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

  • It’s too bad the “rent” on the waterfront is pocketed by private parties instead of being used to pay for the ferry service, so the fares could be reduced. Transportation in general benefits landowners, who typically pay nothing extra for the privilege.

  • Philip McManus

    Do you hate your stressful commute? Is it too long, overcrowded, dirty and unreliable?

    Why does Queens have so much congestion and overcrowded roadways, buses and trains?

    Why don’t we use all our roadways, waterways, bridges, tunnels and unused train tracks to reduce travel times?

    Do you want faster transportation, fresh air, open space and amazing skylines with panoramic views?

    We the people who organized the Queens Public Transit Committee want faster transportation for your destination to work, home, school, shopping, recreation, etc.

    We know that safe, fast, reliable transportation will help create more social and economic opportunities and a better life for everyone.

    We need to grow and develop our neighborhoods and not let fear of change take over our lives.

    Development through faster transportation, including the Queens Rockaway Ferry will transform our way of thinking and create prosperity.

    The Queens Rockaway Ferry will reduce overcrowding on the NYC transit system, while increasing property values, tax revenues, tourism and making money.
    See link.

    The Queens Rockaway Ferry will decrease pollution, accidents, unemployment, crime and government dependence, reduce present and future overcrowding and unreliable buses, trains and roadways.

    Keeping and expanding the Queens Rockaway Ferry for transportation is a great plan. It will unite Queens, Sunset Park, and Manhattan. Hopefully we can also unite Staten Island, the Bronx and the Airports.

    Please support our cause and our group. We need to educate and organize the people to promote faster transportation and significantly reduce travel times.

    Please ask your family and friends and commuters to sign our petition to expand the Queens Rockaway Ferry.

    Philip McManus
    Queens Public Transit Committee