Yankees cry foul on Bronx parking lot owner

Bronx Parking Development Company could lose lease over defaulted bonds

New York /
Dec.December 08, 2020 12:30 PM
An aerial view of Yankees Stadium and the parking lot at 951 River Avenue in the Bronx (Google Maps)

An aerial view of Yankees Stadium and the parking lot at 951 River Avenue in the Bronx (Google Maps)

The New York Yankees claim that a Bronx parking lot operator is holding back plans for a soccer stadium and affordable housing.

The Parks Department is also warning the parking operator, Bronx Parking Development Company, that it could terminate its lease for defaulting on $237 million in bonds issued in 2007, according to the news publication The City. Motorists’ use of parking garages erected around the Yankees’ ballpark fell well short of expectations.

The Yankees claim that the parking lot company is holding back a plan to build a four-level parking structure on 153rd Street for a 25,000-seat soccer stadium for NYCFC that would be developed by Maddd Equities. It would also include building 2,000 units of affordable housing in the South Bronx.

The president of NYC Park Advocates said the issue stems from construction of the new Yankee Stadium, which opened in 2009.

Yankees attorney Michael Mellis also claims the conditions and security lapses at the 11 sprawling lots and parking structures are a serious obstacle in redeveloping the site.

The parking operator “has materially failed on all counts” to keep the lots in a “safe, secure, clean and reputable manner,” Mellis wrote, according to The City. He cited poor lighting, broken elevators, dirty surfaces and vermin. The Yankees lawyer wrote that the ballclub will not consent to the soccer stadium deal until the parking company fixes these issues.

[The City] — Keith Larsen


Related Articles

arrow_forward_ios
Steve Witkoff and Ian Schrager in front of the iconic PUBLIC hotel escalators. (PUBLIC, Getty)
EB-5 fund alleges Schrager, Witkoff siphoned money from Public Hotel
EB-5 fund alleges Schrager, Witkoff siphoned money from Public Hotel
Best Buy has closed about 20 of its big-box stores in each of the past two years (iStock)
Best Buy lays off 5,000 staffers, increases store closures
Best Buy lays off 5,000 staffers, increases store closures
Ryan Serhant and Gary Barnett on Development Slowdown in Pandemic
Coffee Talk: Extell’s Gary Barnett and Ryan Serhant
Coffee Talk: Extell’s Gary Barnett and Ryan Serhant
Cushman & Wakefield CEO Brett White
Cushman reports 10% drop in revenue in 2020
Cushman reports 10% drop in revenue in 2020
Central Queens Academy's Ashish Kapadia and United's Chris Jiashu Xu with a rendering of 88-08 Justice Avenue (Linkedin, iStock)
Charter school takes 85K sf in Queens condo building
Charter school takes 85K sf in Queens condo building
(IStock illustration by Kevin Rebong)
Smaller cities look to cash in on shift to remote work
Smaller cities look to cash in on shift to remote work
421-427 East 14th Street (Google Maps, iStock)
Stuy Town to get new 17K sf grocery store
Stuy Town to get new 17K sf grocery store
Photo illustration of Mayor Bill de Blasio as Uncle Sam (iStock, Getty/Illustration by Kevin Rebong)
NYC has $1.3B in unpaid property taxes
NYC has $1.3B in unpaid property taxes
arrow_forward_ios

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

Loading...