The Real Deal New York

East River Ferry helped boost prices in Williamsburg, Dumbo

January 05, 2014 09:00AM

 The success of the East River Ferry since its launch in 2011 has helped lead to an increase in property values in the waterfront neighborhoods of Brooklyn and Queens, such as Williamsburg, Dumbo and Long Island City.

A new Economic Development Corporation study cited by the New York Post reveals that the ferry has caused homes within an eighth of a mile of its stops to increase in value to 8 percent above market rates.

“The East River Ferry has been a tremendous success since its inception in 2011,” EDC spokesperson 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 ferry has also led to the development of 500,000 square feet of new residential and commercial space, according to the study.

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