High Line is considered as one of the dramatic examples of how famous tourist destinations have altered the landscape around it. As a matter of fact, StreetEasy refers to it as completely unprecedented. The development of the park coincided with the creation of West Chelsea Special District of Mayor Bloomberg that rezoned neighborhood from light industrial area to a place for mixed residential and commercial development. StreetEasy stated that the park space’s success as well as the new developments surrounding it goes hand-in-hand. Buildings wouldn’t exist if it were not for the changes in the zoning and High Line wouldn’t be the same without its surrounding buildings.
In High Line’s first section area that opened in year 2009, the price for median resale is $2,143,287, which is more than 100% pricier compared to real estate value in comparison area a block to east between Seventh and Ninth Avenues. It is also seventy-five percent higher compared to the rest of the Downtown Manhattan.
At the park’s second section that opened in year 2011, $1,300,281 is the median resale price, which is 7% higher compared to other places in Downtown Manhattan. The prices in the Section Two are increasing rapidly and up to 11.75 yearly compared to the Section One with 9.7% yearly. Since year 2011, the prices in Section One have increased by 50.6% while the Section Two prices have boosted 48.2% in comparison to the price increase of 31.4% in the adjacent areas.
The most striking about the growth in the price is that this proves to be impervious to the trends affecting luxury real estate market at large. While the entire Manhattan’s luxury market is softening, the pricing for homes in the Section 1 and 2 of High Line have appreciated by nearly ten and 9.4 percent since May 2016. The pricing on the new luxury developing in every section is blowing some new developments in area of the water in a year, the recoded median sale price for sponsor sale in the new buildings in Section One was actually $4,419,204 and in Section Two is $6,058,587, which is higher than the prices in the adjacent blocks.
The development will continue. Based on the report in Wall Street Journal that was first reported on the data of StreetEasy, there are eleven developments with a total of 155 apartments are still under construction while 9 more are planned with the other 751 hotel rooms or apartments. The reports that High Line condo prices have increased to between two thousand dollars and three thousand dollars per square foot from a thousand dollars back in 2009, while the finishes and architecture for the new developments have gotten fancier and famous architects including Bjarke Ingels, Jeanne Gang, and Zaha Hadid are working and there are also rumors that they will have projects around the said park.
The arrival of the Hudson Yards also promises to transform the area in the future. StreetEasy stated that if the trends hold true today, the launch of the major new development will only extend the success of High Line.
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