Financing for Yankee Stadium hotel will be difficult to secure

TRD New York /
Sep.September 23, 2011 09:23 AM

Earlier this week, the Bronx Overall Economic Development Corp requested proposals for a full-service hotel near Yankee Stadium, but according to the Wall Street Journal, that’s a dicey proposition.

Lending is already tight in the current market. But considering the risk of building a full-service, amenity-rich hotel in the Bronx, financing may be next to impossible to obtain for such a project.

Though new hotels have been sprouting in Brooklyn and Queens, the Bronx is different. Brooklyn and Queens are more affluent than the Bronx, and the business districts in those boroughs are more vibrant and attract more tourists than those in the Bronx, John Fox, senior vice president at PKF consulting noted. “There is [also] a perception that it’s more distant, and you have to go further north,” he said.

While hotels have been under development in the Bronx — the Journal names a Days Inn hotel on Brook Avenue near 167th Street and a Holiday Inn Express under development at 146th and Exterior streets — they have few amenities and cheap rates. A full-service hotel with a conference room and restaurant charge higher rates and are more expensive to develop.

But Marlene Cintron, president of the development corporation, said Yankee Stadium is a big enough attraction to draw high-end users to a full-service hotel. [WSJ]


Related Articles

arrow_forward_ios
1065-1075 Gerard Avenue in the Bronx 

Prana pays Related $36M in Bronx multifamily play

448 East 143rd Street in the Bronx (Credit: Google Maps)

Private developer’s NYCHA project in Mott Haven lands $79M in financing

1159 and 1184 River Avenue with Maddd Equities' Jorge Madruga (left) and Joy Construction's Eli Weiss (right) (Credit: Google Maps)

Maddd Equities, Joy Construction score $64M for massive Bronx project

Rafael Salamanca and the Bronx (Credit: Getty Images, iStock)

Bronx councilman snuffs out another de Blasio rezoning

Union Crossing at 825 East 141st Street with The Bluestone Group's Eli Tabak and Madison Realty Capital's Josh Zegen (Credit: Union Crossing Bronx)

South Bronx office building lands $85M refi

Hudson Companies president David Kramer 

David Kramer on outer-borough development in the 2010s

2455 3rd Avenue in the South Bronx (Credit: Google Maps)

Altmark partnership plans 135-unit South Bronx high-rise

From left: Blackstone's Jonathan Gray, Joseph Simone of Simone Development and 535 Zerega Avenue in the Bronx (Credit: Google Maps, Simone Development)

Blackstone buys Bronx warehouse for $29M from controversial carter

arrow_forward_ios
Loading...