Used primarily as a synthetic intermediate in organic chemistry, this compound serves in the preparation of more complex cyclopropane-containing molecules. Its structure allows for selective functionalization, making it valuable in pharmaceutical research, particularly in the development of central nervous system agents. The strained cyclopropane ring and benzylic alcohol group enable unique reactivity patterns useful in ring-expansion reactions and carbon-chain elongation. It is also employed in the synthesis of bioactive compounds where the cyclopropane motif acts as a metabolic stabilizer or conformational restrictor.