By Dan Rivoli
Lincoln Center announced highlights from its study on the economic impact the performing arts complex has on New York City.
Lincoln Center estimates that $3.4 billion of economic activity is generated from its 12 resident organizations, which includes the Metropolitan Opera, the New York Philharmonic and the New York City Ballet.
For the surrounding Upper West Side neighborhood, Lincoln Center boasts of its “significant role” in the increased property values, which went up eight percent a year between 1962 and 2009. The study says that the bump in property values outperformed Manhattan as a whole, which increased on an average of five percent.
Lincoln Center’s resident organizations, which include the Juilliard School and School of American Ballet, employ 9,000 people and have more than 2,000 students.
The study estimates the five million visitors a year spend $220 million on local restaurants, hotels, transportation and shopping.
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