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
A photo illustration of Derek Jeter and 14 Lake Shore Road in Greenwood Lake (Getty, Compass)
Derek Jeter puts New York castle up for auction
Derek Jeter puts New York castle up for auction
Mariano Rivera and 1 Brook View Lane in Rye (Getty Images, Compass, iStock/Photo Illustration by Steven Dilakian for The Real Deal)
Exit Sandman: Mariano Rivera closes sale of Rye mansion for $2M loss
Exit Sandman: Mariano Rivera closes sale of Rye mansion for $2M loss
Marcus J. Molinaro in front of Dutchess Stadium in Wappinger Falls (Dutchess County Government, Ynsalh, CC BY-SA 4.0 - via Wikimedia Commons)
Housing over baseball: Suburb diverts funds from Yanks’ ballpark
Housing over baseball: Suburb diverts funds from Yanks’ ballpark
NYC Economic Development Corp. president Rachel Loeb and Yankees president Randy Levine (Getty, EDC, Google Maps)
Foul ball: Yankees, city point fingers as Bronx soccer stadium gets sidelined
Foul ball: Yankees, city point fingers as Bronx soccer stadium gets sidelined
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
NYCFC is close to a deal for its own stadium (Credit: Getty Images)
Maddd Equities, NYCFC nearing deal for Bronx stadium
Maddd Equities, NYCFC nearing deal for Bronx stadium
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
arrow_forward_ios

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

Loading...