New York’s City Council voted Thursday to phase out carriage horse operations by 2028, a move that could impact the value of key Manhattan real estate. The three main stables supporting the city’s horse-drawn carriage industry are located on the Far West Side of Manhattan: the four-story West Side Livery Stable at 538 West 38th Street, Central Park Carriages at 547 West 37th Street, and Clinton Park Stables at 618 West 52nd Street. The horses in Central Park of course go somewhere after dark, and it turns out some of that real estate is potentially valuable.
Real Estate Implications Near Hudson Yards
Commercial broker Bob Knakal noted that if horse-drawn carriages are banned, the stables’ current use may no longer represent their highest and best use. The two stables on West 37th and 38th Streets are within walking distance of Hudson Yards’ towering developments, areas known for their robust commercial and residential markets. Their land could attract developers seeking to build office, residential, or hotel projects.
Mack Real Estate Partners, for instance, owns the land between those adjacent stables, suggesting interest in potential assemblages.
Stable and carriage horse owners have cited property values as a key reason the City Council might pursue a ban. Stable and carriage horse owners will have two years to figure it out before the industry is banned.
Legislation and Nonprofit Opportunities
The Council also approved the Community Opportunity to Purchase Act on the same day. This legislation grants nonprofits and joint ventures the first chance to acquire certain distressed properties. The law aims to enable community organizations to purchase underutilized or financially troubled real estate, potentially altering development factors in areas like the West Side.
The carriage horse industry in New York City remains relatively small, with fewer than 200 drivers and approximately 180 horses employed in the trade. Drivers are unionized under the Transport Workers Union, which may play a role in negotiations as the industry faces closure.
Recent Real Estate Transactions and Political Developments
The most expensive residential sale Thursday was $5.9 million for 235 Sackett Street, Unit 1, a 3,000-square-foot Carroll Gardens triplex. The top commercial transaction sold 273 Meserole Avenue’s 47,500-square-foot Greenpoint industrial building for $16.7 million at $351 per square foot. Douglas Elliman’s Scott/Robles Team and Pinnacle Realty of New York managed the respective deals.
A $15 million listing for 217 West 57th Street, Unit 46B in Midtown’s Central Park Tower marks the highest new residential price. The largest building permit filed was for a proposed 68,090-square-foot Roy Wilkins Recreation Center in South Jamaica.
New York Focus reports that metadata on Kenny’s campaign site shows it was created by an aide to Republican candidate Allen Caruso.
