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High Line’s “halo effect” boosts resi values as prices level off in the city

Resales are valued 10 percent higher than in surrounding areas

<em>Clockwise: Zaha Hadid's 520 West 28th Street, the High Line and Bjarke Ingels' 76 11th Ave.</em>
Clockwise: Zaha Hadid's 520 West 28th Street, the High Line and Bjarke Ingels' 76 11th Ave.

Properties along the High Line are appreciating at a swifter pace, with resale values 10 percent higher than areas just a few blocks away.

Since the park opened five years ago, the High Line has boosted sales prices of apartments as property values in other parts of the city have leveled off, the Wall Street Journal reported. In a new report, StreetEasy explains the difference in price trends is a product of the High Line’s “halo effect.”

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This “halo effect” has led to resale prices that are a collective 10 percent higher than those in surrounding areas, according to the report. Since the park opened in 2009, 20 apartments have sold for $10 million or more. The median price of Condos Above 20th Street hit $6 million in the past year, though mostly due to sales at Sherwood Equities’ [TRDataCustom] 500 West 21st Street.

Condo prices “have exceeded a lot of people’s expectations,” jumping to between $2,000 and $3,000 per square foot from $1,000 in 2009, said Steven Kliegerman, president of Halstead Property Development Marketing. Eleven new residential developments with 155 apartments are currently under construction and another nine projects are planned.

The High Line is rapidly becoming a “starchitect” magnet. Zaha Hadid designed Related Companies’ 520 West 28th Street, and HFZ Capital has enlisted Bjarke Ingels for one of its sites along the park. [WSJ]Kathryn Brenzel

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