Ferry sends property prices through the roof


PROPERTY values in Brooklyn and Queens have shot up by hundreds of millions of dollars – thanks to the East River Ferry.

The service, which launched in 2011, led to a jump in home values within an eighth of a mile of its stops by 8 percent above the normal market rate, according to an analysis by the city Economic Development Corporation.

And it has increased total property value by $500 million for all homes within a mile of its stops.

“The East River Ferry has been a tremendous success since its inception in 2011,” said EDC spokeswoman Kate Blumm. “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 ferry also has led to more than a half million square feet of new homes and stores — an almost 5 percent spike, according to the study.

“You really see the connection in the uptick in sales prices,” said Kathleen Perkins, a broker at Douglas Elliman Real Estate. “It’s a huge draw for the river communities.”

She added the ferry is a boost for luring Manhattanites across the river to buildings like The Edge in Williamsburg.

“It’s reassuring, they can still get their Manhattan fix,” she said. “It’s reassuring for new Brooklyn buyers.”


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