The tools for cost-effective biodiversity conservation are well documented, but rarely implemented. These tools for prioritizing candidate properties can be used for managing forestland open space programs. We reviewed the benefit targeting, benefit score– cost ratio, binary linear programming (BLP), and benefit-loss– cost targeting approaches. A case study in Brookhaven, New York, showed that more conservation benefits are secured by using prioritization techniques that include acquisition costs. The acquisition costs for all properties were estimated using a hedonic model of public open space purchases. The benefit score– cost ratio approach does not guarantee an optimal portfolio of open space properties determined by BLP, but results in more cost-effective choices than benefit targeting and is more flexible than BLP. Forest resource managers have broad interdisciplinary training and are well suited to implementing cost-effective forestland conservation techniques.