Financing for Yankee Stadium hotel will be difficult to secure

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
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
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
Maddd Equities, Joy Construction score $64M for massive Bronx project
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
Edge Properties' Jeffrey Olson and 1948-1998 Bruckner Boulevard (Google Maps, Edge Properties)
Target coming to Urban Edge’s Buckner Commons
Target coming to Urban Edge’s Buckner Commons
From left: Amazon’s Andy Jassy and Innovo’s Andrew Chung along with a rendering of 2505 Bruckner Boulevard (Getty, Amazon, Innovo)
Amazon takes 568K sf at Innovo, Square Mile’s Bronx industrial complex
Amazon takes 568K sf at Innovo, Square Mile’s Bronx industrial complex
Mayor Eric Adams and City Council member Marjorie Velazquez with the Bruckner Boulevard rezoning site (NYC Department of Planning, Illustration by The Real Deal with Getty)
Council, developers strike deal for controversial Throggs Neck project
Council, developers strike deal for controversial Throggs Neck project
murder-for-hire
Murder-for-hire allegedly involved $45M real estate portfolio
Murder-for-hire allegedly involved $45M real estate portfolio
arrow_forward_ios

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

Loading...