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"Location, Location, Location!" The Market for Vacant Urban Land: New York 1835-1900

Author

Listed:
  • Jeremy Atack
  • Robert A. Margo

Abstract

We present 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. After the Civil War, the distance gradient flattened and the fit of a simple regression of land price on distance from the CBD declined markedly. Average nominal land prices at the CBD increased at an average annual rate of over 3 percent per year between 1835 and 1895 before declining as the century came to an end.

Suggested Citation

  • Jeremy Atack & Robert A. Margo, 1996. ""Location, Location, Location!" The Market for Vacant Urban Land: New York 1835-1900," NBER Historical Working Papers 0091, National Bureau of Economic Research, Inc.
  • Handle: RePEc:nbr:nberhi:0091
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    File URL: http://www.nber.org/papers/h0091.pdf
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    References listed on IDEAS

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    1. Edel, Matthew & Sclar, Elliott, 1975. "The distribution of real estate value changes: Metropolitan Boston, 1870-1970," Journal of Urban Economics, Elsevier, vol. 2(4), pages 366-387, October.
    2. McMillen, Daniel P. & Jarmin, Ronald & Thorsnes, Paul, 1992. "Selection bias and land development in the monocentric city model," Journal of Urban Economics, Elsevier, vol. 31(3), pages 273-284, May.
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    JEL classification:

    • R33 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Nonagricultural and Nonresidential Real Estate Markets

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