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"Location, Location, Location!" The Price Gradient for Vacant Urban Land: New York, 1835 to 1900

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  • Atack, Jeremy
  • Margo, Robert A

Abstract

We preview new archival evidence on the price of vacant land in New York City between 1835 and 1900. Before the Civil War, the price of land per square foot fell steeply with distance from New York's City Hall located in the central business district (CBD). After the Civil War, the distance gradient flattened and the fit of a simple regression of the log of land price per square foot on distance from the CBD declined markedly. Our most remarkable finding is that average nominal land prices at the CBD increased at an average annual rate of over 3 percent per year between 1835 and 1895, growing particularly rapidly around the time of the Civil War before declining as the century came to an end. Copyright 1998 by Kluwer Academic Publishers

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  • Atack, Jeremy & Margo, Robert A, 1998. ""Location, Location, Location!" The Price Gradient for Vacant Urban Land: New York, 1835 to 1900," The Journal of Real Estate Finance and Economics, Springer, vol. 16(2), pages 151-172, March.
    • Handle: RePEc:kap:jrefec:v:16:y:1998:i:2:p:151-72
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    1. Pu Hao & Pieter Hooimeijer & Richard Sliuzas & Stan Geertman, 2013. "What Drives the Spatial Development of Urban Villages in China?," Urban Studies, Urban Studies Journal Limited, vol. 50(16), pages 3394-3411, December.
    2. Michael Iacono & David Levinson, 2017. "Accessibility dynamics and location premia: Do land values follow accessibility changes?," Urban Studies, Urban Studies Journal Limited, vol. 54(2), pages 364-381, February.
    3. Satyajit Chatterjee & Burcu Eyigungor, 2012. "A tractable circular city model with an application to the effects of development constraints on land rents," Working Papers 12-25, Federal Reserve Bank of Philadelphia.
    4. Fengyun Liu & Honghao Ren & Chuanzhe Liu & Dejun Tan, 2022. "Formation of Financial Real Estate Risks and Spatial Interactions: Evidence from 35 Cities in China," JRFM, MDPI, vol. 15(12), pages 1-21, December.
    5. Siodla, James, 2015. "Razing San Francisco: The 1906 disaster as a natural experiment in urban redevelopment," Journal of Urban Economics, Elsevier, vol. 89(C), pages 48-61.
    6. Schuetz, Jenny & Larrimore, Jeff & Merry, Ellen A. & Robles, Barbara J. & Tranfaglia, Anna & Gonzalez, Arturo, 2018. "Are central cities poor and non-white?," Journal of Housing Economics, Elsevier, vol. 40(C), pages 83-94.
    7. Tse, Chung Yi & Chan, Alex W. H., 2003. "Estimating the commuting cost and commuting time property price gradients," Regional Science and Urban Economics, Elsevier, vol. 33(6), pages 745-767, October.
    8. Tom Nicholas & Anna Scherbina, 2013. "Real Estate Prices During the Roaring Twenties and the Great Depression," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 41(2), pages 278-309, June.
    9. Barr, Jason & Cohen, Jeffrey P., 2014. "The floor area ratio gradient: New York City, 1890–2009," Regional Science and Urban Economics, Elsevier, vol. 48(C), pages 110-119.
    10. Raven Molloy & Hui Shan, 2010. "The effect of gasoline prices on household location," Working Papers 2010/28, Institut d'Economia de Barcelona (IEB).
    11. Ali Coşkun Tuncer & Gürer Karagedikli, 2016. "‘The people next door’: housing and neighbourhood in eighteenth-century Ottoman Edirne," Working Papers 16010, Economic History Society.
    12. Ahlfeldt, Gabriel M. & Wendland, Nicolai, 2011. "Fifty years of urban accessibility: The impact of the urban railway network on the land gradient in Berlin 1890-1936," Regional Science and Urban Economics, Elsevier, vol. 41(2), pages 77-88, March.
    13. William C. Wheaton & Mark S. Baranski & Cesarina A. Templeton, 2009. "100 Years of Commercial Real Estate Prices in Manhattan," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 37(1), pages 69-83, March.
    14. Miles, David & Sefton, James, 2017. "Houses across time and across place," CEPR Discussion Papers 12103, C.E.P.R. Discussion Papers.
    15. Daniel P. McMillen, 2010. "Issues In Spatial Data Analysis," Journal of Regional Science, Wiley Blackwell, vol. 50(1), pages 119-141, February.
    16. Cuberes, David & Roberts, Jennifer & Sechel, Cristina, 2019. "Household location in English cities," Regional Science and Urban Economics, Elsevier, vol. 75(C), pages 120-135.
    17. Dora L. Costa & Matthew E. Kahn, 2015. "Declining Mortality Inequality within Cities during the Health Transition," American Economic Review, American Economic Association, vol. 105(5), pages 564-569, May.
    18. Ahlfeldt, Gabriel M. & Wendland, Nicolai, 2009. "Looming stations: Valuing transport innovations in historical context," Economics Letters, Elsevier, vol. 105(1), pages 97-99, October.
    19. Zhuoma Garang & Cifang Wu & Guan Li & Yuefei Zhuo & Zhongguo Xu, 2021. "Spatio-Temporal Non-Stationarity and Its Influencing Factors of Commercial Land Price: A Case Study of Hangzhou, China," Land, MDPI, vol. 10(3), pages 1-27, March.
    20. Gray, Rowena, 2020. "Inequality in nineteenth century Manhattan: Evidence from the housing market," QUCEH Working Paper Series 2020-02, Queen's University Belfast, Queen's University Centre for Economic History.
    21. Bo Söderberg & Christian Janssen, 2001. "Estimating Distance Gradients for Apartment Properties," Urban Studies, Urban Studies Journal Limited, vol. 38(1), pages 61-79, January.
    22. Siodla, James, 2017. "Clean slate: Land-use changes in San Francisco after the 1906 disaster," Explorations in Economic History, Elsevier, vol. 65(C), pages 1-16.
    23. Yiu, Chung Yim, 2011. "A spatial portfolio theory of household location choice," Journal of Transport Geography, Elsevier, vol. 19(4), pages 584-590.
    24. Barr, Jason & Smith, Fred H. & Kulkarni, Sayali J., 2018. "What's Manhattan worth? A land values index from 1950 to 2014," Regional Science and Urban Economics, Elsevier, vol. 70(C), pages 1-19.
    25. Edward L. Glaeser, 2013. "A Nation Of Gamblers: Real Estate Speculation And American History," NBER Working Papers 18825, National Bureau of Economic Research, Inc.

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