Yankee Stadium parking owner stiffs NYC on $42M in rent, taxes

New York /
Sep.September 20, 2013 11:43 AM

A nonprofit that was handpicked by the Bloomberg administration to run the Yankee Stadium parking garages owes the city more than $42 million in back rent, taxes and interest.

Bronx Parking Development Company LLC was chosen by the city in 2007 to build and operate the 9,000-square-foot garage system as well as a rooftop park. The company was given over $100 million in city and state subsidies as well as $237 million in tax-exempt bonds for the project.

But records obtained by the New York Daily News show that over the past six years, Bronx Parking has paid nothing to the city for the right to operate on the land.

The company has been struggling since it opened the garage, with a large portion of its 9,000 spaces remaining empty even on game day as fans balk at the $35 parking fee, according to the newspaper. In April of this year, Bronx Parking defaulted on its debt when it couldn’t pay $6.9 million that was due to bondholders.

In recent weeks, there has been talk of razing the garage and replacing it with a soccer stadium for a new Major League Soccer team co-owned by Manchester City Football Club and the New York Yankees. [NYDN]Hiten Samtani


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