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Study: Bike Lanes Raise Property Values in Brooklyn
"Sale prices for buildings on streets with freshly painted bike lanes jumped 16 percent in a matter of months, compared with prices throughout the entire neighborhood that dipped slightly during the same time," reports Gwynne Hogan.
Those figures come from a study completed by Adrew Lax, an independent real estate analyst.
"Purchase prices for homes and commercial buildings along Cornelia Street, Hancock Street, Knickerbocker, Jefferson and Irving avenues, which all got bike lanes in 2016, increased from an average of $348 per square foot in the second half of last year to $402 in sales through June this year," adds Hogan to explain the findings.