The number of Manhattan properties under landmark protection has reached new heights – a milestone that will only stifle job creation and new development and lift the city’s cost of living, according to the Real Estate Board of New York, as the New York Observer reported.
Nearly 27.7 percent of Manhattan – 11,857 properties – is now guarded by regulations governing landmarks, a report from REBNY revealed. In some neighborhoods, including the Upper West Side and Soho, that level has reached 70 percent.
In Manhattan, 93 percent of landmarked properties are located in historic districts, according to the report.
REBNY argued that a “broad brush” approach to landmarking has led to the inclusion of properties with no historic or architectural significance. Instead, the group argued, landmark status inflates prices and forces owners to spend more money on compliance.
In addition to existing properties, 48 vacant lots and 50 parking lots – 2.6 million square feet of potential development – are on landmarked properties in Manhattan. [NYO] –Julie Strickland