In January 2007, the city assessed land under the new Yankee Stadium at 10 times the market value of virtually all other land in the South Bronx neighborhood.The assessment - not including the new ballpark - worked out to a fair market value of $275 per square foot. But a Daily News analysis of city property records shows that city assessors said land on a dozen blocks around the site was worth an average of less than $25 a square foot.
Yanks land deal ain't fair ball
Among the most astounding disparities:
- The site of a VIP parking garage that will be connected to the new stadium: $20 a square foot.
- Land under the old Yankee Stadium: $16 a square foot.
- Land under the giant Gateway Center mall, currently under construction a few blocks south of the stadium: $9 a square foot.
Lawmakers in Washington and Albany are investigating whether city officials inflated the new stadium's land value to make it possible for the Yankees to pay back nearly $1 billion in tax-free bonds for the project.
U.S. Rep. Dennis Kucinich (D-Ohio), head of a House subcommittee that oversees the IRS, will hold a hearing Thursday in Washington that is expected to focus on stadium finances.
5 comments:
But I am sure the gubmint will offer a fair market value price to the Willets Point property owners.
Hiram MOntserrate and thr WPIRA paid for an assessment in 2006 and came up with a total value of 110 million.
THe EDC has set aside 150 mil for land purchases which seems fair .. no?
Total value of $110 million for WPIRA's land.
yeah right Armando - Pay 200 to sit in the upper deck and watch a meaningless game with players that are watching the calendar for the season to end.
The yankees over the past week have been mailing it in. That is obvious.
Hughes has about as much value as those yankee upper deck tickets going into the off season.
If Monteserrate's report values the land at 110 million how is it a land grab?
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