Historic Districts

This is an excerpt from The Historic Districts Council website:

PRESERVING YOUR HISTORIC NEIGHBORHOOD
MYTHS against historic designation

Property owners often complain, "You can't tell me what to do with my property!"

New York City landmarks designation does place additional restrictions on historic properties, which most often involve exterior changes. Designation is designed to protect and preserve properties and neighborhoods. This can be beneficial to a property owner by preventing undesirable changes to neighboring buildings that could take away from property values and the ambience or enjoyment of the property.

Changes and alterations to properties will require approval by the Landmarks agency over and above Department of Buildings permits.

Once designated, properties may require a permit from LPC for proposed changes. Most changes reviewed by Landmarks are for exterior work done to the site.

Historic buildings incur higher maintenance costs.

Although there can be an additional expense for historically appropriate repair and maintenance of historic buildings, property owners generally find the additional costs offset by higher revenue and property values.

If my property is designated, Landmarks will make me restore the building.

False. The LPC does not require restoration for designated properties. Landmarks can make recommendations for restorative treatment when other work is being done to the property.

Historic designation hurts real estate and development values of designated properties.

This is often a double-edged sword. Development is permitted in historic districts. Developers are subject to the same approval process by the LPC as are other property owners. Even though development may be reviewed in terms of aesthetics, height, and bulk, developers may very well benefit from the prestige and association with the historic district, as well as corresponding higher values.

Developers can benefit from tax credits when renovating income- producing historic properties that have National Register designation.

The real estate community markets historic properties in a way that places emphasis and greater value on the building’s and neighborhood’s special character. Higher property values often accompany historic designation.

In 2003, the Independent Budget Office of New York published a study that definitely showed that properties within designated New York City historic districts raise more in value over the long-term than identical properties not in historic districts.