Central Park
Real estate and economy

The value of the surrounding land started rising significantly in the mid-1860s during the park's construction. The completion of Central Park immediately increased the surrounding area's real estate prices, in some cases by up to 700 percent between 1858 and 1870. It also resulted in the creation of the zoning plan in Upper Manhattan. Upscale districts grew on both sides of Central Park following its completion. On the Upper East Side, a portion of Fifth Avenue abutting lower Central Park became known as "Millionaires' Row" by the 1890s, due to the concentration of wealthy families in the area. The Upper West Side took longer to develop, but row houses and luxury apartment buildings came to predominate the neighborhood, and some were later included in the Central Park West Historic District. Though most of the city's rich formerly lived in mansions, they moved into apartments close to Central Park during the late 19th and early 20th centuries.

During the late 20th century, until Central Park's restoration in the 1990s, proximity to the park did not have a significant positive effect on real estate values. Following Central Park's restoration, some of the city's most expensive properties have been sold or rented near the park. The value of the land in Central Park was estimated to be about $528.8 billion in December 2005, though this was based on the park's impact on the average value of nearby land.

In the modern day, it is estimated that Central Park has resulted in billions of dollars in economic impact. A 2009 study found that the city received annual tax revenue of more than $656 million, visitors spent more than $395 million due to the park, in-park businesses such as concessions generated $135.5 million, and the 4,000 hours of annual film shoots and other photography generated $135.6 million of economic output. In 2013, about 550,000 people lived within a ten-minute walk (about 0.5 miles or 0.80 kilometers) of the park's boundaries, and 1.15 million more people could get to the park within a half-hour subway ride.
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