Transportation has a significant impact on property values in New York. Properties located near efficient transportation systems such as subway stations, bus stops, and commuter rail lines often command higher prices due to the convenience they offer to residents. For example, a study conducted by the New York University's Furman Center found that residential properties within a half-mile radius of subway stations had higher average sale prices compared to those located farther away.

In addition, the expansion or improvement of transportation infrastructure can lead to an increase in property values. For instance, the construction of a new subway line or the introduction of a bus rapid transit system in a neighborhood can lead to a surge in property values as it enhances accessibility and connectivity.

Furthermore, access to transportation options can also influence commercial property values. Retail and office spaces located in areas with excellent transportation connectivity tend to attract higher foot traffic and customer flow, leading to higher lease rates and property values.

References:

1. New York University Furman Center - "The Impact of Public Transportation on Property Values"
2. New York City Department of Transportation - Reports on Transportation Infrastructure Projects