Yankee Stadium parking garage operator owes city $8.7M in back rent

New York /
Jun.June 16, 2010 08:30 AM

The new Yankee Stadium

The developer chosen to run the $340 million Yankee Stadium parking system is two years behind on city rent and has yet to pay any property taxes on a 9,000-space garage, the Daily News reported. The new garages, which were expanded with the help of a $70 million cash injection from the state and tax-exempt financing from the city when the new stadium was built, are supposed to generate $3 million in rent revenues annual for the city. But a loophole through which the developer can defer payments in years with insufficient cash flow has allowed Bronx Parking Development LLC to ratchet up around $8.7 million in back rent and interest. That sum is about to grow to $10 million, because city officials have said the firm can defer this year’s rent, too. Although the garages are producing even more revenue than initially projected, operating costs are more than twice what was originally expected. [NYDN]

 

Related Articles

arrow_forward_ios
An aerial view of Yankees Stadium and the parking lot at 951 River Avenue in the Bronx (Google Maps)
Yankees cry foul on Bronx parking lot owner
Yankees cry foul on Bronx parking lot owner
Yankee Stadium at 1 East 161 Street in the Bronx (Credit: iStock)
Yankees seek $900M refi for stadium
Yankees seek $900M refi for stadium
This time, it’s different: Soccer stadium may end up in Bronx after all
This time, it’s different: Soccer stadium may end up in Bronx after all
This time, it’s different: Soccer stadium may end up in Bronx after all
Three NYC stadiums received $867M in federal subsidies: study
Three NYC stadiums received $867M in federal subsidies: study
Three NYC stadiums received $867M in federal subsidies: study
Yankees seeking $1.04B refi for stadium
Yankees seeking $1.04B refi for stadium
Yankees seeking $1.04B refi for stadium
NYC neighborhoods are divided by baseball allegiances
NYC neighborhoods are divided by baseball allegiances
NYC neighborhoods are divided by baseball allegiances
New York City FC may move to northern Manhattan
New York City FC may move to northern Manhattan
New York City FC may move to northern Manhattan
Manchester City plays at Yankee Stadium
City no longer eyeing Yankee Stadium site for soccer facility
City no longer eyeing Yankee Stadium site for soccer facility
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...