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
132-05 Avery Avenue, 902 55th Street in Borough Park and 750 Grand Concourse. (Google Maps)
Three landlords slapped with six-figure fines for carving up buildings
Three landlords slapped with six-figure fines for carving up buildings
Brookfield’s Bankside rendering and CEO Brian Kingston (Brookfield, ArX Solutions)
Brookfield’s $190M loan for Bankside tops February outer-borough list
Brookfield’s $190M loan for Bankside tops February outer-borough list
Benchmark's Jordan Vogel with 826 Madison Avenue (top) and 581 Austin Place (Linkedin, Google Maps)
Benchmark picks up UES building; SNL snares Bronx warehouse
Benchmark picks up UES building; SNL snares Bronx warehouse
Clockwise from top left: 1529 62nd Street in Bensonhurst, 46-28 21st Street in Long Island City, 128 Houston Street in the Bowery, 718 East 211 Street in East Bronx and 47 West 55th Street in Midtown (Google Maps)
Mid-market sales slow in final weeks of the year
Mid-market sales slow in final weeks of the year
From left: Eliot Spitzer, 420 Kent Avenue, Two Trees Management’s Jed Walentas  and 300 Ashland Place in Brooklyn (Photos via Getty; ODA Architecture, 300 Ashland)
These were the largest outer-borough real estate loans in November
These were the largest outer-borough real estate loans in November
arrow_forward_ios

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

Loading...