EMP) - 0.583423(MIDTM) (.0001) (.0001) - 0.097450(DNTM) - 0.227651(CRIME.■rape) (.3225) (.0002)

r2 = .1820

Figure 3.5 compares the declining land value gradients with distance from a station for transit stations stratified by age. It should be noted that the oldest stations are located primarily in Manhattan and the newest stations in the outer boroughs. Because of the low level of statistical significance associated with the regression equations for older and newer stations, caution should

CITY_21MC100_006662306 NYC-WTC_000187806