The Real Deal New York

Bronx Borough President Ruben Diaz is pushing for a luxe new hotel atop one of Yankee Stadium’s new cash-strapped parking garages that would help the developers repay investors and draw additional tourists to the area, according to the Daily News. The three, underused garages, built with the help of $70 million from the Empire State Development Corp. and $237 million in bonds issued by the city’s Economic Development Corp., haven’t been generating enough revenue on game days to cover bond payments. Last September, Bronx Parking Development had to raise rates and dip into its reserve fund to make a $6.9 million payment, and now, another April 1 payment is looming. Diaz said a new hotel could either be constructed above an existing garage, or the developer could demolish one of the garages and replace it with an entirely new hotel structure. “We’re the only borough without a four- or five-star hotel,” Diaz said. Some have suggested tearing down a garage and create much-needed parkland for the area, but Diaz noted that a park wouldn’t help Bronx Parking with its financial woes. [NYDN]