Bryant Park Cited by Manhattan Institute

A recent article published by the Manhattan Institute titled “How private dollars can manage public parks” succinctly spells out how Bryant Park Corporation was able to transform a neglected, crime-ridden eyesore into a sparkling gem that hosts thousands of people every day.

The article, by Charles F. McElwee, explains that public urban parks in the U.S. today are managed by one of three methods: purely public operation, hybrid private/public operation, and purely private operation in which “a private, nonprofit organization oversees all the park’s operations, including sanitation, programming, horticulture, security, and maintenance. In addition, the organization generates all the revenue to support the public space.”

McElwee takes an extended look at Bryant Park as a successful example of purely private operation. At Bryant Park, we have accepted no public funding since 1997, and have operated the park with revenues generated by assessments on surrounding businesses and property; concessions; and sponsored events. This funding model has many advantages: it gives taxpayers a break, gives us the freedom to try new ideas, and, because we need to watch every dollar, makes us more efficient.

The investment by surrounding property owners has paid off in spades, as office buildings are packed, real estate values have soared, and street-level retail and restaurants are thriving. There’s also an added benefit to the entire city: increased real estate values has added “an additional $33 million annually in real-estate taxes.”

This is a very sophisticated look into public space management and we recommend it to anyone interested in just how Bryant Park became Manhattan’s Town Square.