EDC Report: Ferry Service Boosts Property Values

East River Ferry

The New York Post reported over the weekend that the New York City Economic Development Corporation, which runs the East River Ferry, estimates that ferry service has had a major impact on property values in Brooklyn and Queens.

The service, which launched in 2011, led to a jump in home values within an eighth of a mile of its stops by 8 percent above the normal market rate, according to an analysis by the city Economic Development Corporation.

A preliminary assessment of the East River Ferry is available online. Looking forward to ferry service expansion, one of the five possible new routes includes a stop on Grand Street, at the recently renovated East River Fire Boat House.

Last year, cooperator Joseph Hanania circulated a petition in support of a Grand Street ferry stop, an idea that has also won the support of Assemblyman Sheldon Silver.