An extensive analysis of New York City’s parks shows that strategic investment in revitalizing parks yields significant economic returns to the city, investors and neighboring communities. While not all park investments have generated economic returns, strategic planning, effective maintenance and community involvement can lead to successful park investments that create economic revitalization. One success case provided in this study is Bryant Park, which, after a complete overhaul in the 1980s, reopened and is now a major draw for both tourists and local residents, seeing 20,000 visitors each day. Between 1990-2002, asking rents for commercial office space near the park increased between 115% and 225% as compared to increases ranging from 41% to 73% in the surrounding submarkets.
