NYC-WTC_000187725

NYC 9/11 Public Portal Document

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For stations with half that volume of riders, or 1.5 to 2 t million annual passengers in 1987, the land value gradient declines I in a manner comparable to the rate for stations with the highest t I frequency transit service. For these stations, the declining land value gradient is expressed as: I [

RATLSP_Aj^ 1 5M = 9.395395 - 0.248132 (WDST) - 0.079391 (ADW) I ’ ’ (.0243) (.4230) i + 0.158562(WDP) - 0.256933(POVERTY) (.1007) (.2705) - 0.277773(EMP) - 0.529244(MIDTM) (.0482) (.1110) - 0.311163(DNTM) - 0.413986(CRIME rape) (.0676) (.0001) r2 = .0966

For stations with the lowest passenger volume, or less than three quarters of a million annual riders, land value is shown to rise with increasing distance from the station though the variable (WDST) is not statistically significant. The loss of benefit for surrounding parcels is roughly comparable to that incurred by access to the newest (open cut) stations or to stations without new cars in service. For these low volume stations, the inclining land value gradient is best expressed as;

RATLSP_Ai,.5„ = 2.812042 + 0.047616(WDST) - 0.050258(ADW) (.5351) (.4869) - 0.060645(WDP) - 0.918253(POVERTY) (.3670) (.0001) + 0.249858(EMP) + 0.500790(MIDTM) (.0110) (.0725) - 0.279736(DNTM) + 0.095927(CRIME.rape) (.2311) (.4309)

r2 = .1347

As Figure 3.10 shows, at 400 meters or one quarter mile from a transit station, parcels accessible to high volume stations (3 million or more passengers annually) are valued at $203 less per square foot than parcels at the station, while parcels accessible to moderate volume stations (1.5 to 2 million passengers annually) are valued at $90 less per square foot than parcels at the station, all other conditions unchanged. For parcels 400 meters distant from a low volume station (less than 500,000 passengers annually), the unit value of land is $22 greater than at the station.

CITY_21MC100_006662317

NYC-WTC_000187817