Recently, derelict artifacts of the industrial age such as railroad tracks and gantry cranes have emerged as prominent aesthetic features in New York City’s newest parks. This article documents and analyzes this new practice of historic preservation in three new parks, including the internationally acclaimed High Line. Socioeconomic data confirm that these industrial-themed parks exist in neighborhoods marked by dramatic postindustrial change. I argue that the trends are interrelated: that is, the injection of industrial remains into the city’s cultural and symbolic landscape not only represents the decline of the city’s industrial sector but also reinterprets and legitimizes this decline. The analysis highlights the political nature of historic preservation, which in this case helps nurture support for an elite-led postindustrial agenda in the face of recurring political challenges from progressives.