East River Ferry Increased Property Prices

East River Ferry Increased Property Prices

The East River Ferry has provided great convenience to New Yorker’s commutes, jaunts, and sightseeing trips. It has also added noticeable value to properties along its routes in Brooklyn and Queens.

The ferry opened in 2011 as a pilot program under the Bloomberg administration to provide service to the Manhattan, Brooklyn, and Queens waterfronts. It has subsequently increased the value of property by eight percent within eight miles of its stops and elevated the total property value of all homes in the areas near the stops by $500 million according to a study by the Economic Development Corporation via the New York Post.

“The East River Ferry has been a tremendous success since its inception in 2011,” EDC spokeswoman Kate Blumm told the Post. “Not only has actual ridership tripled our initial estimates, but the positive impact on property values for homes near ferry landings demonstrates that ferry service is a key part of economic growth in waterfront communities.”

The study also notes that the ferry has led to several new residential and commercial projects which have already encompassed approximately 500,000 square feet of development along the ferry’s stops in Brooklyn and Queens.

Last month, the program was extended for another five years after its well-received commencement and significant success as an economic catalyst for the city. The city now plans to expand upon the ferry’s service routes by increasing accessibility to a number of neighborhoods and adding additional stops to such neighborhoods as Astoria and Long Island City. The city has even proposed the idea of adding a stop that would take riders to La Guardia Airport.

Approximately 1.2 million people use the ferry annually and enjoy taking this easily accessible alternative to mass transit that provides service between East 34th Street in Manhattan to Pier 11, throughout the Long Island City section of Queens, the Greenpoint and Williamsburg areas of Brooklyn, as well as the Brooklyn Bridge Park/DUMBO section. Seasonal weekend service to Governors Island is also available.