New York City is arguably one of the most prized and competitive real estate markets in the United States. Given the relatively small geographical size of boroughs such as Manhattan, it should come as no surprise that buying land here could cost an astronomical sum. That being said, the price per acre of land in this state will reduce dramatically the farther outside of New York City you go. Finding the average price per acre of land for various regions of the state can help you better understand what your available options may be when it comes time to invest in land or real estate.
Calculating the average price per acre of land in New York City will provide very different results than calculations which encompass the rest of the state. Because of this, it is very important to narrow your scope in order to ensure that you obtain the most accurate results possible.
New York Land Price Basics
Exploring the price of land in New York can provide misleading results unless you are very clear as to what specific section of the state you are searching for land in. Unlike the majority of the states in the U.S., New York features an extremely wide disparity when it comes to acreage value. This is due to the presence of one of the world's most dense metropolitan areas in the southern region of the state. For example, it would be a significant mistake to judge the value of acreage in Albany, New York, using surveys of property values in Brooklyn as your guide.
Numerous studies have been undertaken in recent years to evaluate the selling price of land throughout New York City and surround areas. Due to the highly volatile nature of this marketplace, it should come as no surprise that a truly accurate, up-to-date evaluation of acreage prices would have to be undertaken on a frequent basis. However, with the information collected by the Federal Reserve over a 10-year period ending in 2008, it was estimated that an acre of land near the Empire State Building would cost $90 million. These figures are, of course, 11 years old, and do not reflect recent surges in demand.
Using the Realtor.com website, it is possible to explore all of the land for sale in New York City. At the time this article was written, a 1,599-square-foot parcel on 131st Street in Manhattan was listed for sale at $999,000. Given the fact that an acre of land is 43,560 square feet. this would put the price-per-acre in this region of the borough at approximately $27,214,758.
New York Land Price Outside of the City
It is important to remember that these prices are not reflective of the state at large. For example, a one-acre plot of land on Hartman Road in Albany, New York, is currently listed for sale at a price of $70,000. Of course, prices within any city will fluctuate dramatically based on the location of the land and its desirability. That being said, these figures help demonstrate just how significant the disparity is between land prices in New York City and other areas of the state.
If you are seeking the current average price per acre for a given area, your best option is to speak directly with a realtor in the area. These professionals will help you source the most accurate information possible based on recent sale prices. Real estate agents should have access to the most current data concerning acreage and its value.
Ryan Cockerham is a nationally recognized author specializing in all things innovation, business and creativity. His work has served the business, nonprofit and political community. Ryan's work has been featured at Zacks Investment Research, SFGate Home Guides, Bloomberg, HuffPost and more.