Citi Field construction bond returns rise with Mets’ triumphs

Team projects 2016 attendance will rise by 500,000 to 3.1 million, raising revenue by $25M

TRD New York /
Oct.October 23, 2015 01:41 PM

With the Mets on their way to their first World Series in 15 years, the team is projecting booming attendance in 2016. That’s good news for the holders of Citi Field construction bonds.

The Mets expect 3.1 million people to come to the 42,000-seat Flushing Meadows-Corona Park stadium next year, up from 2.6 million in 2015. That rise will boost revenue for the team by $25 million.

The team sold $613 million in municipal bonds in 2006 to fund construction of the stadium. Those bonds are rated Ba1 by Moody’s Investors Service and BB+ by Standard & Poor’s. The team issued $82.3 million more in insured debt in 2009, the year Citi Field opened.

The increased attendance would result in a “meaningful” rise in the amount of revenue available to pay out coupons on its bonds, Nuveen Asset Management’s John Miller told Bloomberg News. “I’m sure this season is going to help,” he told the site.

Citi Field bonds rarely trade rarely because of their high yields. One bond with a 5 percent coupon rate, callable in 2017, traded earlier this week at a yield range between 2.8 percent and 3.4 percent. That’s compared to 0.3 percent for a top-rated bond maturing in a year.

The Mets, owned by real estate developer Fred Wilpon, beat the Chicago Cubs 8-3 Wednesday night, winning the NLCS. They’ll face either the Kansas City Royals or the Toronto Blue Jays in the World Series

Early last year, the Related Companies, along with Sterling Equities, sought to build a shopping mall on top of the Citi Field parking lot, but their plans were severely delayed by a lawsuit that argued the land was technically a park, and so new construction required approval from the state legislature. [Bloomberg]Ariel Stulberg

Related Articles

Diana Florence (inset) and Cy Vance (Credit: Getty Images, Cornell)

Prosecutor quits after revelations in construction bribery cases

Mayor Bill de Blasio and subway damage caused by Hurricane Sandy (Credit: Getty Images)

Program to rebuild Sandy-damaged homes needs extra $92M

Central Park Tower

Lendlease disputes city’s penalty in 2018 death at Central Park Tower

The U.S. is short 3.8 million new homes

US is short nearly 4M new homes: report

A street view and rendering of 251 West 14th Street (Credit: Google Maps, Pizzarotti)

Lawsuits, liens pile up for developer of stalled Chelsea project

Researchers and their “living concrete”

How “Living concrete” could revolutionize building construction on earth, and in space

Charney Construction and Development's Sam Charney and 45-03 23rd Street in Long Island City (Credit: Charney Construction, Google Maps)

Charney Construction & Development branches out

The agreement was signed today at UBC’s New York Council offices in Manhattan by Nathan Blecharczyk, Airbnb co-founder, Chief Strategy Officer, and Frank Spencer, General Vice President of UBC.

Airbnb hammers out partnership with carpenters’ union