The arts and culture scene in New York has a significant impact on property values. Neighborhoods with a thriving arts and culture scene often experience an increase in property values due to the desirability of living in close proximity to cultural amenities.

For example, areas like Chelsea and the Upper East Side, which are known for their vibrant art galleries and museums, have seen property values rise as a result of the cultural attractions in the area. The presence of theaters, music venues, and art institutions can contribute to a neighborhood's appeal and subsequently drive up property values.

Research conducted by the University of Pennsylvania's Penn Institute for Urban Research found that cultural amenities can have a positive effect on property values. The study analyzed data from various cities, including New York, and concluded that neighborhoods with a strong arts and culture scene tend to have higher property values compared to areas with fewer cultural amenities.

Furthermore, a report by the American Planning Association highlighted that investments in cultural infrastructure, such as theaters, galleries, and public art installations, can lead to a boost in property values and stimulate economic growth within a community.

In conclusion, the arts and culture scene in New York plays a crucial role in influencing property values. The presence of cultural amenities can enhance the attractiveness of a neighborhood, leading to increased demand for real estate and subsequently higher property values.