NYC-WTC_000187725

NYC 9/11 Public Portal Document

T 77 be taken in applying these results. Given the difference in land value gradients by station age, the spread between unit land value losses with declining access can be considerable. At 400 meters or one quarter mile from a transit station, a vacant land parcel served by a station opened in the 1930s will be valued at $115 less per square foot than a comparable parcel at the station, while one served by a station opened at the turn of the century will be $8 less per square foot than at the station. The corresponding relationship for a parcel accessible to a station opened in the 1950s will represent a gain of $22 over the unit land value of a comparable parcel at the station. Transit Frequency In Any 24 Hour Period Where transit access is provided at stations characterized by frequent around-the-clock service, the land value gradient around the station declines more steeply with distance than is the case with infrequent service. For two in every five parcels in the vacant land model, the nearby transit station provides access to 250 or more trains in any 24 hour period. For one in four parcels, transit access is provided to under 150 trains per day. Unlike age of station or structure type, lack of frequency does not create a condition in which land value rises with distance from the station, but it does lessen the’ rate of decline in the land value gradient (Figure 3.6). For stations characterized by the most frequent train service, the land value gradient around the station is expressed as:

RATLSP_^250 6.713528 - 0.209122(WDST) - 0.142773(ADW) (.0001) (.0024) - 0.083169(WDP) - 0.850269(POVERTY) (.0943) (.0001) + 0.270850(EMP) - 0.642564(MIDTM) (.0001) (.0001) - 6.216344(DNTM) - 0.171206(CRIME g) (.0103) (.0029) r2 = 0.2343

For stations with a moderate volume of train service, or 150 to 249 trains per 24 hour period, the land value gradient around the station is expressed as; RATLSP_Aj^15q 5.258036 - 0.099426(WDST) - 0.024352(ADW) (.1204) (.6893) +_0.000364(WDP) - 0.599391(POVERTY) (.9952) (.0004) + 0.114654(EMP) - 0.098691(MIDTM) (.1328) (.5902) - 0.462952(DNTM) - 0.126885(CRIME’rape) (.0011) (.0771) R2 = .0728 '■ '-V

'^3 CITY_21MC100_006662308

NYC-WTC_000187808